Mirati Therapeutics (MRTX) saw its loss widen to $19.42 million, or $0.97 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $18.74 million, or $1.11 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $19.58 million, compared with an operating loss of $18.72 million in the previous year period.
"We are pleased by the continued progress in all three of our clinical development programs during the third quarter and are encouraged by enrollment rates, particularly in our Phase 2 trial for glesatinib," said Charles M. Baum, M.D., Ph.D., president and chief executive officer of Mirati. "We are focused on establishing the response rate in these patients, and will provide an efficacy update as we collect data on a meaningful number of patients."
Working capital drops significantlyMirati Therapeutics has witnessed a decline in the working capital over the last year. It stood at $61.82 million as at Sep. 30, 2016, down 52.90 percent or $69.44 million from $131.27 million on Sep. 30, 2015. Current ratio was at 5.53 as on Sep. 30, 2016, down from 14.44 on Sep. 30, 2015.
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