Opexa Therapeutics, Inc. (OPXA) saw its loss narrow to $0.93 million, or $0.12 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.16 million, or $0.31 a share.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.73 million for the previous year period.
Operating loss for the quarter was $0.93 million, compared with an operating loss of $2.16 million in the previous year period.
"The first quarter saw us continuing with our analysis and progress of identifying and advancing on strategic options for the Company, following the announcement last quarter of disappointing results from the Phase 2b clinical trial of our lead product candidate Tcelna (imilecleucel-T) in patients with secondary progressive multiple sclerosis (SPMS)," said Neil K. Warma, president and chief executive officer of Opexa. "We have been focused on defining an appropriate path forward for the Company, as well as managing our cash during this process. As previously reported, Opexa was able to eliminate the liabilities for the ongoing operation of its facility and equipment by assigning the facility and equipment leases to KBI Biopharma in the first quarter."
Working capital drops significantly
Opexa Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $2.24 million as at Mar. 31, 2017, down 67.24 percent or $4.60 million from $6.84 million on Mar. 31, 2016. Current ratio was at 3.74 as on Mar. 31, 2017, up from 2.69 on Mar. 31, 2016.
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