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 May 9, 2017. |
MIRNA THERAPEUTICS, INC. | ||
Date: May 9, 2017 | By: | /s/ Alan Fuhrman |
Alan Fuhrman | ||
Chief Financial Officer |
• | Cash Position and Guidance: Cash, cash equivalents, and marketable securities totaled $57.5 million as of March 31, 2017, compared to $60.5 million as of December 31, 2016. The Company has no debt. |
• | Research and development expenses: Research and development expenses were approximately $0.2 million for the three months ended March 31, 2017, compared to research and development expenses of $4.5 million during the comparable period in 2016. The decrease was primarily due to the discontinuation of the Company's research and development activities, including the development of MRX34 and our microRNA pipeline, and a corresponding reduction in force, both of which were initiated in November 2016. |
• | General and administrative expenses: General and administrative expenses were approximately $2.3 million for the three months ended March 31, 2017, compared to general and administrative expenses of $2.1 million during the comparable period in 2016. The increase for the three months ended March 31, 2017 was primarily due to approximately $0.5 million in legal fees for transaction costs related to the Company's evaluation of strategic alternatives. This increase was largely offset by a decline in personnel and operating expenses following the reduction in force initiated in November 2016 to reduce costs and streamline operations while the Company evaluates strategic alternatives. |
• | Restructuring charges: Restructuring charges were approximately $2.6 million for the three months ended March 31, 2017, and $0 for the three months ended March 31, 2016. The Company and its landlord agreed to terminate the Company's lease of approximately 23,578 square feet of office and laboratory space for consideration of $3.8 million. As a result of the contingent settlement, the Company recognized incremental contract termination costs based on the contractual settlement amount of approximately $2.3 million, which were recorded in restructuring charges during the three months ended March 31, 2017. |
• | Net Loss: Net loss was approximately $5.0 million for the three months ended March 31, 2017, compared to a net loss of $6.6 million for the comparable period in 2016. The results included non-cash, stock-based related compensation charges of $364,000 and $447,000 for the three months ended March 31, 2017 and March 31, 2016, respectively. |
March 31, | December 31, | |||||||
2017 | 2016 | |||||||
Assets | (unaudited) | |||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 17,121 | $ | 16,432 | ||||
Short-term marketable securities | 40,408 | 44,066 | ||||||
Prepaid expenses and other current assets | 620 | 882 | ||||||
Total current assets | 58,149 | 61,380 | ||||||
Property and equipment, net | 26 | 354 | ||||||
Restricted cash | 2,433 | 2,432 | ||||||
Total assets | $ | 60,608 | $ | 64,166 | ||||
Liabilities and Stockholders’ Equity (Deficit) | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 371 | $ | 361 | ||||
Accrued expenses | 4,486 | 2,400 | ||||||
Total current liabilities | 4,857 | 2,761 | ||||||
Lease obligations, long-term | — | 1,053 | ||||||
Total liabilities | 4,857 | 3,814 | ||||||
Stockholders’ Equity (Deficit): | ||||||||
Common stock, $0.001 par value; 250,000,000 shares authorized at March 31, 2017 and December 31, 2016; 20,856,693 and 20,841,393 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 21 | 21 | ||||||
Additional paid in capital | 163,518 | 163,126 | ||||||
Accumulated deficit | (107,771 | ) | (102,791 | ) | ||||
Other comprehensive loss | (17 | ) | (4 | ) | ||||
Total stockholders’ equity | 55,751 | 60,352 | ||||||
Total liabilities and stockholders’ equity | $ | 60,608 | $ | 64,166 |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 242 | $ | 4,523 | ||||
General and administrative | 2,264 | 2,130 | ||||||
Restructuring charges | 2,557 | — | ||||||
Total operating expenses | 5,063 | 6,653 | ||||||
Other income: | ||||||||
Interest income | 86 | 82 | ||||||
Net loss attributable to common stockholders | $ | (4,977 | ) | $ | (6,571 | ) |