On August 3, 2017 Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical stage oncology biotechnology company, reported financial results for the second quarter 2017 (Filing, Q2, Mirati, 2017, AUG 3, 2017, View Source [SID1234520040]). Schedule your 30 min Free 1stOncology Demo! "The second half of 2017 remains on track to be a significant time for all of Mirati’s programs," said Charles M. Baum, M.D., Ph.D., President and Chief Executive Officer. "Our team continues to work diligently to deliver the anticipated data for each program this year."
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Mirati expects to present data on the following programs in the second half of 2017:
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Glesatinib, single agent, Phase 2 trial in Non-Small Cell Lung Cancer (NSCLC)
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Sitravatinib, single agent, Phase 1b trial in NSCLC
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Sitravatinib and nivolumab combination, Phase 2 trial in NSCLC
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Mocetinostat and durvalumab combination, Phase 2 trial in NSCLC
Second Quarter 2017 Financial Results
Cash, cash equivalents, and short-term investments were $87.8 million at June 30, 2017, compared to $56.7 million at December 31, 2016.
Research and development expenses for the second quarter of 2017 were $15.0 million, compared to $18.4 million for the same period in 2016. Research and development expenses for the six months ended June 30, 2017 were $29.4 million, compared to $36.4 million for the same period in 2016. The decrease in research and development expenses for both the three and six months ended June 30, 2017 is primarily due a decrease in third party research and development expense, including a reduction in glesatinib manufacturing expenses, as well as expense associated with a one-time license fee incurred in 2016 related to an early stage discovery project. In addition, share-based compensation expense decreased in the six months ended June 30, 2017 compared to the same period of 2016 due to lower exercise prices for options granted during the last half of 2016 and first half of 2017. These decreases in expenses are partially offset by an increase in expenses associated with our ongoing sitravatinib Phase 1b clinical trial.
General and administrative expenses for the second quarter of 2017 were largely unchanged compared to the same period of 2016 and were $3.7 million and $3.8 million, respectively. General and administrative expenses for the six months ended June 30, 2017 were $7.3 million, compared to $7.9 million for the same period in 2016. The decrease in general and administrative expense is primarily due to a decrease in share-based compensation expense, which is due to lower exercise prices for options granted during the last half of 2016 and the first half of 2017.
Net loss for the second quarter of 2017 was $18.3 million, or $0.74 per share basic and diluted, compared to net loss of $22.1 million, or $1.11 per share basic and diluted for the same period in 2016. Net loss for the six months ended June 30, 2017 was $36.2 million, or, $1.47 per share basic and diluted, compared to net loss of $44.0 million, or $2.24 per share basic and diluted for the same period in 2016.