Ardelyx Inc (ARDX) saw its loss widen to $28.01 million, or $0.59 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $23.47 million, or $0.70 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $28.43 million, compared with an operating loss of $23.54 million in the previous year period.
"We've had a very active start to the year with the reporting of our first Phase 3 data evaluating tenapanor in patients with hyperphosphatemia from our cardiorenal portfolio, and have a lot more to look forward to in 2017," said Mike Raab, president and chief executive officer of Ardelyx. "We expect to complete our T3MPO program, which is evaluating tenapanor for the treatment of patients with IBS-C, by the end of this year. If successful, this program will be instrumental to our GI portfolio, and continue our progress towards becoming a commercial organization. These milestones bring us several steps closer to realizing our goal of becoming a fully integrated, revenue-generating biotech company that enhances the lives of people with cardiorenal and GI diseases."
Working capital declines
Ardelyx Inc has witnessed a decline in the working capital over the last year. It stood at $154.11 million as at Mar. 31, 2017, down 5.59 percent or $9.13 million from $163.24 million on Mar. 31, 2016. Current ratio was at 8.98 as on Mar. 31, 2017, down from 14.10 on Mar. 31, 2016. D
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