Infinity Pharmaceuticals, Inc. (INFI) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $19.50 million, or $ 0.39 a share in the quarter, against a net profit of $42.54 million, or $0.84 a share in the last year period.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $90.74 million for the previous year period.
Operating loss for the quarter was $19.93 million, compared with an operating income of $43.26 million in the previous year period.
"During the third quarter, we undertook a number of important initiatives to focus Infinity on the advancement of IPI-549, a promising novel approach to targeting the immune-suppressive tumor microenvironment," stated Adelene Perkins, president and chief executive officer. "Refocusing Infinity required a significant organizational restructuring, an amendment to our license agreement from Takeda for both duvelisib and IPI-549, and the license of duvelisib to Verastem. We are pleased that Verastem will now be advancing duvelisib for patients and our corporate imperative going forward is to maximize the value of IPI-549."
Working capital drops significantly
Infinity Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $97.58 million as at Sep. 30, 2016, down 56.83 percent or $128.43 million from $226 million on Sep. 30, 2015. Current ratio was at 4.77 as on Sep. 30, 2016, up from 4.04 on Sep. 30, 2015.
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