Sunesis Pharmaceuticals, Inc. (SNSS) saw its loss narrow to $8.54 million, or $0.44 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $11.58 million, or $0.91 a share. Revenue during the quarter went up marginally by 0.90 percent to $0.68 million from $0.67 million in the previous year period.
Operating loss for the quarter was $8.07 million, compared with an operating loss of $11.34 million in the previous year period.
"We are making meaningful progress in advancing our two lead programs, vosaroxin and SNS-062, in areas of unmet need in hematologic malignancies," said Daniel Swisher, chief executive officer of Sunesis. "Our European Marketing Authorization Application is on track; we are working diligently to submit responses this quarter to the Day 180 List of Outstanding Issues and we are preparing to go before the Scientific Advisory Groups Oncology Division (SAG-O) in April, culminating in a likely CHMP decision by mid-year. We continue, in parallel, to advance active dialogues with potential pharma collaborators toward the goal of supporting a potential market launch of vosaroxin in Europe in the second half of this year."
Working capital increasesSunesis Pharmaceuticals, Inc. has recorded an increase in the working capital over the last year. It stood at $32.29 million as at Dec. 31, 2016, up 15.37 percent or $4.30 million from $27.99 million on Dec. 31, 2015. Current ratio was at 3.95 as on Dec. 31, 2016, up from 2.47 on Dec. 31, 2015.
Debt increases substantially
Sunesis Pharmaceuticals, Inc. has witnessed an increase in total debt over the last one year. It stood at $14.44 million as on Dec. 31, 2016, up 84.26 percent or $6.60 million from $7.83 million on Dec. 31, 2015. Long-term debt stood at $11.10 million as on Dec. 31, 2016. Total debt was 33.39 percent of total assets as on Dec. 31, 2016, compared with 16.67 percent on Dec. 31, 2015. Debt to equity ratio was at 0.69 as on Dec. 31, 2016, up from 0.29 as on Dec. 31, 2015. 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: [email protected]
