Genocea Biosciences Inc (GNCA) saw its loss widen to $12.76 million, or $0.45 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.77 million, or $0.37 a share. The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.21 million for the previous year period.
Operating loss for the quarter was $12.43 million, compared with an operating loss of $9.49 million in the previous year period.
“We achieved an important GEN-003 milestone in the third quarter with the selection of our Phase 3 dose, demonstrating a significant reduction in viral shedding for the third consecutive clinical trial, this time with an improved, Phase 3-ready formulation,” said Chip Clark, president and chief executive officer of Genocea. “We also continue to advance our immuno-oncology program and are now focusing all of our early stage research and pre-clinical resources to these efforts. We believe ATLAS enables better cancer vaccine antigen selection than existing methods and that our demonstrated vaccine development expertise can be a further competitive advantage in this exciting space.”
Working capital drops significantly }
Genocea Biosciences Inc has witnessed a decline in the working capital over the last year. It stood at $60.35 million as at Sep. 30, 2016, down 33.05 percent or $29.80 million from $90.14 million on Sep. 30, 2015. Current ratio was at 3.68 as on Sep. 30, 2016, down from 11.80 on Sep. 30, 2015.
Debt increases substantially
Genocea Biosciences Inc has witnessed an increase in total debt over the last one year. It stood at $16.83 million as on Sep. 30, 2016, up 44.39 percent or $5.17 million from $11.66 million on Sep. 30, 2015. Total debt was 20.31 percent of total assets as on Sep. 30, 2016, compared with 9.89 percent on Sep. 30, 2015. Debt to equity ratio was at 0.28 as on Sep. 30, 2016, up from 0.12 as on Sep. 30, 2015.
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