Achaogen, Inc. (AKAO) saw its loss widen to $33.26 million, or $0.93 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.20 million, or $0.66 a share. Revenue during the quarter grew 27.59 percent to $7.46 million from $5.85 million in the previous year period.
Operating loss for the quarter was $17.88 million, compared with an operating loss of $11.82 million in the previous year period.
"Advancing plazomicin registration activities is our top priority; we are encouraged by our progress with manufacturing and had a productive pre-NDA meeting with FDA in April. We remain on track with our plans to file the plazomicin NDA in the second half of 2017," said Kenneth Hillan, M.B. Ch.B., Achaogen's chief executive officer. "We have made excellent progress with our C-Scape program and plan to initiate a Phase 1 clinical trial in the second quarter of 2017."
Working capital increases sharply
Achaogen, Inc. has recorded an increase in the working capital over the last year. It stood at $121.66 million as at Mar. 31, 2017, up 169.18 percent or $76.46 million from $45.20 million on Mar. 31, 2016. Current ratio was at 5.79 as on Mar. 31, 2017, up from 4.55 on Mar. 31, 2016. Days sales outstanding went down to 66 days for the quarter compared with 79 days for the same period last year.
Debt increases substantially
Achaogen, Inc. has witnessed an increase in total debt over the last one year. It stood at $25.48 million as on Mar. 31, 2017, up 73.70 percent or $10.81 million from $14.67 million on Mar. 31, 2016. Total debt was 16.36 percent of total assets as on Mar. 31, 2017, compared with 24.79 percent on Mar. 31, 2016. Debt to equity ratio was at 0.32 as on Mar. 31, 2017, down from 0.46 as on Mar. 31, 2016.
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