Ohr Pharmaceutical, Inc. (OHRP) saw its loss widen to $25.77 million, or $0.82 a share for the year ended Sep. 30, 2016. In the previous year period, the company reported a loss of $15.20 million, or $0.54 a share.
The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $24.60 million, compared with an operating loss of $17.81 million in the previous year.
"Fiscal year 2016 was another highly productive year for Ohr, as we made significant progress in advancing both our lead candidate Squalamine for the treatment of wet AMD as well as our pipeline of sustained release drug candidates," said Jason Slakter, MD, chief executive officer of Ohr. "Building off the Squalamine phase 2 results, we negotiated an SPA with the FDA in advance of commencing the pivotal phase 3 program. This comprehensive phase 3 program is now underway which, if successful, will position us to bring an innovative, meaningful treatment to market that has the potential to improve vision outcomes beyond current therapies and set a new standard of care in wet AMD."
Operating cash flow remains negative
Ohr Pharmaceutical, Inc. has spent $15.99 million cash to meet operating activities during the year as against cash outgo of $10.69 million in the last year.
The company has spent $0.01 million cash to meet investing activities during the year as against cash outgo of $0.28 million in the last year.
The company has spent $0.15 million cash to carry out financing activities during the year as against cash inflow of $26.45 million in the last year period.
Cash and cash equivalents stood at $12.55 million as on Sep. 30, 2016, down 56.28 percent or $16.15 million from $28.70 million on Sep. 30, 2015.
Working capital drops significantly
Ohr Pharmaceutical, Inc. has witnessed a decline in the working capital over the last year. It stood at $8.80 million as at Sep. 30, 2016, down 65.01 percent or $16.35 million from $25.16 million on Sep. 30, 2015. Current ratio was at 2.96 as on Sep. 30, 2016, down from 7.48 on Sep. 30, 2015.
Debt increases substantially
Ohr Pharmaceutical, Inc. has witnessed an increase in total debt over the last one year. It stood at $0.09 million as on Sep. 30, 2016, up 82.67 percent or $0.04 million from $0.05 million on Sep. 30, 2015. Ohr Pharmaceutical, Inc. has witnessed an increase in short-term debt over the last one year. It stood at $0.09 million as on Sep. 30, 2016, up 82.67 percent or $0.04 million from $0.05 million on Sep. 30, 2015. Total debt was 0.30 percent of total assets as on Sep. 30, 2016, compared with 0.10 percent on Sep. 30, 2015.
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