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SAN DIEGO, Nov. 8, 2022 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today reported financial results for the third quarter of 2022 and recent corporate updates.
"In the third quarter, we made notable advancements within our targeted oncology portfolio, while executing on strategic priorities to position Mirati for continued success," said David Meek, chief executive officer, Mirati Therapeutics, Inc. "The fourth quarter includes several exciting milestones for Mirati, including our anticipated Prescription Drug User Fee Act (PDUFA) date for adagrasib, which we are prepared to launch upon approval, the release of topline interim data for our phase 3 SAPPHIRE study, and an expected update on our KRYSTAL-7 first-line non-small cell lung cancer (NSCLC) study in combination with pembrolizumab. We continue to advance our pipeline and capabilities, further enabling Mirati to transform the lives of people living with cancer."
"Additionally, as we shared earlier today, we are thrilled to celebrate the successful career of Dr. Chuck Baum, Mirati's founder, president and head of research and development, who will retire in the second quarter of 2023. Chuck helped build Mirati into a leading targeted oncology company based on a dedication to patients and we are grateful for his leadership," continued Meek. "We are also excited to welcome Dr. Alan Sandler, our new chief medical officer (CMO) who brings a tremendous amount of experience and expertise to the team."
Pipeline UpdatesAdagrasib (Potent and selective KRASG12C inhibitor)
Sitravatinib (Potent TAM receptor inhibitor)
MRTX1719 (MTA cooperative PRMT5 inhibitor)
MRTX0902 (Potent SOS1 inhibitor)
MRTX1133 (Potent and selective KRASG12D inhibitor)
There will be a conference call on November 8, 2022 at 4:30 p.m. ET / 1:30 p.m. PT during which company executives will review financial information for the third quarter of 2022 and provide corporate updates.
Investors and the general public are invited to listen to a live webcast of the call at the "Investors and Media" section on Mirati.com or by dialing the U.S. toll free +1 773-305-6853 or international +1 866-409-1555, confirmation code: 8269398.
A replay of the call will be available approximately 2 hours after the event has ended at the same website.
About Mirati Therapeutics, Inc.Mirati Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet medical need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer. For more information about Mirati, visit us at Mirati.com or follow us on Twitter, LinkedIn and Facebook.
Forward Looking StatementsThis press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. ("Mirati"). Any statement describing Mirati's goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati's drug development pipeline, including without limitation adagrasib (selective KRASG12C inhibitor), sitravatinib (TAM receptor inhibitor), MRTX1719 (MTA cooperative PRMT5 inhibitor), MRTX0902 (SOS1 inhibitor), and MRTX1133 (selective KRASG12D inhibitor), is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.
Mirati's forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati's programs are described in additional detail in Mirati's quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the "SEC") available at the SEC's Internet site ( www.sec.gov ). Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Mirati ContactsInvestor Relations: ir@mirati.com
Media Relations: media@mirati.com
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Mirati Therapeutics, Inc. | |||
Consolidated Balance Sheets | |||
(in thousands) | |||
September 30, | December 31, | ||
2022 | 2021 | ||
Assets | |||
Current assets | |||
Cash, cash equivalents and short-term investments | $ 1,200,992 | $ 1,491,340 | |
Other current assets | 24,792 | 16,643 | |
Total current assets | 1,225,784 | 1,507,983 | |
Property and equipment, net | 17,900 | 15,824 | |
Long-term investment | 1,882 | 8,218 | |
Right-of-use asset | 36,460 | 37,680 | |
Other long-term assets | 21,058 | 19,049 | |
Total assets | $ 1,303,084 | $ 1,588,754 | |
Liabilities and Shareholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 19,452 | $ 35,163 | |
Accrued liabilities | 107,534 | 108,495 | |
Total current liabilities | 126,986 | 143,658 | |
Lease liability | 44,093 | 45,879 | |
Other liabilities | 2,951 | 2,179 | |
Total liabilities | 174,030 | 191,716 | |
Shareholders' equity | 1,129,054 | 1,397,038 | |
Total liabilities and shareholders' equity | $ 1,303,084 | $ 1,588,754 |
Mirati Therapeutics, Inc. | |||||||
Consolidated Statements of Operations and Comprehensive Loss | |||||||
(in thousands) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
(unaudited) | (unaudited) | ||||||
Revenue | |||||||
License and collaboration revenues | $ 5,431 | $ 71,793 | $ 11,502 | $ 71,793 | |||
Total revenue | 5,431 | 71,793 | 11,502 | 71,793 | |||
Expenses | |||||||
Research and development | 131,076 | 116,109 | 390,391 | 354,755 | |||
General and administrative | 60,798 | 35,183 | 168,977 | 93,144 | |||
Total operating expenses | 191,874 | 151,292 | 559,368 | 447,899 | |||
Loss from operations | (186,443) | (79,499) | (547,866) | (376,106) | |||
Other income (expense), net | 13,136 | 2,744 | 9,728 | (2,759) | |||
Loss before income taxes | (173,307) | (76,755) | (538,138) | (378,865) | |||
Income tax expense | 254 | 3,299 | 254 | 3,299 | |||
Net loss | $ (173,561) | $ (80,054) | $ (538,392) | $ (382,164) | |||
Foreign currency translation adjustment | (9,485) | — | (9,485) | — | |||
Unrealized loss on available-for-sale investments | (1) | (6) | (5,712) | (164) | |||
Comprehensive loss | $ (183,047) | $ (80,060) | $ (553,589) | $ (382,328) | |||
Net loss per share, basic and diluted | $ (3.09) | $ (1.55) | $ (9.66) | $ (7.45) | |||
Weighted average common shares outstanding, basic and diluted | 56,219 | 51,655 | 55,747 | 51,306 |
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SOURCE Mirati Therapeutics, Inc.