On November 1, 2017 Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical stage oncology biotechnology company, reported financial results for the third quarter 2017 (Press release, Mirati, NOV 1, 2017, View Source [SID1234521440]).
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“We are excited by the momentum we have created our programs, including sitravatinib as both a single agent and in combination with nivolumab (OPDIVO) where we reported promising clinical data in non-small cell lung cancer patients at medical conferences in September and October,” said Charles M. Baum, M.D., Ph.D., President and Chief Executive Officer. “We remain on track to provide program updates on glesatinib, mocetinostat and KRAS by the end of the year.”
Third Quarter 2017 Financial Results
Cash, cash equivalents, and short-term investments were $75 million at September 30, 2017, compared to $56.7 million at December 31, 2016.
Research and development expenses for the third quarter of 2017 were $13.5 million, compared to $16.1 million for the same period in 2016. Research and development expenses for the nine months ended September 30, 2017 were $42.8 million, compared to $52.5 million for the same period in 2016. The decrease in research and development expenses for both the three and nine months ended September 30, 2017 is primarily due a decrease in third party research and development expense, including a reduction in glesatinib manufacturing expenses. In addition, share-based compensation expense decreased in the nine months ended September 30, 2017 compared to the same period of 2016 due to lower exercise prices for options granted during the last half of 2016 and most of 2017. These decreases in expenses are partially offset by increases in expenses associated with our ongoing sitravatinib Phase 1b clinical trial and early discovery costs.
General and administrative expenses for the third quarter of 2017 and 2016 were $3.1 million and $3.5 million, respectively. General and administrative expenses for the nine months ended September 30, 2017 were $10.5 million, compared to $11.4 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 most of 2017.
Net loss for the third quarter of 2017 was $16.4 million, or $0.65 per share basic and diluted, compared to net loss of $19.4 million, or $0.97 per share basic and diluted for the same period in 2016. Net loss for the nine months ended September 30, 2017 was $52.5 million, or, $2.12 per share basic and diluted, compared to net loss of $63.4 million, or $3.21 per share basic and diluted for the same period in 2016.