Xencor Inc (XNCR) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $9.06 million, or $ 0.21 a share in the quarter, against a net profit of $7.76 million, or $0.19 a share in the last year period.
Revenue during the quarter plunged 70.40 percent to $6.44 million from $21.75 million in the previous year period.
Operating loss for the quarter was $10.03 million, compared with an operating income of $7.44 million in the previous year period.
“During 2016, we made significant progress expanding our clinical development pipeline by starting five clinical trials across our XmAb portfolio. In addition, in February 2017 we dosed the first patient in the Phase 1 trial in non-Hodgkin lymphoma for XmAb®13676, which joins XmAb®14045 as our second bispecific oncology program in the clinic. We started a major collaboration with Novartis in 2016 that included ex-US commercial rights to these two lead bispecific programs and access to our platform. We also announced promising preliminary Phase 2 data for XmAb®5871 in IgG4-Related Disease (IgG4-RD) and broadened our pre-clinical pipeline with the addition of two new bispecific oncology programs, XmAb®18087 and XmAb®20717,” said Bassil Dahiyat, Ph.D., president and chief executive officer of Xencor.
Working capital drops significantly
Xencor Inc has witnessed a decline in the working capital over the last year. It stood at $35.37 million as at Dec. 31, 2016, down 34.80 percent or $18.88 million from $54.25 million on Dec. 31, 2015. Current ratio was at 1.33 as on Dec. 31, 2016, down from 2.25 on Dec. 31, 2015.
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