Corbus Pharmaceuticals Holdings, Inc.(CRBP) saw its loss widen to $7.47 million, or $0.16 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.89 million, or $0.08 a share.
Revenue during the quarter surged 226.20 percent to $1.29 million from $0.40 million in the previous year period.
Operating loss for the quarter was $7.45 million, compared with an operating loss of $2.89 million in the previous year period.
"We have made significant progress in both the corporate and clinical areas in the first quarter of 2017 and are in a strong financial position, which is expected to take us through key milestones for the Company over the next 20 months," stated Yuval Cohen, Ph.D., chief executive officer of the Company.
Working capital increases sharply
Corbus Pharmaceuticals Holdings, Inc. has recorded an increase in the working capital over the last year. It stood at $43.19 million as at Mar. 31, 2017, up 609.70 percent or $37.11 million from $6.09 million on Mar. 31, 2016. Current ratio was at 7.21 as on Mar. 31, 2017, up from 2.49 on Mar. 31, 2016.
Debt comes down significantly
Corbus Pharmaceuticals Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $0.06 million as on Mar. 31, 2017, down 40.05 percent or $0.04 million from $0.09 million on Mar. 31, 2016. Corbus Pharmaceuticals Holdings, Inc. has recorded a decline in short-term debt over the last one year. It stood at $0.06 million as on Mar. 31, 2017, down 40.05 percent or $0.04 million from $0.09 million on Mar. 31, 2016. Total debt was 0.11 percent of total assets as on Mar. 31, 2017, compared with 0.89 percent on Mar. 31, 2016.
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