Lipocine Inc (LPCN) saw its loss widen to $18.97 million, or $1.04 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $18.21 million, or $1.11 a share. The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $19.19 million, compared with an operating loss of $18.38 million in the previous year.
"During the quarter and subsequent period, we have made significant progress on the development of both LPCN 1021 and LPCN 1107,” said Dr. Mahesh Patel, Chairman, President and Chief executive officer of Lipocine. “We currently expect this progress to continue in the near term, with top line results from our on-going LPCN 1021 studies and a SPA filing for LPCN 1107, both expected before mid-2017.”
Working capital drops significantly
Lipocine Inc has witnessed a decline in the working capital over the last year. It stood at $25.88 million as at Dec. 31, 2016, down 37.61 percent or $15.60 million from $41.49 million on Dec. 31, 2015. Current ratio was at 20.52 as on Dec. 31, 2016, up from 13.23 on Dec. 31, 2015.
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