Xenon Pharmaceuticals Inc. (XENE) saw its loss widen to $23 million, or $1.48 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $15.75 million, or $1.10 a share.
Revenue during the year plunged 88.43 percent to $1.80 million from $15.58 million in the previous year.
Operating loss for the year was $24.82 million, compared with an operating loss of $9.36 million in the previous year.
Dr. Simon Pimstone, Xenon's president and chief executive officer, said, "Our continued progress in 2016 to advance our proprietary pipeline and partnerships has led us to this important inflection point for our company. Over the next few quarters, we expect to reach a number of key milestone events. The most imminent event is the topline data read-out from our XEN801 Phase 2 clinical trial in patients with moderate to severe acne, which is expected later this month. We also look forward to the topline data from the Phase 2 clinical trial of TV-45070 in post-herpetic neuralgia being conducted by Teva expected by mid-year. In addition, we anticipate Genentech advancing GDC-0310 into a Phase 2 clinical trial later this year, as well as our filing of an IND, or IND equivalent, in the fourth quarter for XEN901, a selective inhibitor of Nav1.6 for the treatment of epilepsy disorders."
Working capital increases
Xenon Pharmaceuticals Inc. has recorded an increase in the working capital over the last year. It stood at $62.16 million as at Dec. 31, 2016, up 7.02 percent or $4.07 million from $58.08 million on Dec. 31, 2015. Current ratio was at 18.68 as on Dec. 31, 2016, down from 21.88 on Dec. 31, 2015.
Days sales outstanding went up to 28 days for the year compared with 7 days for the same period last year.
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