CohBar, Inc. (CWBR) saw its loss widen to $1.68 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.15 million, or $0.04 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $1.68 million, compared with an operating loss of $1.15 million in the previous year period.
"Our development team initiated IND-enabling studies for our lead drug candidates CB4209 and CB4211 in 2016, with the goal of commencing our first human clinical trial in early 2018," said Simon Allen, CohBar’s CEO. "In addition, we continued to see positive preclinical activity for our lead programs, including our latest STAM data, validating the therapeutic potential of our drug candidates in the treatment of NASH as well as obesity. We also made tremendous progress mining the mitochondrial genome for new peptides with biological activity using our proprietary technology platform, and filed multiple new provisional patent applications for our discoveries, further expanding our research pipeline and MBT opportunities."
Working capital declines
CohBar, Inc. has witnessed a decline in the working capital over the last year. It stood at $8.43 million as at Dec. 31, 2016, down 13.95 percent or $1.37 million from $9.80 million on Dec. 31, 2015. Current ratio was at 10.48 as on Dec. 31, 2016, down from 17.81 on Dec. 31, 2015.
Debt remains almost stable
Total debt of CohBar, Inc. remained almost stable for the quarter at $0.21 million, when compared with the last year period. Short-term debt stood at $0.21 million as on Dec. 31, 2016. Total debt was 2.14 percent of total assets as on Dec. 31, 2016, compared with 1.93 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.02 as on Dec. 31, 2016, when compared with the last year.
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