SAN DIEGO, Feb. 25, 2021 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a late-stage targeted oncology company, today reported financial results for the fourth quarter and full year of 2020, which reflect the company's progress across its clinical and discovery pipeline and strength as it expands its operational structure and capabilities in preparation for potential commercialization in the United States.
"Our commitment to patients with cancer has enabled us to advance our two clinical programs, adagrasib and sitravatinib, as well as our preclinical pipeline. These preclinical programs include MRTX1133, a potentially first-in-class KRAS G12D selective inhibitor and a first-in-class synthetic lethal PRMT5 inhibitor," said Charles M. Baum, M.D., Ph.D., president and chief executive officer, Mirati Therapeutics, Inc. "We have added significant new talent and capabilities across the organization which combined with our financial resources will allow us to accelerate and expand development across our pipeline."
Corporate Updates:
Adagrasib:
1KEYTRUDA® is a registered trademark of Merck 2ERBITUX® is a registered trademark of Eli Lilly and Company in the U.S. and Merck KGaA outside the U.S.
Preclinical Updates:
Financial Results for the Fourth Quarter 2020
About Mirati Therapeutics Mirati Therapeutics is a late-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 KRAS G12C 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 KRAS G12D 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 LinkedIn.
Forward Looking StatementsThis 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 Relations Temre Johnson(858) 332-3562ir@mirati.com
Media Relations Priyanka Shah(908) 447-6134media@mirati.com
Mirati Therapeutics, Inc. Consolidated Balance Sheets (in thousands)
| |||||||
December 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets | |||||||
Cash, cash equivalents and short-term investments | $ | 1,390,106 | $ | 415,050 | |||
Other current assets | 13,537 | 9,357 | |||||
Total current assets | 1,403,643 | 424,407 | |||||
Property and equipment, net | 7,809 | 1,776 | |||||
Long-term investment | 15,629 | — | |||||
Right-of-use asset | 39,890 | 582 | |||||
Other long-term assets | 9,157 | 5,435 | |||||
Total assets | $ | 1,476,128 | $ | 432,200 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 71,472 | $ | 48,082 | |||
Deferred revenue and other current liabilities | — | 824 | |||||
Total current liabilities | 71,472 | 48,906 | |||||
Lease liability | 41,905 | — | |||||
Other liabilities | 1,962 | 999 | |||||
Total liabilities | 115,339 | 49,905 | |||||
Shareholders' equity | 1,360,789 | 382,295 | |||||
Total liabilities and shareholders' equity | $ | 1,476,128 | $ | 432,200 |
Mirati Therapeutics, Inc. Consolidated Statements of Operations and Comprehensive Loss (in thousands)
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Three Months EndedDecember 31, | Twelve Months Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | ||||||||||||||||
Revenues | ||||||||||||||||
License and collaborationrevenues | $ | 1,707 | $ | 526 | $ | 13,398 | $ | 3,335 | ||||||||
Total Revenue | 1,707 | 526 | 13,398 | 3,335 | ||||||||||||
Operating Expenses | ||||||||||||||||
Research and development | 82,705 | 62,941 | 299,349 | 182,866 | ||||||||||||
General and administrative | 25,338 | 12,231 | 83,412 | 42,573 | ||||||||||||
Total operating expenses | 108,043 | 75,172 | 382,761 | 225,439 | ||||||||||||
Loss from operations | (106,336) | (74,646) | (369,363) | (222,104) | ||||||||||||
Other income, net | 5,249 | 2,270 | 11,426 | 8,848 | ||||||||||||
Net loss | $ | (101,087) | $ | (72,376) | $ | (357,937) | $ | (213,256) | ||||||||
Unrealized (loss) gain on available-for-sale investments | (699) | — | (130) | 410 | ||||||||||||
Comprehensive loss | $ | (101,786) | $ | (72,376) | $ | (358,067) | $ | (212,846) | ||||||||
Basic and diluted net loss per share | $ | (2.08) | $ | (1.83) | $ | (7.96) | $ | (5.69) | ||||||||
Weighted average number of shares used in computing net loss per share, basic anddiluted | 48,588 | 39,451 | 44,988 | 37,468 | ||||||||||||
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SOURCE Mirati Therapeutics, Inc.