Exhibit 99.1

miratilogopurplev2a02.jpg


MIRATI THERAPEUTICS REPORTS FOURTH QUARTER AND FULL-YEAR 2017 FINANCIAL RESULTS
    

SAN DIEGO - March 08, 2018 - Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical stage oncology biotechnology company, today reported financial results for the fourth quarter and full-year ended December 31, 2017.

“We made significant progress in our key programs in 2017,” said Charles M. Baum, M.D., Ph.D., President and Chief Executive Officer. “Promising data from the sitravatinib and KRAS programs encouraged us to pursue a more aggressive approach to accelerate development, supported by the successful financing we completed in November. In early 2018, we initiated a strategic regional partnership with BeiGene Ltd. that we anticipate will rapidly expand the development of sitravatinib in multiple tumor types. We expect to report multiple key catalysts in 2018, including a mid-year clinical update for our sitravatinib program. Our KRAS inhibitor program, an important yet elusive target, is growing and we remain on track for an IND filing in the fourth quarter of 2018.”

Recent Corporate Highlights

Sitravatinib clinical data presented at 2017 IASLC World Conference on Lung Cancer
Combination of sitravatinib and nivolumab in non-small cell lung cancer (NSCLC) patients with documented progression following checkpoint inhibitor therapy demonstrated 3 confirmed Partial Responses in first 11 evaluable patients
First evaluable NSCLC patient with CBL inactivating mutation treated with single agent sitravatinib demonstrated confirmed Partial Response with 77% tumor reduction
KRAS G12C lead candidates selected and advanced into IND-enabling development activities
Significant achievement in development of a direct inhibitor of KRAS, a well-known but previously undruggable cancer mutation
A potentially transformational, first-in-class treatment for 14% of NSCLC and 5% of colorectal cancer patients
Program is on track to advance to IND filing in the fourth quarter of 2018
Exclusive license agreement initiated with BeiGene Ltd. for the development, manufacture and commercialization of sitravatinib in Asia (excluding Japan), Australia and New Zealand
Expected to accelerate development of sitravatinib in NSCLC as well as other key indications including bladder, renal and hepatocellular cancer
$86.7M public offering completed in November 2017; $150.8M of cash, cash equivalents and short-term investments as of December 31, 2017






Fourth Quarter and Full Year Financial Results
Cash, cash equivalents, and short-term investments were $150.8 million on December 31, 2017, as compared to $56.7 million on December 31, 2016.

Research and development expenses for the fourth quarter of 2017 were $15.2 million, compared to $16.0 million for the same period in 2016. Research and development expenses for the year ended December 31, 2017 were $58.1 million, compared to $68.5 million for the same period in 2016. The decrease in research and development expenses for both periods is primarily due to a reduction in glesatinib expenses and a reduction in share-based compensation expense.  These decreases are partially offset by increases in expenses associated with our ongoing sitravatinib clinical trials.

General and administrative expenses for the fourth quarter of 2017 were $3.0 million, compared to $3.9 million for the same period in 2016. General and administrative expenses for the year ended December 31, 2017 were $13.5 million, compared to $15.3 million for the same period in 2016. The decrease in general and administrative expense for both periods is primarily due to a decrease in share-based compensation expense.

Net loss for the fourth quarter of 2017 was $17.9 million, or $0.67 per share basic and diluted, compared to net loss of $19.7 million, or $0.99 per share basic and diluted for the same period in 2016. Net loss for the year ended December 31, 2017 was $70.4 million, or $2.78 per share basic and diluted, compared to net loss of $83.1 million, or $4.20 per share basic and diluted for the same period in 2016.


About Mirati Therapeutics
Mirati Therapeutics, Inc. is a clinical-stage oncology company developing targeted drugs products to address the genetic, epigenetic and immunological promoters of cancer. Our precision oncology clinical programs utilize next-generation genomic testing to identify and select cancer patients who are most likely to benefit from targeted drug treatment. In immuno-oncology, we are advancing clinical programs where the ability of our drugs to improve the immune environment of tumor cells may enhance and expand the efficacy of existing immunotherapy medicines when given in combination. Our pre-clinical programs include potentially first-in-class and best-in-class drugs specifically designed to address mutations and tumors where few treatment options exist. We approach each of our discovery and development programs with a singular focus: to translate our deep understanding of the molecular drivers of cancer into better drugs and better outcomes for patients. For more information, visit www.mirati.com.


Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release regarding the business of the Company that are not historical facts may be considered "forward-looking statements," including, but not limited to, statements regarding Mirati’s development plans and timelines, potential regulatory actions, expected use of cash resources, the timing and results of clinical trials, and the potential benefits of and markets for Mirati’s product candidates. Forward-looking statements are typically, but not always, identified by the use of words such as "may," "would," "believe," "intend," "plan," "anticipate," "estimate," “expect,” and other similar terminology. Forward-looking statements are based on current expectations of management and on what management believes to be reasonable assumptions based on information currently available to it, and are subject to risks and uncertainties. Such risks and uncertainties may cause actual results to differ materially from the expectations set forth in the forward-





looking statements. Such risks and uncertainties include, but are not limited to, potential delays in development timelines or negative clinical trial results, reliance on third parties for development efforts, changes in the competitive landscape, changes in the standard of care, as well as other risks detailed in Mirati’s recent filings on Forms 10-K and 10-Q with the United States Securities and Exchange Commission. Mirati undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.



Contact:
Temre Johnson
Mirati Therapeutics Inc.
Senior Manager, Investor Relations & Corporate Communications
(858) 332-3562
ir@mirati.com






Mirati Therapeutics, Inc.
Consolidated Balance Sheets
(in thousands)

 
 
December 31,
 
December 31,
 
 
2017
 
2016
 
 
 
 
 
Assets
 
 
 
 
Current assets
 
 
 
 
Cash, cash equivalents and short-term investments
 
$
150,837

 
$
56,734

Other current assets
 
4,922

 
2,821

Total current assets
 
155,759

 
59,555

 
 
 
 
 
Property and equipment, net
 
525

 
629

Other long-term assets
 
962

 
3,260

 
 
 

 
 

Total assets
 
$
157,246

 
$
63,444

 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable and accrued liabilities
 
$
13,644

 
$
15,002

Total current liabilities
 
13,644

 
15,002

Other liabilities
 
314

 
133

Total liabilities
 
13,958

 
15,135

 
 
 
 
 
Stockholders' equity
 
143,288

 
48,309

 
 
 
 
 
Total liabilities and stockholders' equity
 
$
157,246

 
$
63,444

 
 
 
 
 






Mirati Therapeutics, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands except share and per share data, unaudited)


 
 
Three months ended
 
Twelve months ended
 
 
December 31,
 
December 31,
 
 
2017
 
2016
 
2017
 
2016
 
 
(unaudited)
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
     Research and development
 
$
15,244

 
$
15,952

 
$
58,085

 
$
68,487

     General and administrative
 
2,983

 
3,901

 
13,450

 
15,292

Total operating expenses
 
18,227

 
19,853

 
71,535

 
83,779

Loss from operations
 
(18,227
)
 
(19,853
)
 
(71,535
)
 
(83,779
)
 
 
 
 
 
 
 
 
 
Other income, net
 
332

 
131

 
1,105

 
661

 
 
 
 
 
 
 
 
 
Net loss
 
$
(17,895
)
 
$
(19,722
)
 
$
(70,430
)
 
$
(83,118
)
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on available-for-sale investments
 
(35
)
 
(51
)
 
(54
)
 
(25
)
 
 
 
 
 
 
 
 
 
Comprehensive loss
 
$
(17,930
)
 
$
(19,773
)
 
$
(70,484
)
 
(83,143
)
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
 
$
(0.67
)
 
$
(0.99
)
 
$
(2.78
)
 
$
(4.20
)
 
 
 
 
 
 
 
 
 
Weighted average number of shares used in computing net loss per share, basic and diluted
 
26,833

 
19,929

 
25,290

 
19,787




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