Mirati Therapeutics reports Q2 EPS ($3.04), consensus ($3.17)

Reports Q2 revenue $13.69M, consensus $13.51M. Cash, cash equivalents and short-term investments of approximately $779.4M as of June 30. Net reduction in cash, cash equivalents and short-term investments for the Q2 was $122.9M. The Company expects 2023 net cash burn to annualize within a range of $560M-$580M. “We are pleased to share the significant progress made during the Q2, highlighted by an update to the clinical data and articulation of our path to develop KRAZATI in front line non-small cell lung cancer, or NSCLC. Coupled with strong Q2 KRAZATI sales performance, these data reinforce our belief that KRAZATI is the best-in-class KRASG12C inhibitor with significant potential to positively impact the lives of patients living with cancer,” said Charles Baum, interim CEO, president and founder, Mirati Therapeutics. “Further, we advanced our robust pipeline of targeted oncology programs, including MRTX1719, our potentially first-in-class MTA cooperative PRMT5 inhibitor, where we demonstrated a favorable safety profile, proof of mechanism and compelling early clinical activity in patients with MTAP-deleted cancers. Looking ahead, we are confident in the potential of our broad pipeline of innovative, potentially best-in-class programs including MRTX1133 and our next generation of KRAS inhibitors, as well as MRTX1719 and MRTX0902, our SOS1 inhibitor. We continue to demonstrate our proven expertise in the discovery and development of transformational treatments for people living with cancer.”