Edge Therapeutics, Inc. (EDGE) saw its loss widen to $10.76 million, or $0.37 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.13 million, or $7.08 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $10.28 million, compared with an operating loss of $8.48 million in the previous year period.
"Our operations are progressing according to plan and we now have multiple sites actively screening patients for our Phase 3 NEWTON 2 study of EG-1962, including many leading academic centers that are high volume treatment centers for aneurysmal subarachnoid hemorrhage (aSAH),” said Brian A. Leuthner, Edge’s President and Chief Executive Officer. "During the quarter, we held investigator meetings for North American and Israeli sites participating in NEWTON 2, and received positive feedback and strong enthusiasm for the potential clinical benefit of EG-1962 over the current standard of care."
Working capital increases sharply
Edge Therapeutics has recorded an increase in the working capital over the last year. It stood at $108.89 million as at Sep. 30, 2016, up 130.96 percent or $61.74 million from $47.15 million on Sep. 30, 2015. Current ratio was at 26.60 as on Sep. 30, 2016, up from 6.58 on Sep. 30, 2015. Debt increases substantially
Edge Therapeutics has witnessed an increase in total debt over the last one year. It stood at $14.82 million as on Sep. 30, 2016, up 151.10 percent or $8.92 million from $5.90 million on Sep. 30, 2015. Total debt was 12.71 percent of total assets as on Sep. 30, 2016, compared with 10.09 percent on Sep. 30, 2015.
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