Trevena, Inc. (TRVN) saw its loss widen to $29.90 million, or $0.57 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.62 million, or $0.24 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 $29.63 million, compared with an operating loss of $10.56 million in the previous year period.
"This quarter saw important progress for our company, with continued execution of our Phase 3 program for oliceridine. We had extensive engagement with the medical community to discuss the challenges of acute pain management in the hospital and how oliceridine may provide an important treatment option to patients and physicians," said Maxine Gowen, Ph.D., chief executive officer. "We look forward to sharing top-line data from both Phase 3 APOLLO pivotal efficacy studies in the first quarter of 2017, and filing an NDA in the second half of next year."
Working capital drops significantlyTrevena, Inc. has witnessed a decline in the working capital over the last year. It stood at $106.14 million as at Sep. 30, 2016, down 33.35 percent or $53.12 million from $159.26 million on Sep. 30, 2015. Current ratio was at 8.02 as on Sep. 30, 2016, down from 15.89 on Sep. 30, 2015.
Debt increases substantially
Trevena, Inc. has witnessed an increase in total debt over the last one year. It stood at $18.29 million as on Sep. 30, 2016, up 928.98 percent or $16.51 million from $1.78 million on Sep. 30, 2015. Short-term debt stood at $4.64 million as on Sep. 30, 2016. Total debt was 14.98 percent of total assets as on Sep. 30, 2016, compared with 1.04 percent on Sep. 30, 2015. Debt to equity ratio was at 0.20 as on Sep. 30, 2016, up from 0.01 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
