Delaware | 001-37566 | 26-1824804 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Exhibit No. | Description | |
99.1 | Press release dated November 10, 2016. |
MIRNA THERAPEUTICS, INC. | ||
Date: November 10, 2016 | By: | /s/ Alan Fuhrman |
Alan Fuhrman | ||
Chief Financial Officer |
• | Cash Position and Guidance: Cash, cash equivalents, and marketable securities totaled $66.7 million as of September 30, 2016, compared to $89.7 million as of December 31, 2015. The Company has no debt. |
• | Research and development expenses: Research and development expenses were $3.4 million and $11.6 million for the three and nine months ended September 30, 2016, respectively, compared to $4.7 million and $12.6 million during the comparable periods in 2015. The decrease for the three and nine months ended September 30, 2016 compared to the same period in 2015 was primarily attributable to higher costs incurred in 2015 associated with our Phase 1 clinical trial for MRX34, specifically adding additional sites and upfront drug manufacturing costs. The decrease in 2016 was partially offset by an increase in employee compensation, benefits and stock compensation. |
• | General and Administrative Expenses: General and administrative expenses were $2.0 million and $6.1 million for the three and nine months ended September 30, 2016, respectively, compared to $1.6 million and $3.6 million during the comparable periods in 2015. The increase in general and administrative expenses was primarily attributable to increased employee compensation expense due to a higher headcount and higher outside professional and consulting costs, the majority of which were costs to comply with public company operating and reporting requirements. |
• | Net Loss: Net loss was approximately $5.4 million and $17.6 million for the three and nine months ended September 30, 2016, compared to a net loss of $6.2 million and $16.2 million for the comparable periods in 2015. The results included non-cash, stock-based related compensation charges of $513,000 and $1,202,000 for the three and nine months ended September 30, 2016, respectively, and $210,000 and $561,000 for the comparable periods in 2015. |
Mirna Therapeutics, Inc. | ||||||||
Condensed Balance Sheets | ||||||||
(in thousands, except share data) | ||||||||
September 30, | December 31, | |||||||
2016 | 2015 | |||||||
Assets | (Unaudited) | |||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 26,958 | $ | 89,713 | ||||
Short-term marketable securities | 39,300 | — | ||||||
Prepaid expenses and other current assets | 818 | 829 | ||||||
Total current assets | 67,076 | 90,542 | ||||||
Property and equipment, net | 1,834 | 375 | ||||||
Long-term marketable securities | 400 | — | ||||||
Restricted cash | 2,431 | — | ||||||
Total assets | $ | 71,741 | $ | 90,917 | ||||
Liabilities and Stockholders’ Equity (Deficit) | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 1,153 | $ | 3,687 | ||||
Accrued expenses | 1,943 | 2,214 | ||||||
Total liabilities | 3,096 | 5,901 | ||||||
Stockholders’ Equity (Deficit): | ||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized at September 30, 2016 and December 31, 2015; 0 shares outstanding at September 30, 2016 and December 31, 2015 | — | — | ||||||
Common stock, $0.001 par value; 250,000,000 shares authorized at September 30, 2016 and December 31, 2015; 20,835,868 and 20,830,555 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 21 | 21 | ||||||
Additional paid in capital | 162,729 | 161,518 | ||||||
Accumulated other comprehensive loss | (8 | ) | — | |||||
Accumulated deficit | (94,097 | ) | (76,523 | ) | ||||
Total stockholders’ equity | 68,645 | 85,016 | ||||||
Total liabilities and stockholders’ equity | $ | 71,741 | $ | 90,917 | ||||
Mirna Therapeutics, Inc. | ||||||||||||||||
Condensed Statement of Operations and Comprehensive Loss (unaudited) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 3,384 | $ | 4,683 | $ | 11,589 | $ | 12,584 | ||||||||
General and administrative | 1,940 | 1,556 | 6,119 | 3,618 | ||||||||||||
Total operating expenses | 5,324 | 6,239 | 17,708 | 16,202 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 97 | 8 | 272 | 8 | ||||||||||||
Loss on disposal of assets | (138 | ) | — | (138 | ) | — | ||||||||||
Total other income (expense) | (41 | ) | 8 | 134 | 8 | |||||||||||
Net loss | $ | (5,365 | ) | $ | (6,231 | ) | $ | (17,574 | ) | $ | (16,194 | ) | ||||
Less: Accretion and dividends on convertible preferred stock | — | (1,554 | ) | — | (4,217 | ) | ||||||||||
Net loss attributable to common stockholders | $ | (5,365 | ) | $ | (7,785 | ) | $ | (17,574 | ) | $ | (20,411 | ) |