Aveo Pharmaceuticals Inc (AVEO) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $4.97 million, or $ 0.07 a share in the quarter, against a net profit of $7.91 million, or $0.14 a share in the last year period.
Revenue during the quarter plunged 93.46 percent to $0.99 million from $15.16 million in the previous year period.
Operating loss for the quarter was $5.59 million, compared with an operating income of $8.47 million in the previous year period.
“In the last 18 months, we have made important progress in moving forward both elements of our strategy, including our oncology pipeline, for which we have retained significant North American rights, and our non-oncology pipeline, which is being advanced through partnerships with disease-area experts,” said Michael Bailey, president and chief executive officer. “We anticipate a milestone rich calendar in the months ahead, spanning both our proprietary and partnered programs, that we expect will help define AVEO’s long-term potential in multiple areas of unmet medical need.”
Working capital drops significantly
Aveo Pharmaceuticals Inc has witnessed a decline in the working capital over the last year. It stood at $3.13 million as at Sep. 30, 2016, down 90.62 percent or $30.25 million from $33.38 million on Sep. 30, 2015. Current ratio was at 1.10 as on Sep. 30, 2016, down from 4.20 on Sep. 30, 2015.
Days sales outstanding went up to 153 days for the quarter compared with 14 days for the same period last year.
Debt moves up
Aveo Pharmaceuticals Inc has witnessed an increase in total debt over the last one year. It stood at $13.87 million as on Sep. 30, 2016, up 11.16 percent or $1.39 million from $12.48 million on Sep. 30, 2015. Total debt was 39.49 percent of total assets as on Sep. 30, 2016, compared with 28.35 percent on Sep. 30, 2015. Debt to equity ratio was at 3.92 as on Sep. 30, 2016, up from 0.52 as on Sep. 30, 2015.
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