Infinity Pharmaceuticals, Inc. (INFI) saw its loss narrow to $10.48 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $40.66 million, or $0.82 a share.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $9.26 million for the previous year period.
Operating loss for the quarter was $10.48 million, compared with an operating loss of $40.77 million in the previous year period.
"IPI-549 has a number of key attributes that have enabled us to rapidly enroll patients in our ongoing study. It is orally administered, is believed to be the only selective PI3K-gamma inhibitor in clinical development, and has demonstrated a favorable tolerability profile, both as a monotherapy as well as in combination with Opdivo," stated Adelene Perkins, Infinity's chair and chief executive officer. "Additionally, there is a strong body of preclinical translational research supporting the program demonstrating that selectively targeting PI3K-gamma with IPI-549 reprograms macrophages from a pro-tumor to an anti-tumor phenotype and is able to help overcome resistance to checkpoint inhibition, representing a unique and potentially transformative approach within immuno-oncology."
For fiscal year 2017, Infinity Pharmaceuticals, Inc. forecasts net loss to be in the range of $40 million to $50 million.
Working capital drops significantly
Infinity Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $69.73 million as at Mar. 31, 2017, down 50.64 percent or $71.54 million from $141.27 million on Mar. 31, 2016. Current ratio was at 7.59 as on Mar. 31, 2017, up from 3.12 on Mar. 31, 2016.
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