KemPharm, Inc. (KMPH) saw its loss widen to $13.41 million, or $0.92 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.74 million, or $0.68 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $10.40 million, compared with an operating loss of $6.48 million in the previous year period.
"The third quarter 2016 began a transformative period for KemPharm as we completed a strategic review of our development pipeline and prioritized KP415 and KP201/IR as our co-lead product candidates. We believe we achieved key milestones that should enable us to capitalize on the value opportunities that each of these product candidates offers to potentially address important patient, prescriber and market needs," said Travis C. Mickle, Ph.D., president and chief executive officer of KemPharm. "We expect to report proof-of-concept data for KP415 by year-end and we anticipate initiating human clinical trials of KP201/IR in 2017. KemPharm remains on target to potentially submit New Drug Applications (NDA) for each lead candidate product in 2018."
Working capital increases
KemPharm, Inc. has recorded an increase in the working capital over the last year. It stood at $59.56 million as at Sep. 30, 2016, up 12.75 percent or $6.73 million from $52.82 million on Sep. 30, 2015. Current ratio was at 11.44 as on Sep. 30, 2016, up from 8.78 on Sep. 30, 2015.
Debt increases substantially
KemPharm, Inc. has witnessed an increase in total debt over the last one year. It stood at $90.88 million as on Sep. 30, 2016, up 312.47 percent or $68.85 million from $22.03 million on Sep. 30, 2015. Total debt was 96.13 percent of total assets as on Sep. 30, 2016, compared with 35.88 percent on Sep. 30, 2015.
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