Cytokinetics, Inc. (CYTK) saw its loss widen to $25.87 million, or $0.62 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.46 million, or $0.31 a share.
Revenue during the quarter plunged 50.68 percent to $4.15 million from $8.42 million in the previous year period.
Operating loss for the quarter was $23.25 million, compared with an operating loss of $11.95 million in the previous year period.
"In the first quarter of 2017, we advanced our novel muscle biology-directed programs through important late-stage clinical trial milestones. In particular, the last patients enrolled in VITALITY-ALS moved through their primary efficacy endpoint visits towards the conclusion of the Phase 3 trial and we look forward to results expected later this year," said Robert I. Blum, Cytokinetics' president and chief executive officer. "We also made key progress with Astellas in the expansion of our clinical trials programs for CK-2127107, opening enrollment for Cohort 2 in our ongoing Phase 2 trial in adolescent and adult patients living with spinal muscular atrophy, and preparing to start additional trials in patients with ALS and elderly subjects with limited mobility."
Working capital increases sharply
Cytokinetics, Inc. has recorded an increase in the working capital over the last year. It stood at $174.23 million as at Mar. 31, 2017, up 113.95 percent or $92.79 million from $81.44 million on Mar. 31, 2016. Current ratio was at 5.73 as on Mar. 31, 2017, up from 4.30 on Mar. 31, 2016.
Debt comes down
Cytokinetics, Inc. has recorded a decline in total debt over the last one year. It stood at $25.20 million as on Mar. 31, 2017, down 14.49 percent or $4.27 million from $29.47 million on Mar. 31, 2016. Cytokinetics, Inc. has recorded a decline in long-term debt over the last one year. It stood at $25.20 million as on Mar. 31, 2017, down 14.49 percent or $4.27 million from $29.47 million on Mar. 31, 2016. Total debt was 9.49 percent of total assets as on Mar. 31, 2017, compared with 26.03 percent on Mar. 31, 2016. Debt to equity ratio was at 0.26 as on Mar. 31, 2017, down from 0.51 as on Mar. 31, 2016.
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