Immunomedics, Inc. (IMMU) saw its loss widen to $16.20 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $15.39 million, or $0.16 a share.
Revenue during the quarter went up marginally by 1.50 percent to $0.74 million from $0.73 million in the previous year period.
Operating loss for the quarter was $14.95 million, compared with an operating loss of $14.11 million in the previous year period.
"The recent offering of stock and warrants has strengthened our balance sheet, which we believe should facilitate uninterrupted clinical and manufacturing activities for IMMU-132, while simultaneously continuing our out-licensing efforts," commented Michael R. Garone, Vice President Finance and Chief Financial Officer. "We are committed to pursuing these strategic goals to completion for the benefit of cancer patients; particularly those with metastatic triple-negative breast cancer, for whom there are no targeted therapies currently available." Mr. Garone added.
Working capital drops significantly
Immunomedics, Inc. has witnessed a decline in the working capital over the last year. It stood at $21.78 million as at Sep. 30, 2016, down 71.60 percent or $54.91 million from $76.68 million on Sep. 30, 2015. Current ratio was at 2.52 as on Sep. 30, 2016, down from 7.24 on Sep. 30, 2015.
Days sales outstanding went down to 111 days for the quarter compared with 112 days for the same period last year.
Debt remains almost stable
Immunomedics has witnessed an increase in total debt over the last one year. It stood at $97.54 million as on Sep. 30, 2016, up 0.75 percent or $0.73 million from $96.81 million on Sep. 30, 2015. Immunomedics has witnessed an increase in long-term debt over the last one year. It stood at $97.54 million as on Sep. 30, 2016, up 0.75 percent or $0.73 million from $96.81 million on Sep. 30, 2015. Total debt was 240.19 percent of total assets as on Sep. 30, 2016, compared with 105.46 percent on Sep. 30, 2015.
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