Loxo Oncology Inc (LOXO) saw its loss widen to $72.40 million, or $3.46 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $35.88 million, or $2.12 a share. The company has not recorded any revenues for the current as well as previous year.
Operating income for the year was $73.18 million, compared with $36.08 million in the previous year.
β2016 was a very productive year for the company. We received breakthrough therapy designation from the U.S. FDA, presented updated clinical data at the AACR and ESMO Asia meetings, and developed clarity around the commercial opportunity for larotrectinib,β said Josh Bilenker, M.D., chief executive officer of Loxo Oncology. βIn 2017, we are focused on preparing larotrectinib for global regulatory submissions, and expanding our clinical pipeline to include LOXO-292, our highly selective RET inhibitor, and LOXO-195, our next-generation TRK inhibitor intended to address acquired resistance.β
Working capital declines
Loxo Oncology Inc has witnessed a decline in the working capital over the last year. It stood at $126.65 million as at Dec. 31, 2016, down 17.65 percent or $27.14 million from $153.79 million on Dec. 31, 2015. Current ratio was at 9.36 as on Dec. 31, 2016, down from 54.91 on Dec. 31, 2015.
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