Intra-Cellular Therapies, Inc. (ITCI) saw its loss narrow to $27.49 million, or $0.64 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $28.83 million, or $0.67 a share. Revenue during the quarter surged 219.30 percent to $0.10 million from $0.03 million in the previous year period.
Operating loss for the quarter was $28.03 million, compared with an operating loss of $29.37 million in the previous year period.
"Patients who suffer from neuropsychiatric and neurodegenerative disorders continue to be underserved by existing medications and we remain committed to developing innovative treatments that can provide broad efficacy without many of the safety and tolerability issues associated with current therapies," said Dr. Sharon Mates, chairman and chief executive officer of ITCI.
Working capital declinesIntra-Cellular Therapies, Inc. has witnessed a decline in the working capital over the last year. It stood at $377.67 million as at Dec. 31, 2016, down 20.82 percent or $99.32 million from $476.99 million on Dec. 31, 2015. Current ratio was at 36.86 as on Dec. 31, 2016, down from 77.15 on Dec. 31, 2015.
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