Asterias Biotherapeutics, Inc. (AST) saw its loss narrow to $6.29 million, or $0.13 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.34 million, or $0.27 a share. Revenue during the quarter grew 26.10 percent to $2.01 million from $1.59 million in the previous year period. Gross margin for the quarter expanded 69 basis points over the previous year period to 97.36 percent.
Operating loss for the quarter was $9.11 million, compared with an operating loss of $11.09 million in the previous year period.
"We are making good progress so far in 2017," said Steve Cartt, president and chief executive officer. "In January and March, we reported positive clinical results from the SCiStar study for the AIS-A patients who received 10 million AST-OPC1 cells (Cohort 2), highlighting the potential of AST-OPC1 to help patients with complete paralysis regain arm, hand and finger function, and thus greater independence. We also recently reported encouraging MRI results from the study that indicated no spinal cord lesion cavities were forming in any patient treated with AST-OPC1." Mr. Cartt continued, "Our clinical team continues to enroll patients in our SCiStar study, and we expect to complete enrollment in 2017 as well as initiate discussions with the FDA around mid-year to determine the next stage of this important clinical program. Finally, we look forward to reporting 12-month efficacy and safety data from Cohort 2, as well as additional data from other cohorts, later this year."
Working capital increases sharply
Asterias Biotherapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $31.28 million as at Mar. 31, 2017, up 196.25 percent or $20.72 million from $10.56 million on Mar. 31, 2016. Current ratio was at 11.85 as on Mar. 31, 2017, up from 2.04 on Mar. 31, 2016. Days sales outstanding went down to 13 days for the quarter compared with 16 days for the same period last year.
At the same time, days payable outstanding went down to 1260 days for the quarter from 2278 for the same period last year.
Debt comes down
Asterias Biotherapeutics, Inc. has recorded a decline in total debt over the last one year. It stood at $0.02 million as on Mar. 31, 2017, down 21.87 percent or $0.01 million from $0.03 million on Mar. 31, 2016. Total debt was 0.04 percent of total assets as on Mar. 31, 2017, compared with 0.06 percent on Mar. 31, 2016.
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