Celsion Corporation (CLSN) saw its loss narrow to $5.16 million, or $0.12 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.72 million, or $0.24 a share. Revenue during the quarter was stable at $0.12 million, when compared with the previous year period.
Operating loss for the quarter was $4.82 million, compared with an operating loss of $5.18 million in the previous year period.
"Celsion continues to make major progress with respect to our ongoing global, pivotal Phase III OPTIMA Study in primary liver cancer. This ground-breaking study continues to attract interest and support from the medical community, international regulatory agencies, and research organizations like the National Institutes of Health," said Michael H. Tardugno, Celsion's chairman, president and CEO. Our product development efforts in immuno-oncology are equally important.
Working capital turns negative
Working capital of Celsion Corp has turned negative to $4.23 million on Mar. 31, 2017 from positive $5.12 million on Mar. 31, 2016. Current ratio was at 0.52 as on Mar. 31, 2017, down from 1.54 on Mar. 31, 2016. Days sales outstanding went down to 42 days for the quarter compared with 177 days for the same period last year.
Debt comes down significantly
Celsion Corp has recorded a decline in total debt over the last one year. It stood at $1.47 million as on Mar. 31, 2017, down 73.34 percent or $4.05 million from $5.52 million on Mar. 31, 2016. Total debt was 4.78 percent of total assets as on Mar. 31, 2017, compared with 12.74 percent on Mar. 31, 2016. Debt to equity ratio was at 0.24 as on Mar. 31, 2017, down from 0.36 as on Mar. 31, 2016.
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