WAVE Life Sciences Ltd (WVE) saw its loss widen to $55.40 million, or $2.43 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $19.20 million, or $1.83 a share. Revenue during the year surged 876.97 percent to $1.48 million from $0.15 million in the previous year.
Operating loss for the year was $55.33 million, compared with an operating loss of $19.30 million in the previous year.
“Last year, we strengthened our foundation for growth and operational excellence in WAVE’s core platform and neurology franchise, adding the leadership of Mike Panzara, M.D., M.P.H., and advancing our first three programs through to clinical candidates,” said Paul Bolno, M.D., MBA, president and chief executive officer of WAVE Life Sciences. “In 2017, we are poised to enter the clinic with our first three neurology programs and nominate the next three candidates, while also beginning production of drug supply in our cGMP manufacturing facility. At the same time, we will continue to leverage our R&D platform through our hepatic collaboration with Pfizer, and deepen our knowledge and capabilities in novel modalities such as single-stranded RNAi.”
Working capital declines
WAVE Life Sciences Ltd has witnessed a decline in the working capital over the last year. It stood at $139.84 million as at Dec. 31, 2016, down 11.25 percent or $17.73 million from $157.57 million on Dec. 31, 2015. Current ratio was at 12.50 as on Dec. 31, 2016, down from 42.27 on Dec. 31, 2015.
Debt comes down significantly
WAVE Life Sciences Ltd has recorded a decline in total debt over the last one year. It stood at $0.08 million as on Dec. 31, 2016, down 44.29 percent or $0.06 million from $0.14 million on Dec. 31, 2015. Total debt was 0.05 percent of total assets as on Dec. 31, 2016, compared with 0.08 percent on Dec. 31, 2015.
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