Trovagene, Inc. (TROV) saw its loss widen to $8.55 million, or $0.34 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $7.38 million, or $0.26 a share. Revenue during the quarter dropped 13.92 percent to $0.07 million from $0.08 million in the previous year period.
Operating loss for the quarter was $9.78 million, compared with an operating loss of $7.38 million in the previous year period.
"We are excited to announce the execution of our strategy to vertically integrate our ctDNA Precision Cancer Monitoring® (PCM) technology with precision cancer therapeutics by developing drugs where our deep understanding of tumor genomics may allow for effective targeting of appropriate cancer patients," said Bill Welch, chief executive officer of Trovagene.
Operating cash flow remains negative
Trovagene, Inc. has spent $31.04 million cash to meet operating activities during the year as against cash outgo of $22.12 million in the last year. The company has spent $24.83 million cash to meet investing activities during the year as against cash outgo of $2.23 million in the last year.
Cash flow from financing activities was $2.30 million for the year, down 96.44 percent or $62.25 million, when compared with the last year.
Cash and cash equivalents stood at $13.92 million as on Dec. 31, 2016.
Working capital drops significantly
Trovagene, Inc. has witnessed a decline in the working capital over the last year. It stood at $31.15 million as at Dec. 31, 2016, down 48.23 percent or $29.03 million from $60.18 million on Dec. 31, 2015. Current ratio was at 5 as on Dec. 31, 2016, down from 8.34 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Trovagene, Inc. remained almost stable for the quarter at $16.54 million, when compared with the last year period. Total debt was 37.62 percent of total assets as on Dec. 31, 2016, compared with 23.06 percent on Dec. 31, 2015. Debt to equity ratio was at 0.84 as on Dec. 31, 2016, up from 0.34 as on Dec. 31, 2015.
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