CytomX Therapeutics, Inc. (CTMX) saw its loss narrow to $8.26 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $16.03 million, or $0.44 a share.
Revenue during the quarter surged 424.20 percent to $11.65 million from $2.22 million in the previous year period.
Operating loss for the quarter was $8.61 million, compared with an operating loss of $16.18 million in the previous year period.
"The first quarter was highly productive for CytomX as we continued to rapidly progress our diverse pipeline of potentially transformative Probody therapeutics. During the quarter, we treated the first patients in the PROCLAIM-CX-072 clinical trial, filed the Investigational New Drug (IND) application for CX-2009 and moved CX-2029 into IND-enabling studies," said Sean McCarthy, D.Phil., president and chief executive officer of CytomX Therapeutics. "We also entered into a major expansion of our foundational strategic alliance with Bristol-Myers Squibb, that emphasizes their belief in the power of the Probody platform and that will strengthen our balance sheet."
Working capital declines
CytomX Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $129.78 million as at Mar. 31, 2017, down 22.54 percent or $37.76 million from $167.55 million on Mar. 31, 2016. Current ratio was at 4.50 as on Mar. 31, 2017, down from 10.85 on Mar. 31, 2016.
Days sales outstanding went down to 4 days for the quarter compared with 25 days for the same period last year.
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