TRACON Pharmaceuticals, Inc (TCON) saw its loss narrow to $6.31 million, or $0.45 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $11.05 million, or $0.91 a share. Revenue during the quarter plunged 55.77 percent to $0.62 million from $1.40 million in the previous year period.
Operating loss for the quarter was $6.08 million, compared with an operating loss of $10.84 million in the previous year period.
“During the fourth quarter of 2016 and beginning of this year, we made significant progress toward several important corporate objectives, and anticipate a number of additional potentially value-creating milestones over the remainder of 2017,” said Charles Theuer, M.D., Ph.D., president and chief executive officer of TRACON. “We have recently initiated dosing in the first pivotal study of TRC105 in patients with angiosarcoma in both the U.S. and Europe following beneficial discussions with regulators in both regions. In addition, we intend to initiate the first-in-human clinical trial of TRC253, one of the two compounds in-licensed from Janssen last year, in patients with prostate cancer in the first half of 2017. Finally, we expect our partner, Santen, to initiate Phase 2 development of DE-122, the ophthalmic formulation of TRC105, in wet AMD later this year. Importantly, we are leveraging our unique and differentiated product development platform to complete all of our development activities, and look forward to continued progress throughout the course of the year.”
Working capital declines
TRACON Pharmaceuticals, Inc has witnessed a decline in the working capital over the last year. It stood at $35.40 million as at Dec. 31, 2016, down 9.52 percent or $3.73 million from $39.13 million on Dec. 31, 2015. Current ratio was at 4.46 as on Dec. 31, 2016, up from 3.76 on Dec. 31, 2015.
Debt comes down
TRACON Pharmaceuticals, Inc has recorded a decline in total debt over the last one year. It stood at $8.31 million as on Dec. 31, 2016, down 5.98 percent or $0.53 million from $8.84 million on Dec. 31, 2015. Total debt was 18.18 percent of total assets as on Dec. 31, 2016, compared with 16.52 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.29 as on Dec. 31, 2016, when compared with the last year.
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