Edge Therapeutics, Inc. (EDGE) saw its loss widen to $9.52 million, or $0.33 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $7.96 million, or $0.30 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $10.94 million, compared with an operating loss of $8.87 million in the previous year period.
“Edge achieved several key clinical, regulatory and corporate milestones in 2016, including commencing the Phase 3 trial for EG-1962, receiving FDA Fast Track designation for EG-1962 and making key additions to our leadership team,” said Brian A. Leuthner, Edge’s president and chief executive officer. “Looking ahead, we are operationally and financially well-positioned to execute our corporate growth strategy, in particular, continuing to advance EG-1962 through achievement of key additional clinical milestones including the anticipated completion of our Phase 3 NEWTON 2 study, while conducting additional research in order to select the next PRECISATM-based development candidate from our pipeline of potentially life-saving therapies.”
Working capital declines
Edge Therapeutics, Inc has witnessed a decline in the working capital over the last year. It stood at $100.67 million as at Dec. 31, 2016, down 17.94 percent or $22.01 million from $122.68 million on Dec. 31, 2015. Current ratio was at 16.06 as on Dec. 31, 2016, up from 15.28 on Dec. 31, 2015.
Debt increases substantially
Edge Therapeutics, Inc has witnessed an increase in total debt over the last one year. It stood at $14.95 million as on Dec. 31, 2016, up 182.32 percent or $9.66 million from $5.30 million on Dec. 31, 2015. Total debt was 13.48 percent of total assets as on Dec. 31, 2016, compared with 3.95 percent on Dec. 31, 2015. Debt to equity ratio was at 0.17 as on Dec. 31, 2016, up from 0.04 as on Dec. 31, 2015.
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