Asterias Biotherapeutics, Inc. (AST) saw its loss widen to $10.65 million, or $0.24 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.51 million, or $0.09 a share. Revenue during the quarter surged 45.89 percent to $2.08 million from $1.42 million in the previous year period. Gross margin for the quarter expanded 953 basis points over the previous year period to 97.16 percent.
Operating loss for the quarter was $7.42 million, compared with an operating loss of $4.94 million in the previous year period.
"Since mid-September, when we presented promising early data from AIS-A patients dosed with 10 million cells, our clinical team has continued to make excellent progress enrolling additional patients in the SCiStar study," said Steve Cartt, President and Chief Executive Officer. "We have now dosed two patients each in both the AIS-A 20 million cell cohort and the AIS-B 10 million cell cohort. The early efficacy data presented in September for AST-OPC1 was very encouraging, and we look forward to presenting the six-month efficacy and safety results for this cohort in January 2017. We also look forward to Dr. Kurpad and his patient joining our conference call this afternoon to share their experience with AST-OPC1."
Working capital increases sharply
Asterias Biotherapeutics has recorded an increase in the working capital over the last year. It stood at $27.04 million as at Sep. 30, 2016, up 44.83 percent or $8.37 million from $18.67 million on Sep. 30, 2015. Current ratio was at 4.05 as on Sep. 30, 2016, up from 3.37 on Sep. 30, 2015. Days sales outstanding went down to 61 days for the quarter compared with 139 days for the same period last year.
At the same time, days payable outstanding went up to 1582 days for the quarter from 467 for the same period last year.
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