Trevena, Inc. (TRVN) saw its loss widen to $20.71 million, or $0.36 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $17.78 million, or $0.35 a share.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $1.88 million for the previous year period.
Operating loss for the quarter was $20.98 million, compared with an operating loss of $17.80 million in the previous year period.
"This quarter marked a key milestone for our OLINVO program, with the delivery of robust data that we believe will support our new drug application and demonstrates the potential value of OLINVO for the management of moderate-to-severe acute pain in the hospital," said Maxine Gowen, Ph.D., chief executive officer.
Working capital drops significantly
Trevena, Inc. has witnessed a decline in the working capital over the last year. It stood at $89.79 million as at Mar. 31, 2017, down 42.59 percent or $66.62 million from $156.42 million on Mar. 31, 2016. Current ratio was at 9.13 as on Mar. 31, 2017, down from 17.40 on Mar. 31, 2016.
Debt increases substantially
Trevena, Inc. has witnessed an increase in total debt over the last one year. It stood at $27.93 million as on Mar. 31, 2017, up 53.16 percent or $9.69 million from $18.23 million on Mar. 31, 2016. Short-term debt stood at $3.91 million as on Mar. 31, 2017. Total debt was 27.08 percent of total assets as on Mar. 31, 2017, compared with 10.92 percent on Mar. 31, 2016. Debt to equity ratio was at 0.41 as on Mar. 31, 2017, up from 0.13 as on Mar. 31, 2016.
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