Sunesis Pharmaceuticals, Inc. (SNSS) saw its loss widen to $8.95 million, or $0.62 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $7.02 million, or $0.56 a share. Revenue during the quarter dropped 10.69 percent to $0.61 million from $0.68 million in the previous year period.
Operating loss for the quarter was $8.53 million, compared with an operating loss of $8.57 million in the previous year period.
"Since the beginning of the third quarter we have made significant progress in advancing both our vosaroxin and BTK inhibitor programs. In addition, in October, we secured the financial resources from leading life sciences investors which will help us reach several potential value inflection points," said Daniel Swisher, chief executive officer of Sunesis. "The potential milestones include a marketing authorization decision on vosaroxin in Europe, the potential for a corresponding partnership and product launch in this territory, and the initiation and prosecution of a Phase 1B/2 study of SNS-062, our differentiated, non-covalent BTK-inhibitor, in patients with B-cell malignancies."
Working capital decreases marginally
Sunesis Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $14.59 million as at Sep. 30, 2016, down 3.72 percent or $0.56 million from $15.16 million on Sep. 30, 2015. Current ratio was at 2.39 as on Sep. 30, 2016, up from 1.94 on Sep. 30, 2015.
Debt increases substantially
Sunesis Pharmaceuticals, Inc. has witnessed an increase in total debt over the last one year. It stood at $14.36 million as on Sep. 30, 2016, up 85.14 percent or $6.60 million from $7.75 million on Sep. 30, 2015. Total debt was 57.20 percent of total assets as on Sep. 30, 2016, compared with 24.76 percent on Sep. 30, 2015. Debt to equity ratio was at 6.49 as on Sep. 30, 2016, up from 0.64 as on Sep. 30, 2015.
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