SAN DIEGO, May 6, 2021 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today reported financial results for the first quarter of 2021 and recent corporate updates.
"We are pleased to see the significant progress across our clinical pipeline, including sitravatinib and our novel KRASG12C inhibitor, adagrasib. We initiated several potentially registration-enabling studies evaluating adagrasib in lung and colorectal cancers, as monotherapy and in combination with other therapies," said Charles M. Baum, M.D., Ph.D., president and chief executive officer, Mirati Therapeutics, Inc. "We are excited to submit our first NDA with adagrasib in the second half of this year for patients with non-small cell lung cancer who have a KRASG12C mutation."
Baum added, "Mirati continues to advance an innovative pipeline of drug candidates. The company expects to file IND applications for two potentially first-in-class therapies – our KRASG12D inhibitor, MRTX1133, in 2022, and a synthetic lethal MTA cooperative PRMT5 inhibitor, in the first half of 2022."
Pipeline Updates
Adagrasib
Sitravatinib
Preclinical
Corporate Updates
Financial Results for the First Quarter 2021
About Mirati Therapeutics
Mirati Therapeutics is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly 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. Mirati is using its scientific expertise to develop novel solutions in two registration-enabling programs: adagrasib (MRTX849), an investigational small molecule, potent and selective KRASG12C inhibitor, as monotherapy and in combination with other agents, and sitravatinib, an investigational spectrum-selective inhibitor of receptor tyrosine kinases in combination with checkpoint inhibitor therapies. Mirati is also advancing its differentiated preclinical portfolio, including MRTX1133, an investigational KRASG12D inhibitor, and other oncology discovery programs. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer.
For more information about Mirati Therapeutics, visit us at Mirati.com or follow us on Twitter and LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. ("Mirati"). Any statement describing Mirati's goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati's drug development pipeline, including without limitation adagrasib (MRTX849), sitravatinib and MRTX1133, is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.
Mirati's forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati's programs are described in additional detail in Mirati's quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the "SEC") available at the SEC's Internet site (www.sec.gov).These forward-looking statements are made as of the date of this press release, and Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Mirati Contacts
Investor RelationsTemre Johnson(858) 332-3562ir@mirati.com
Media RelationsPriyanka Shah(908) 447-6134media@mirati.com
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Mirati Therapeutics, Inc. Consolidated Balance Sheets (in thousands) | |||||||
March 31,2021 | December 31,2020 | ||||||
Assets | (unaudited) | ||||||
Current assets | |||||||
Cash, cash equivalents and short-term investments | $ | 1,287,163 | $ | 1,390,106 | |||
Other current assets | 16,347 | 13,537 | |||||
Total current assets | 1,303,510 | 1,403,643 | |||||
Property and equipment, net | 9,061 | 7,809 | |||||
Long-term investment | 11,676 | 15,629 | |||||
Right-of-use asset | 39,278 | 39,890 | |||||
Other long-term assets | 17,307 | 9,157 | |||||
Total assets | $ | 1,380,832 | $ | 1,476,128 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 19,602 | $ | 18,117 | |||
Accrued liabilities | 57,503 | 53,355 | |||||
Total current liabilities | 77,105 | 71,472 | |||||
Lease liability | 43,175 | 41,905 | |||||
Other liabilities | 1,139 | 1,962 | |||||
Total liabilities | 121,419 | 115,339 | |||||
Shareholders' equity | 1,259,413 | 1,360,789 | |||||
Total liabilities and shareholders' equity | $ | 1,380,832 | $ | 1,476,128 |
Mirati Therapeutics, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands) | |||||||
Three months ended March 31, | |||||||
2021 | 2020 | ||||||
(unaudited) | |||||||
Revenue | |||||||
License and collaboration revenues | $ | — | $ | 267 | |||
Total revenue | — | 267 | |||||
Expenses | |||||||
Research and development | 104,071 | 71,708 | |||||
General and administrative | 28,350 | 18,046 | |||||
Total operating expenses | 132,421 | 89,754 | |||||
Loss from operations | (132,421) | (89,487) | |||||
Other (expense) income, net | (3,259) | 2,832 | |||||
Net loss | $ | (135,680) | $ | (86,655) | |||
Unrealized loss on available-for-sale investments | (303) | (182) | |||||
Comprehensive loss | $ | (135,983) | $ | (86,837) | |||
Basic and diluted net loss per share | $ | (2.67) | $ | (2.02) | |||
Weighted average number of shares used in computing net loss per share, basic and diluted | 50,779 | 42,887 |
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SOURCE Mirati Therapeutics, Inc.