Chimerix Inc (CMRX) Reports Q3 2023 Financial Results and Operational Updates
Chimerix Inc (NASDAQ:CMRX) reported a net loss of $24.0 million for Q3 2023, compared to a net income of $241.4 million in the same period in 2022.
Research and development expenses increased to $17.4 million in Q3 2023, compared to $15.3 million in Q3 2022.
The company's balance sheet as of September 30, 2023, showed $217 million of capital available to fund operations, with no outstanding debt.
Chimerix expects to end the year with over $200 million in cash and cash equivalents.
Chimerix Inc (NASDAQ:CMRX), a biopharmaceutical company focused on developing medicines for patients facing deadly diseases, released its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a net loss of $24.0 million, or $0.27 per basic and diluted share, for the third quarter of 2023. This is a significant shift from the same period in 2022, where Chimerix recorded a net income of $241.4 million, or $2.75 per basic and diluted share.
Financial Performance
Research and development expenses for the third quarter of 2023 increased to $17.4 million, compared to $15.3 million for the same period in 2022. General and administrative expenses also increased to $9.3 million for the third quarter of 2023, compared to $5.3 million for the same period in 2022. This increase is connected to the retirement of the CEO and transition to Chairman, which resulted in a one-time non-cash expense being recognized related to historical equity grants.
As of September 30, 2023, Chimerix's balance sheet showed $217 million of capital available to fund operations, approximately 88.9 million outstanding shares of common stock, and no outstanding debt. The company expects to end the year with over $200 million in cash and cash equivalents, which is expected to be sufficient to fund operations through the final ACTION study data expected in 2026.
Operational Updates
Chimerix continues to make progress in its Phase 3 ACTION study of ONC201 for the treatment of H3 K27M-mutant diffuse glioma, with 113 sites activated across 12 countries. Interim survival and PFS data are on track to be reported in 2025. The company is also actively recruiting for ONC206 dose escalation studies, with enrollment expected to be completed in the first half of 2024.
CEO of Chimerix, Mike Andriole, stated,
The third quarter was marked by strong progress across our first-in-class imipridone pipeline, including continued enrollment in our global Phase 3 ACTION study of ONC201 for the treatment of H3 K27M-mutant diffuse glioma."
Looking Forward
Despite the net loss reported in this quarter, Chimerix continues to focus on its mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The company's ongoing studies and robust financial position suggest a promising future for its operations and potential impact in the biopharmaceutical industry.
Explore the complete 8-K earnings release (here) from Chimerix Inc for further details.
This article first appeared on GuruFocus.
