REGENXBIO Inc. (RGNX) saw its loss widen to $19.61 million, or $0.74 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.18 million, or $0.20 a share.
Revenue during the quarter plunged 61.81 percent to $1.70 million from $4.44 million in the previous year period. Gross margin for the quarter expanded 43 basis points over the previous year period to 80.54 percent.
Operating loss for the quarter was $20.47 million, compared with an operating loss of $5.50 million in the previous year period.
"In 2016, REGENXBIO made significant progress in advancing our lead product candidate programs that has enabled us to achieve key milestones in the first quarter of 2017. The IND for RGX-314 for the treatment of wet AMD is now active and we recently initiated dosing for our Phase I/II clinical trial of RGX-501 for the treatment of HoFH," said Kenneth T. Mills, president and chief executive officer of REGENXBIO. "We believe 2017 will continue to be a pivotal year for REGENXBIO, as we seek to improve lives through the curative potential of gene therapy by advancing our clinical trials and building a NAV gene therapy pipeline internally and with our NAV Technology Platform Licensees. We look forward to providing updates on our lead product candidate programs throughout the year, including interim trial updates for RGX-314 and RGX-501 by year-end 2017."
Working capital drops significantly
REGENXBIO Inc. has witnessed a decline in the working capital over the last year. It stood at $83.70 million as at Dec. 31, 2016, down 26.45 percent or $30.11 million from $113.81 million on Dec. 31, 2015. Current ratio was at 9.66 as on Dec. 31, 2016, down from 27.23 on Dec. 31, 2015.
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