Galena Biopharma, Inc. (GALE) saw its loss narrow to $5.52 million, or $0.49 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $19.68 million, or $2.43 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $7.14 million, compared with an operating loss of $7.59 million in the previous year period.
"I am honored to be selected by the Board of Directors to lead Galena as we explore the best possible outcome for the company and its shareholders," said Stephen F. Ghiglieri, Interim chief executive officer. "As we announced last week, we are working closely with our advisors, Canaccord Genuity, Inc., to evaluate strategic alternatives that may include monetizing our assets, a sale of the company, a business combination, a merger or reverse merger, or remaining as a stand-alone entity. We do not have a set timetable for the process, but we are currently conserving working capital to allow us to make the best strategic decision for the future of the Company."
Working capital turns positive
Working capital of Galena Biopharma, Inc. has turned positive to $7.10 million on Dec. 31, 2016 from negative $3.45 million on Dec. 31, 2015. Current ratio was at 1.23 as on Dec. 31, 2016, up from 0.94 on Dec. 31, 2015.
Debt increases substantially
Galena Biopharma, Inc. has witnessed an increase in total debt over the last one year. It stood at $16.40 million as on Dec. 31, 2016, up 246 percent or $11.66 million from $4.74 million on Dec. 31, 2015. Galena Biopharma has witnessed an increase in short-term debt over the last one year. It stood at $16.40 million as on Dec. 31, 2016, up 246 percent or $11.66 million from $4.74 million on Dec. 31, 2015. Total debt was 24.92 percent of total assets as on Dec. 31, 2016, compared with 5.77 percent on Dec. 31, 2015. Debt to equity ratio was at 0.57 as on Dec. 31, 2016, up from 0.35 as on Dec. 31, 2015.
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