Eleven Biotherapeutics, Inc. (EBIO) saw its loss narrow to $3.53 million, or $0.15 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $10.33 million, or $0.53 a share.
Revenue during the quarter surged 46.02 percent to $0.82 million from $0.56 million in the previous year period.
Operating loss for the quarter was $3.62 million, compared with an operating loss of $9.84 million in the previous year period.
"2016 was a transformative year for Eleven. Following our acquisition of Viventia Bio Inc. in September, we evolved into a late-stage clinical oncology company with a broad pipeline of TPTs, each designed to overcome the limitations of existing antibody drug conjugates (ADCs) and to provide patients with safer, more effective treatment options," said Stephen A. Hurly, president and chief executive officer of Eleven Biotherapeutics. "In the year ahead, we plan to progress our ongoing Phase 3 registration clinical trial of Vicinium, initiate a Phase 1/2a clinical trial of Proxinium in combination with a checkpoint inhibitor and continue preclinical development of VB6-845d, the lead product candidate in our systemic pipeline. With $25.3 million in cash as of December 31, 2016, we expect to have sufficient funds to support our clinical and preclinical development efforts into early 2018."
Working capital declines
Eleven Biotherapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $21.95 million as at Dec. 31, 2016, down 23.61 percent or $6.78 million from $28.73 million on Dec. 31, 2015. Current ratio was at 6.51 as on Dec. 31, 2016, up from 4.79 on Dec. 31, 2015.
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