Mirati Therapeutics Inc (MRTX) Reports Q3 2023 Financial Results
Mirati Therapeutics Inc (NASDAQ:MRTX) announced its Q3 2023 financial results, highlighting a net KRAZATI product revenue of $16.4 million.
The company's cash, cash equivalents, and short-term investments stood at approximately $976.4 million as of September 30, 2023.
Mirati Therapeutics Inc (NASDAQ:MRTX) reported a net loss of $161.9 million for Q3 2023.
The company is set to be acquired by Bristol Myers Squibb in a deal valued at $4.8 billion, expected to close by the first half of 2024.
On November 6, 2023, Mirati Therapeutics Inc (NASDAQ:MRTX), a commercial stage biotechnology company, released its financial results for the third quarter of 2023. The company reported significant progress in its oncology programs and the continued execution of KRAZATI's launch.
Financial Highlights
The company's cash, cash equivalents, and short-term investments were approximately $976.4 million as of September 30, 2023. This includes proceeds from an August 2023 public offering of common stock that generated net proceeds of $332.5 million. Excluding the August 2023 financing, the net decrease in cash, cash equivalents, and short-term investments for Q3 2023 was $135.5 million.
Net KRAZATI product revenue for the three and nine months ended September 30, 2023, was $16.4 million and $36.1 million, respectively. There was no product revenue for the same periods in 2022. License and collaboration revenue for the three and nine months ended September 30, 2023, was zero and $1.2 million, respectively.
Research and development expenses for the three and nine months ended September 30, 2023, were $114.8 million and $365.6 million, respectively. Selling, general, and administrative expenses for the same periods were $72.0 million and $221.0 million, respectively.
The net loss for Q3 2023 was $161.9 million, or $2.49 per share basic and diluted, compared to a net loss of $173.6 million, or $3.09 per share basic and diluted for the same period in 2022.
Corporate Updates
In October, Mirati Therapeutics Inc (NASDAQ:MRTX) and Bristol Myers Squibb announced their entry into a merger agreement. Bristol Myers Squibb has agreed to acquire Mirati for $58.00 per share in cash, for a total equity value of $4.8 billion. The transaction is anticipated to close by the first half of 2024, subject to fulfillment of customary closing conditions.
About Mirati Therapeutics Inc (NASDAQ:MRTX)
Mirati Therapeutics, Inc. is a commercial stage biotechnology company focused on bringing forward therapies that address areas of high unmet need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer.
Explore the complete 8-K earnings release (here) from Mirati Therapeutics Inc for further details.
This article first appeared on GuruFocus.
