Loxo Oncology inc (LOXO) saw its loss widen to $17.69 million, or $0.82 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $8.77 million, or $0.53 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating income for the quarter was $17.91 million, compared with $8.81 million in the previous year period.
“Enrollment in the LOXO-101 program and progress in the preclinical pipeline have positioned us well for the remainder of 2016 and 2017,” said Josh Bilenker, M.D., chief executive officer of Loxo Oncology. “In December, we plan to share updated Phase 1 clinical data for LOXO-101 at ESMO Asia. At that time, we will also provide a comprehensive program update that integrates trial enrollment progress with written regulatory feedback to provide increased visibility into the commercial timelines for LOXO-101. Additionally, we look forward to starting Phase 1 studies in 2017 for named candidates LOXO-292 and LOXO-195.”
Working capital increases sharply
Loxo Oncology inc has recorded an increase in the working capital over the last year. It stood at $152.98 million as at Sep. 30, 2016, up 63.49 percent or $59.41 million from $93.57 million on Sep. 30, 2015. Current ratio was at 23.99 as on Sep. 30, 2016, down from 33.96 on Sep. 30, 2015.
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