Marinus Pharmaceuticals Inc (MRNS) Reports Q3 2023 Financial Results
Marinus Pharmaceuticals Inc (NASDAQ:MRNS) reported a net loss of $32.972 million for Q3 2023, compared to a net income of $73.290 million in the same period last year.
Total revenue for the quarter stood at $7.338 million, a significant increase from $2.340 million in Q3 2022.
The company's cash and cash equivalents decreased to $140.437 million from $240.551 million at the end of 2022.
Marinus Pharmaceuticals Inc (NASDAQ:MRNS) remains focused on advancing its Phase 3 clinical trials in refractory status epilepticus and tuberous sclerosis complex.
Marinus Pharmaceuticals Inc (NASDAQ:MRNS), a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders, released its third quarter 2023 financial results on November 7, 2023. The company reported a net loss of $32.972 million for the quarter, compared to a net income of $73.290 million in the same period last year. Despite the loss, the company saw strong quarter over quarter growth and robust payer coverage for its product, ZTALMY.
Financial Highlights
The company's total revenue for the quarter stood at $7.338 million, a significant increase from $2.340 million in Q3 2022. This revenue was generated from product revenue, federal contract revenue, and collaboration revenue. The company's cash and cash equivalents decreased to $140.437 million from $240.551 million at the end of 2022.
Marinus Pharmaceuticals Inc (NASDAQ:MRNS) reported total expenses of $38.984 million for the quarter, up from $32.439 million in the same period last year. The increase in expenses was primarily due to research and development costs, which amounted to $23.661 million, and selling, general and administrative expenses, which totaled $14.868 million.
Company Performance and Future Plans
Despite the net loss, Marinus Pharmaceuticals Inc (NASDAQ:MRNS) remains optimistic about its performance and future prospects. The company's CEO, Dr. Scott Braunstein, stated,
With strong quarter over quarter growth and robust payer coverage one year into the launch of ZTALMY, we continue to demonstrate our unique commercial capabilities in the orphan epilepsy space and are enthused by the opportunity ZTALMY and the ganaxolone franchise represent as an important long-term value driver for Marinus."
The company remains focused on advancing its Phase 3 clinical trials in refractory status epilepticus and tuberous sclerosis complex. Despite a projected delay in the RAISE enrollment, the company is confident in the potential benefits of IV ganaxolone for critically ill RSE patients and sees it as a significant commercial opportunity.
Marinus Pharmaceuticals Inc (NASDAQ:MRNS) is committed to successfully completing both the RAISE and TrustTSC trials in 2024 and continues to make the necessary investments to prepare for these commercial launches.
Financial Tables
The company's balance sheet shows a decrease in total assets from $259.518 million at the end of 2022 to $200.806 million as of September 30, 2023. Total liabilities also decreased slightly from $143.518 million to $146.269 million over the same period. The company's total stockholders' equity stood at $54.537 million, down from $116.000 million at the end of 2022.
The income statement shows a loss from operations of $31.646 million for the quarter, compared to a loss of $30.099 million in Q3 2022. The company reported a net loss per share of common stock (basic and diluted) of $0.61, compared to a net income per share of $1.93 (basic) and $1.89 (diluted) in the same period last year.
Explore the complete 8-K earnings release (here) from Marinus Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
