OncoSec Medical Incorporated (ONCS) saw its loss narrow to $5.60 million, or $0.29 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $7.04 million, or $0.47 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $5.60 million, compared with an operating loss of $7.04 million in the previous year period.
“We are delivering on our commitment to address an unmet medical need in melanoma with ImmunoPulse IL-12. We are pleased with the early clinical response data presented from the melanoma combination trial, and we are focused on advancing our lead program ��" ImmunoPulse IL-12 in anti-PD-1 non-responder advanced melanoma patients. Based on our current cash runway, we are positioned to meet our value-driving clinical and regulatory milestones into calendar 2018 and have a clear strategy to expand our therapeutic platform,” noted Punit Dhillon, OncoSec President and Chief Executive Officer. “Our primary focus for the next year is to initiate a melanoma registration-directed clinical study. We believe we will generate meaningful data in 2017 and 2018 to support the discussions with the FDA and a future biologics license application (BLA) to attract a partner, who is ready to advance this innovative therapy.”
Operating cash flow remains negative
OncoSec Medical Incorporated has spent $4.42 million cash to meet operating activities during the quarter as against cash outgo of $4.66 million in the last year period. The company has spent $0.01 million cash to meet investing activities during the quarter as against cash outgo of $0.48 million in the last year period.
Cash flow from financing activities was almost stable for the quarter at $0.04 million, when compared with the previous year period.
Cash and cash equivalents stood at $24.35 million as on Oct. 31, 2016, down 9.46 percent or $2.55 million from $26.90 million on Oct. 31, 2015.
Working capital declines
OncoSec Medical Incorporated has witnessed a decline in the working capital over the last year. It stood at $21.89 million as at Oct. 31, 2016, down 11.76 percent or $2.92 million from $24.81 million on Oct. 31, 2015. Current ratio was at 7.59 as on Oct. 31, 2016, down from 8.81 on Oct. 31, 2015.
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