XOMA (XOMA) saw its loss widen to $10.72 million, or $2.37 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.36 million, or $1.40 a share.
Revenue during the quarter plunged 93.44 percent to $0.26 million from $3.96 million in the previous year period.
Operating loss for the quarter was $10.92 million, compared with an operating loss of $13.99 million in the previous year period.
"Progress continued at a good pace in the first quarter as cost reductions, strategic partner discussions and awareness of our new corporate initiatives all moved forward," stated Jim Neal, chief executive officer of XOMA. "Our portfolio of partnered assets continued to advance toward milestone points and potential future royalty streams. In addition, we presented compelling preclinical and clinical data on our unpartnered programs and have experienced increased licensing interest over the recent months."
Working capital turns negativeWorking capital of XOMA has turned negative to $0.59 million on Mar. 31, 2017 from positive $29.70 million on Mar. 31, 2016. Current ratio was at 0.97 as on Mar. 31, 2017, down from 2.45 on Mar. 31, 2016. Days sales outstanding went up to 937 days for the quarter compared with 69 days for the same period last year.
Debt comes down significantlyXOMA has recorded a decline in total debt over the last one year. It stood at $26.63 million as on Mar. 31, 2017, down 42.43 percent or $19.62 million from $46.25 million on Mar. 31, 2016. Total debt was 118.20 percent of total assets as on Mar. 31, 2017, compared with 87.91 percent on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
