Zafgen, Inc. (ZFGN) saw its loss narrow to $10.44 million, or $0.38 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $23.17 million, or $0.85 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $10.48 million, compared with an operating loss of $23.25 million in the previous year period.
2017 is set to be a pivotal year for Zafgen, as we further elucidate the efficacy and safety profile for our second generation MetAP2 inhibitor, ZGN-1061, and establish a path forward for the candidate in underserved type 2 diabetes and obesity indications," said Thomas Hughes, Ph.D., President and Chief Executive Officer of Zafgen. "Over the past few months, we have progressed our ongoing Phase 1 clinical trial evaluating ZGN-1061 and, in parallel, have advanced our understanding of ZGN-1061’s key differentiating characteristics from beloranib, with a particular emphasis on drug safety. Over the course of this coming year, we plan to leverage the data emerging from our clinical trials and non-clinical studies, along with discussions with experts and regulators, to define an efficient clinical development program for ZGN-1061 in commercially-relevant patient populations
Working capital drops significantly
Zafgen, Inc. has witnessed a decline in the working capital over the last year. It stood at $121 million as at Dec. 31, 2016, down 29.47 percent or $50.56 million from $171.57 million on Dec. 31, 2015. Current ratio was at 13.23 as on Dec. 31, 2016, up from 11.37 on Dec. 31, 2015. Debt comes down significantly
Zafgen, Inc. has recorded a decline in total debt over the last one year. It stood at $3.59 million as on Dec. 31, 2016, down 43.83 percent or $2.80 million from $6.39 million on Dec. 31, 2015. Total debt was 2.73 percent of total assets as on Dec. 31, 2016, compared with 3.38 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.03 as on Dec. 31, 2016, when compared with the last year.
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