Insmed Incorporated (INSM) saw its loss widen to $68.40 million, or $1.10 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $31.24 million, or $0.51 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $67.05 million, compared with an operating loss of $32.59 million in the previous year period.
"2017 represents a pivotal year for Insmed, with the potential to set the company on a new growth trajectory supported by a portfolio of novel products that address rare diseases," said Will Lewis, president and chief executive officer of Insmed. "We anticipate announcing top-line results from our ongoing phase 3 CONVERT study of ARIKAYCE for the treatment of NTM lung disease which, if positive, may provide the basis for accelerated approval in the U.S. and potentially other parts of the world. We are also focused on advancing our pre-regulatory activities to support a timely filing and continuing to build NTM lung disease awareness among physicians. We plan to manage our clinical, pre-commercial and operational priorities while maintaining our commitment to efficient use of capital."
Working capital drops significantly
Insmed Incorporated has witnessed a decline in the working capital over the last year. It stood at $140.42 million as at Dec. 31, 2016, down 47.18 percent or $125.44 million from $265.86 million on Dec. 31, 2015. Current ratio was at 6.02 as on Dec. 31, 2016, down from 12.94 on Dec. 31, 2015.
Debt increases substantially
Insmed Incorporated has witnessed an increase in total debt over the last one year. It stood at $54.79 million as on Dec. 31, 2016, up 117.94 percent or $29.65 million from $25.14 million on Dec. 31, 2015. Total debt was 23.03 percent of total assets as on Dec. 31, 2016, compared with 7.05 percent on Dec. 31, 2015. Debt to equity ratio was at 0.35 as on Dec. 31, 2016, up from 0.08 as on Dec. 31, 2015.
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