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Trovagene, Inc. (TROV) saw its loss narrow to $10 million, or $0.32 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.26 million, or $0.36 a share. Revenue during the quarter dropped 20.83 percent to $0.10 million from $0.12 million in the previous year period.
Operating loss for the quarter was $10.13 million, compared with an operating loss of $10.46 million in the previous year period.
"We are excited about the advancement of our business in precision medicine and the development of precision cancer therapeutics for improved cancer care. This includes the licensing and progress in our clinical development plans for PCM-075, our investigational, oral and highly-selective polo-like kinase 1 (PLK1) inhibitor for the treatment of acute myeloid leukemia (AML)," said Bill Welch, Chief Executive Officer of Trovagene. "I am also pleased to announce that we have entered into two separate agreements with large international pharmaceutical companies to provide our CLIA/CAP-accredited tests and laboratory services. Both companies plan to use our Trovera® liquid biopsy tests to evaluate patients’ response to treatment in their clinical trials."
Operating cash flow remains negative
Trovagene, Inc. has spent $8.76 million cash to meet operating activities during the quarter as against cash outgo of $6.92 million in the last year period. Cash flow from investing activities was $5.18 million for the quarter as against cash outgo of $0.35 million in the last year period.
The company has spent $0.16 million cash to carry out financing activities during the quarter as against cash outgo of $0.24 million in the last year period.
Cash and cash equivalents stood at $10.18 million as on Mar. 31, 2017.
Working capital drops significantly
Trovagene, Inc. has witnessed a decline in the working capital over the last year. It stood at $20.77 million as at Mar. 31, 2017, down 59.09 percent or $30 million from $50.77 million on Mar. 31, 2016. Current ratio was at 3.32 as on Mar. 31, 2017, down from 6.02 on Mar. 31, 2016.
Days sales outstanding went up to 85 days for the quarter compared with 61 days for the same period last year.
At the same time, days payable outstanding went down to 147 days for the quarter from 344 for the same period last year.
Debt moves up marginally
Trovagene, Inc. has witnessed an increase in total debt over the last one year. It stood at $16.57 million as on Mar. 31, 2017, up 2.16 percent or $0.35 million from $16.22 million on Mar. 31, 2016. Total debt was 48.85 percent of total assets as on Mar. 31, 2017, compared with 24.58 percent on Mar. 31, 2016. Debt to equity ratio was at 1.55 as on Mar. 31, 2017, up from 0.39 as on Mar. 31, 2016.
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