Kite Pharma, Inc. (KITE) saw its loss widen to $90.40 million, or $1.74 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $43.92 million, or $0.90 a share. On the other hand, adjusted net loss for the quarter widened to $66.32 million, or $1.28 a share from a loss of $29.05 million or $0.60 a share, a year ago. Revenue during the quarter surged 91.85 percent to $9.84 million from $5.13 million in the previous year period.
Operating loss for the quarter was $91.91 million, compared with an operating loss of $45.97 million in the previous year period.
"Kite is intensely focused on bringing axicabtagene ciloleucel to market in 2017. Our preparation for the potential commercialization of the first CAR-T therapy in aggressive non-Hodgkin lymphoma began two years ago. With the team and infrastructure we now have in place, we are confident in our readiness to deliver upon potential approval in the U.S. and expect to file for approval in Europe in the third quarter of this year," said Arie Belldegrun, M.D., FACS, chairman, president, and chief executive officer of Kite. “We are also keeping an eye toward future growth with additional indications across the KTE-C19 program and development of earlier stage product candidates, including KITE-585, which we believe has the potential to become the next significant opportunity for Kite."
Working capital increases sharply
Kite Pharma, Inc. has recorded an increase in the working capital over the last year. It stood at $739.64 million as at Mar. 31, 2017, up 33.18 percent or $184.28 million from $555.35 million on Mar. 31, 2016. Current ratio was at 10.29 as on Mar. 31, 2017, down from 15.95 on Mar. 31, 2016.
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