On November 6, 2023, Mirati Therapeutics Inc (MRTX, Financial), 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 (MRTX, Financial) 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 (MRTX, Financial)
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.
