MyoKardia, Inc. (MYOK) saw its loss widen to $11.55 million, or $0.37 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.42 million, or $0.32 a share. Revenue during the quarter surged 58.45 percent to $5.62 million from $3.55 million in the previous year period.
Operating loss for the quarter was $11.77 million, compared with an operating loss of $8.44 million in the previous year period.
"We are encouraged by the rapid progress we have made through MyoKardias multiple R D programs, giving us confidence that our pioneering approach will help us deliver on our mission for patients," said Tassos Gianakakos, chief executive officer. "In the first quarter of 2017, our two programs in the clinic aimed at the most common heritable cardiomyopathies made significant progress. We expect to report top-line data for both ongoing clinical trials in the third quarter of this year."
Working capital increases sharplyMyoKardia, Inc. has recorded an increase in the working capital over the last year. It stood at $117.52 million as at Mar. 31, 2017, up 41.13 percent or $34.25 million from $83.27 million on Mar. 31, 2016. Current ratio was at 4.68 as on Mar. 31, 2017, down from 5.77 on Mar. 31, 2016.
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