Zosano Pharma Corporation (ZSAN) saw its loss narrow to $7.45 million, or $0.52 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $8.62 million, or $0.72 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $7.13 million, compared with an operating loss of $8.35 million in the previous year period.
“I’m extremely pleased with progress achieved during the period across clinical and corporate development fronts. The announcement of the first subject dosing in the Zotrip trial for the acute treatment of migraine was, of course, a key milestone and we remain on track to report results during the first quarter of 2017. Additionally, we improved our balance sheet by executing a private placement and strengthened the leadership team with the appointment of Georgia Erbez as Chief Business Officer,” commented Konstantinos Alataris, PhD, president and chief executive officer of Zosano Pharma. Ms. Erbez, who continues to serve as Zosano’s Interim Chief Financial Officer, has provided financial and strategic advisory services as a consultant to multiple biotechnology companies and has extensive experience in senior management roles in the healthcare sector.
Working capital drops significantly
Zosano Pharma Corporation has witnessed a decline in the working capital over the last year. It stood at $17.57 million as at Sep. 30, 2016, down 47.86 percent or $16.13 million from $33.69 million on Sep. 30, 2015. Current ratio was at 3.96 as on Sep. 30, 2016, down from 6.79 on Sep. 30, 2015.
Debt comes down
Zosano Pharma Corporation has recorded a decline in total debt over the last one year. It stood at $14.03 million as on Sep. 30, 2016, down 7.86 percent or $1.20 million from $15.22 million on Sep. 30, 2015. Total debt was 46.71 percent of total assets as on Sep. 30, 2016, compared with 28.71 percent on Sep. 30, 2015. Debt to equity ratio was at 1.17 as on Sep. 30, 2016, up from 0.45 as on Sep. 30, 2015.
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