BioPharmX Corporation (BPMX) saw its loss widen to $5.40 million, or $0.08 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $4.46 million, or $0.17 a share. On the other hand, adjusted net loss for the quarter widened to $4.65 million, or $0.07 a share from a loss of $4.18 million or $0.16 a share, a year ago. Revenue during the quarter plunged 42.42 percent to $0.02 million from $0.03 million in the previous year period. Gross margin for the quarter expanded 271 basis points over the previous year period to 42.11 percent.
Operating loss for the quarter was $5.03 million, compared with an operating loss of $4.46 million in the previous year period.
"The start of our year has been defined by steady achievement in clinical research, growing dermatology community interest in BPX-01, our investigational topical drug for acne, and careful management of resources," said president Anja Krammer. "The enthusiasm investigators expressed about our phase 2b trial results confirms our excitement about BPX-01 as we finalize plans for phase 3 research."
Working capital increases sharply
BioPharmX Corporation has recorded an increase in the working capital over the last year. It stood at $2.90 million as at Apr. 30, 2017, up 165.87 percent or $1.81 million from $1.09 million on Apr. 30, 2016. Current ratio was at 1.71 as on Apr. 30, 2017, up from 1.33 on Apr. 30, 2016. Cash conversion cycle (CCC) has increased to 9209 days for the quarter from 5207 days for the last year period. Days sales outstanding went down to 7 days for the quarter compared with 8 days for the same period last year.
Days inventory outstanding has decreased to 121 days for the quarter compared with 171 days for the previous year period. At the same time, days payable outstanding went up to 9337 days for the quarter from 5387 for the same period last year.
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