Catabasis Pharmaceuticals Inc (NASDAQ:CATB)
Catabasis Pharmaceuticals Inc (NASDAQ:CATB) has reported its financial results for Q1 ended March 31, 2017. In a statement, Catabasis Chief Executive Officer Jill C. Milne, Ph.D said the company made a lot of progress across its portfolio during Q1. Among the progress made included presenting impressive results from the edasalonexent MoveDMD study together with the advancement of the company’s rare disease pipeline. The company recently completed the analysis of the functional tests in Part B of the MoveDMD study which, a move that has strengthened the company’s confidence in the ability of edasalonexent to treat boys with Duchenne muscular dystrophy.
According to Dr. Milne, Catabasis Pharmaceuticals Inc (NASDAQ:CATB) has continued to report improvements in edasalonexent analysis and they are looking forward to releasing data from part C of MoveDMD in Q3 of this year.
On the financial front, the company reported $31.8 million in cash and cash equivalents for Q1 of 2017. This is compared to $38.5 million in cash, cash equivalents reported at the close of the last financial year. Catabasis Pharmaceuticals Inc (NASDAQ:CATB) has projected that the current cash and cash equivalents reported at the end of the first quarter will fund the company’s activities including expenses, servicing debts and capital expenditures for the next 12 months basing on the company’s current operating plan. During the three months period, the company reported $8.1 million in Net cash from operating activities compared to $9.1 million that was reported during the same period the previous financial year.
Catabasis Pharmaceuticals Inc (NASDAQ:CATB)’s expenses towards research and development amounted to $5.4 million during the first quarter ended March 31, 2017. This is compared to the $6.4 million that was reported during the same period the previous financial year. The decrease is as a result of the completion of a number of clinical activities.
The company reported $2.4 million in general and administrative expenses in Q1 of 2017 financial year. This is compared to the $2.8 million reported during the same period the previous financial year. The decrease is mainly as a result of decrease in general and administrative headcount.
Catabasis Pharmaceuticals Inc (NASDAQ:CATB) reported $7.8 million in operating losses for the Q1 of the 2017 financial year compared to what was reported during the same period of the previous financial year. During Q1 of 2017, the company reported a net loss of $7.9 million or $0.41 per share compared to $9.4 million in net loss that was reported during Q1 of 2016 financial year.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.