Athenex, Inc. (NASDAQ: ATNX) tumbled on Monday morning markets, after reporting full-year numbers.
The Buffalo, New York-based global biopharmaceutical company said full-year revenue came in at $38.0 million, up 85% year-over-year.
The increase was primarily attributable to the launch of 12 specialty products through our Commercial Platform since March 2017, which contributed $17.2 million of the revenue increase in the current year.
Net loss proved to be $131.1 million, compared to $87.7 million for 2016. Cash, cash equivalents, and short-term investments were $51.0 million as of December 31, 2017, compared to $69.0 million as of September 30, 2017 and $41.8 million as of December 31, 2016. Cash used in operations for the year ended December 31, 2017 was $81.5 million, compared to $47.9 for the year ended December 31, 2016.
The increase was primarily due to increased spending on spending on clinical trials and the payment of in-licensing fees related to the launch of our specialty drug business, as well as higher operating expense
Athenex also initiated full-year 2018 revenue guidance to the range of $100 million - $125 million
Athenex CEO Johnson Lau said, "Our impressive clinical progress and commercial efforts in 2017 generated solid momentum that has continued into 2018. We are delighted with the positive feedback from the FDA on the Phase III Clinical Study design for Oraxol, which provides further validation of our regulatory pathway for Oraxol."
The company stock took a pounding late Monday morning, losing $1.53, or 9.5%, to $14.66.
