Tracon Pharmaceuticals, Inc. (TCON) saw its loss narrow to $5.87 million, or $0.48 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.45 million, or $0.53 a share.
Revenue during the quarter plunged 30.93 percent to $0.82 million from $1.18 million in the previous year period.
Operating loss for the quarter was $5.60 million, compared with an operating loss of $6.24 million in the previous year period.
"During the third quarter, we accomplished a number of key value-creating milestones that have significantly strengthened our product development efforts," said Charles Theuer, M.D., Ph.D., president and chief executive officer of TRACON. "The Janssen licensing deal expands our portfolio of potential first-in-class oncology therapies and provides validation of our unique product development platform. Additionally, our positive interactions with both U.S. and European regulators enabled us to establish the key elements of our initial Phase 3 pivotal study for TRC105, which we look forward to initiating in December 2016 or early 2017."
Working capital drops significantlyTracon Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $23.34 million as at Sep. 30, 2016, down 51.61 percent or $24.89 million from $48.23 million on Sep. 30, 2015. Current ratio was at 2.77 as on Sep. 30, 2016, down from 5.15 on Sep. 30, 2015. Debt moves upTracon Pharmaceuticals, Inc. has witnessed an increase in total debt over the last one year. It stood at $8.32 million as on Sep. 30, 2016, up 20.23 percent or $1.40 million from $6.92 million on Sep. 30, 2015. Total debt was 22.73 percent of total assets as on Sep. 30, 2016, compared with 11.53 percent on Sep. 30, 2015. Debt to equity ratio was at 0.47 as on Sep. 30, 2016, up from 0.17 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
