REGENXBIO Inc. (RGNX) saw its loss widen to $21.99 million, or $0.82 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.77 million, or $0.41 a share. Revenue during the quarter grew 15.78 percent to $0.46 million from $0.39 million in the previous year period. Gross margin for the quarter expanded 443 basis points over the previous year period to 80 percent.
Operating loss for the quarter was $22.92 million, compared with an operating loss of $11.25 million in the previous year period.
"We have had a productive start to 2017 in advancing the development of our lead product candidates, RGX-314 for wet AMD and RGX-501 for HoFH. Additionally, we enhanced and expanded our team with the appointment of Dr. Olivier Danos as Chief Scientific Officer," said Kenneth T. Mills, president and chief executive officer of REGENXBIO. "For the remainder of the year we will continue to focus our energy on achieving our upcoming clinical milestones and building a robust clinical pipeline of gene therapy product candidates with the goal of improving treatment options in many diseases. We look forward to sharing interim updates in the RGX-314 Phase I trial for wet AMD and the RGX-501 Phase I/II trial for HoFH by year-end."
Working capital increases sharply
REGENXBIO Inc. has recorded an increase in the working capital over the last year. It stood at $138.84 million as at Mar. 31, 2017, up 39.12 percent or $39.04 million from $99.80 million on Mar. 31, 2016. Current ratio was at 14.94 as on Mar. 31, 2017, down from 18.26 on Mar. 31, 2016. Days sales outstanding went down to 234 days for the quarter compared with 247 days for the same period last year.
At the same time, days payable outstanding went up to 2543 days for the quarter from 1008 for the same period last year.
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