SAN DIEGO, Aug. 3, 2017 /PRNewswire/ -- Mirati
Therapeutics, Inc. (NASDAQ: MRTX), a clinical stage oncology
biotechnology company, reported financial results for the second
quarter 2017.
"The second half of 2017 remains on track to be a significant
time for all of Mirati's programs," said Charles M. Baum, M.D., Ph.D., President and
Chief Executive Officer. "Our team continues to work diligently to
deliver the anticipated data for each program this year."
Mirati expects to present data on the following programs in the
second half of 2017:
- Glesatinib, single agent, Phase 2 trial in Non-Small Cell Lung
Cancer (NSCLC)
- Sitravatinib, single agent, Phase 1b trial in NSCLC
- Sitravatinib and nivolumab combination, Phase 2 trial in
NSCLC
- Mocetinostat and durvalumab combination, Phase 2 trial in
NSCLC
Second Quarter 2017 Financial Results
Cash, cash equivalents, and short-term investments were
$87.8 million at June 30, 2017,
compared to $56.7 million at
December 31, 2016.
Research and development expenses for the second quarter of 2017
were $15.0 million, compared to
$18.4 million for the same period in
2016. Research and development expenses for the six months ended
June 30, 2017 were $29.4
million, compared to $36.4
million for the same period in 2016. The decrease in
research and development expenses for both the three and six months
ended June 30, 2017 is primarily due a decrease in third party
research and development expense, including a reduction in
glesatinib manufacturing expenses, as well as expense associated
with a one-time license fee incurred in 2016 related to an early
stage discovery project. In addition, share-based compensation
expense decreased in the six months ended June 30, 2017 compared to the same period of 2016
due to lower exercise prices for options granted during the last
half of 2016 and first half of 2017. These decreases in
expenses are partially offset by an increase in expenses associated
with our ongoing sitravatinib Phase 1b clinical trial.
General and administrative expenses for the second quarter of
2017 were largely unchanged compared to the same period of 2016 and
were $3.7 million and $3.8 million, respectively. General and
administrative expenses for the six months ended June 30, 2017
were $7.3 million, compared to
$7.9 million for the same period in
2016. The decrease in general and administrative expense is
primarily due to a decrease in share-based compensation expense,
which is due to lower exercise prices for options granted during
the last half of 2016 and the first half of 2017.
Net loss for the second quarter of 2017 was $18.3 million, or $0.74 per share basic and diluted, compared to
net loss of $22.1 million, or
$1.11 per share basic and diluted for
the same period in 2016. Net loss for the six months ended
June 30, 2017 was $36.2 million,
or, $1.47 per share basic and
diluted, compared to net loss of $44.0
million, or $2.24 per share
basic and diluted for the same period in 2016.
About Mirati Therapeutics
Mirati Therapeutics is a clinical-stage biotechnology company
focused on developing a pipeline of targeted oncology products
intended to treat specific genetic and epigenetic drivers of
cancer. This approach is transforming the treatment of patients by
targeting the genetic changes in tumor cells that result in
uncontrolled tumor growth and migration. Our precision oncology
programs seek to treat the patients most likely to benefit from
targeted oncology treatments and are driven by drugs that target
very specific genetic mutations, directed by genomic tests that
identify patients who carry those driver mutations. Our
immuno-oncology programs are novel small molecule drugs designed to
enhance and expand the efficacy of checkpoint inhibitors when given
in combination. In addition to our clinical programs, we have
active discovery research efforts focused on novel oncology
targets. The promise of these approaches includes potentially
better patient outcomes, more efficient cancer treatment and faster
drug development. For more information, visit www.mirati.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Any statements in this press release regarding the business
of the Company that are not historical facts may be considered
"forward-looking statements," including, but not limited to,
statements regarding Mirati's development plans and timelines,
potential regulatory actions, expected use of cash resources, the
timing and results of clinical trials, and the potential benefits
of and markets for Mirati's product candidates.
Forward-looking statements are typically, but not always,
identified by the use of words such as "may," "would," "believe,"
"intend," "plan," "anticipate," "estimate," "expect," and other
similar terminology. Forward-looking statements are based on
current expectations of management and upon what management
believes to be reasonable assumptions based on information
currently available to it, and are subject to risks and
uncertainties. Such risks and uncertainties may cause actual
results to differ materially from the expectations set forth in the
forward-looking statements. Such risks and uncertainties
include, but are not limited to, potential delays in development
timelines or negative clinical trial results, reliance on third
parties for development efforts, changes in the competitive
landscape, changes in the standard of care, as well as other risks
detailed in Mirati's recent filings on Forms 10-K and 10-Q with the
United States Securities and Exchange Commission. Mirati undertakes
no obligation to update any forward-looking statements to reflect
new information, events or circumstances, or to reflect the
occurrence of unanticipated events.
Mirati
Therapeutics, Inc.
Consolidated Balance Sheets
(in thousands)
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
|
Unaudited
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
|
$
87,838
|
|
$
56,734
|
Other current
assets
|
|
4,439
|
|
2,821
|
Total current
assets
|
|
92,277
|
|
59,555
|
|
|
|
|
|
Property and
equipment, net
|
|
618
|
|
629
|
Other
assets
|
|
2,089
|
|
3,260
|
|
|
|
|
|
Total
assets
|
|
$
94,984
|
|
$
63,444
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
11,737
|
|
$
15,002
|
Total current
liabilities
|
|
11,737
|
|
15,002
|
Other
liabilities
|
|
280
|
|
133
|
Total
liabilities
|
|
12,017
|
|
15,135
|
|
|
|
|
|
Stockholders'
equity
|
|
82,967
|
|
48,309
|
|
|
|
|
|
Total liabilities
and stockholders' equity
|
|
$
94,984
|
|
$
63,444
|
|
|
|
|
|
Mirati
Therapeutics, Inc. Consolidated Statements of Operations
and Comprehensive Loss (in thousands except share and per
share data, unaudited)
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Expenses
|
|
|
|
|
|
|
|
|
Research and
development
|
|
$
14,962
|
|
$18,441
|
|
$
29,359
|
|
$
36,429
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
3,654
|
|
3,786
|
|
7,348
|
|
7,916
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
18,616
|
|
22,227
|
|
36,707
|
|
44,345
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(18,616)
|
|
(22,227)
|
|
(36,707)
|
|
(44,345)
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
277
|
|
166
|
|
522
|
|
370
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(18,339)
|
|
$
(22,061)
|
|
$
(36,185)
|
|
$
(43,975)
|
|
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on available-for-sale investments
|
|
(104)
|
|
33
|
|
(32)
|
|
60
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
$
(18,443)
|
|
$
(22,028)
|
|
$
(36,217)
|
|
$
(43,915)
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
|
$
(0.74)
|
|
$
(1.11)
|
|
$
(1.47)
|
|
$
(2.24)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing net loss per share, basic and
diluted
|
|
24,950,012
|
|
19,912,938
|
|
24,668,540
|
|
19,646,889
|
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SOURCE Mirati Therapeutics, Inc.