Oncosec Medical (ONCS) saw its loss narrow to $5.39 million, or $0.27 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $7.04 million, or $0.42 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $5.39 million, compared with an operating loss of $7.04 million in the previous year period.
"As we enter the next quarter, we are confident in our clinical and regulatory pathway for the development of our lead candidate, ImmunoPulse® IL-12, which we believe holds the greatest potential for patients who are anti-PD-1 non-responders,” said Punit Dhillon, president and chief executive officer of OncoSec. “Since weve secured Fast Track designation, our main objectives are focused on initiating the Phase IIb registration-directed trial in Stage III/IV melanoma anti-PD-1 non-responder population and finalizing a drug supply agreement for this trial."
Operating cash flow remains negativeOncosec Medical has spent $8.24 million cash to meet operating activities during the first half as against cash outgo of $9.02 million in the last year period. The company has spent $0.01 million cash to meet investing activities during the first six months as against cash outgo of $1.06 million in the last year period.
Cash flow from financing activities was $0.04 million for the first six months, down 99.38 percent or $6.84 million, when compared with the last year period.
Cash and cash equivalents stood at $20.54 million as on Jan. 31, 2017, down 28.79 percent or $8.30 million from $28.85 million on Jan. 31, 2016.
Working capital drops significantly
Oncosec Medical has witnessed a decline in the working capital over the last year. It stood at $17.92 million as at Jan. 31, 2017, down 31.21 percent or $8.13 million from $26.05 million on Jan. 31, 2016. Current ratio was at 6.25 as on Jan. 31, 2017, down from 7.50 on Jan. 31, 2016.
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