Cempra, Inc. (CEMP) saw its loss widen to $31.44 million, or $0.60 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $21.16 million, or $0.48 a share.
Revenue during the quarter surged 37.12 percent to $7.94 million from $5.79 million in the previous year period.
Operating loss for the quarter was $31.30 million, compared with an operating loss of $20.86 million in the previous year period.
"We have made substantial progress in recent weeks to clarify our existing clinical programs, including positive phase 3 results with fusidic acid, further define the next steps to advance solithromycin, and take significant cost-reduction actions to preserve our sizable cash resources as we evaluate the best investments, including potential external opportunities, to deliver value to patients and shareholders," said David Zaccardelli, Pharm. D., acting chief executive officer of Cempra.
Working capital increases sharply
Cempra, Inc. has recorded an increase in the working capital over the last year. It stood at $208.77 million as at Dec. 31, 2016, up 44.90 percent or $64.69 million from $144.09 million on Dec. 31, 2015. Current ratio was at 8.07 as on Dec. 31, 2016, down from 9.05 on Dec. 31, 2015.
Debt comes down
Cempra, Inc. has recorded a decline in total debt over the last one year. It stood at $15.33 million as on Dec. 31, 2016, down 22.21 percent or $4.38 million from $19.70 million on Dec. 31, 2015. Total debt was 6.43 percent of total assets as on Dec. 31, 2016, compared with 12.15 percent on Dec. 31, 2015. Debt to equity ratio was at 0.08 as on Dec. 31, 2016, down from 0.17 as on Dec. 31, 2015.
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