CytomX Therapeutics, Inc. (CTMX) saw its loss widen to $14.66 million, or $0.40 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $11.87 million, or $14.26 a share.
Revenue during the quarter surged 78.13 percent to $3.45 million from $1.94 million in the previous year period.
Operating loss for the quarter was $14.92 million, compared with an operating loss of $11.27 million in the previous year period.
"This quarter was marked by a number of significant milestones in our Probody pipeline, most notably the filing of our Investigational New Drug (IND) application for CX-072, our PD-L1-targeting Probody therapeutic for the treatment of cancer patients," said Sean McCarthy, D.Phil., president and chief executive officer of CytomX Therapeutics. "We have also made strong technical progress in our alliance with Bristol Myers Squibb on anti-CTLA-4 Probody therapeutics and look forward to presentations of preclinical proof-of-concept data at the European Society for Medical Oncology Symposium on Immuno-Oncology and the Society for Immunotherapy in Cancer 31st Annual Meeting & Associated Programs."
Working capital increases sharply
CytomX Therapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $159.63 million as at Sep. 30, 2016, up 57.90 percent or $58.53 million from $101.10 million on Sep. 30, 2015. Current ratio was at 7.74 as on Sep. 30, 2016, down from 8.24 on Sep. 30, 2015.
Days sales outstanding went down to 6 days for the quarter compared with 10 days for the same period last year.
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