Aduro Biotech, Inc. (ADRO) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $29.57 million, or $ 0.44 a share in the quarter, against a net profit of $3.10 million, or $0.04 a share in the last year period.
Revenue during the quarter plunged 88.72 percent to $3.88 million from $34.38 million in the previous year period.
Operating loss for the quarter was $25.14 million, compared with an operating income of $2.82 million in the previous year period.
"In 2016, we made a number of advancements to position us as a leader in the discovery and development of immunotherapies, and in 2017, we expect to have multiple agents across all three of our platforms advancing through the clinic," said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. "With a diversified and robust pipeline, strong cash position and validating pharmaceutical partnerships for each of our technologies, we believe we are poised to bring innovative therapies to patients."
Working capital declines
Aduro Biotech, Inc. has witnessed a decline in the working capital over the last year. It stood at $324.13 million as at Dec. 31, 2016, down 17.62 percent or $69.31 million from $393.44 million on Dec. 31, 2015. Current ratio was at 11.58 as on Dec. 31, 2016, down from 13.66 on Dec. 31, 2015.
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