Nexvet Biopharma (NVET) saw its loss narrow to $5.41 million, or $0.46 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.69 million, or $0.49 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $5.16 million, compared with an operating loss of $5.57 million in the previous year period.
"This was an important period of progress for the Company as we initiated pivotal clinical studies for frunevetmab, continued to advance our chemistry, manufacturing and controls (CMC) activities, and entered into a collaboration with Genentech, our first such agreement with a dedicated human biotech company utilizing our PETization platform," commented Mark Heffernan, chief executive officer of Nexvet.
Working capital drops significantly
Nexvet Biopharma has witnessed a decline in the working capital over the last year. It stood at $20.36 million as at Dec. 31, 2016, down 50.17 percent or $20.50 million from $40.86 million on Dec. 31, 2015. Current ratio was at 8.21 as on Dec. 31, 2016, down from 10.20 on Dec. 31, 2015.
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