Exhibit 99.1
miratilogopurplev2a04.jpg


MIRATI THERAPEUTICS REPORTS SECOND QUARTER
FINANCIAL RESULTS
    

SAN DIEGO - August 1, 2018 - Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today reported financial results for the second quarter ended June 30, 2018.

“In June we successfully completed a financing, with net proceeds of $130.7 million, enabling us to expand our sitravatinib and KRAS programs,” said Charles M. Baum, M.D., Ph.D., President and Chief Executive Officer. “We plan to present sitravatinib data at the 2018 European Society of Medical Oncologists Congress (ESMO) in October and to file our Investigational New Drug application (IND) for MRTX849, a potent and selective inhibitor of KRAS G12C, in the fourth quarter of 2018.”
Financial Results for the Second Quarter 2018

Cash, cash equivalents, and short-term investments were $260.2 million at June 30, 2018, compared to $150.8 million at December 31, 2017. In June 2018, we completed a public offering of our common stock and pre-funded common stock warrants with net proceeds of $130.7 million.    
License and collaboration revenues for the six months ended June 30, 2018 were $9.5 million, compared to none in the same period of 2017. License and collaboration revenues relate to the Collaboration and License Agreement between the Company and BeiGene, Ltd., which became effective January 7, 2018.
Research and development expenses for the second quarter of 2018 were $23.8 million, compared to $15.0 million for the same period in 2017. Research and development expenses for the six months ended June 30, 2018 were $43.5 million compared to $29.4 million for the same period in 2017. The increase in research and development expenses for both the three and six months ended June 30, 2018 is primarily due to an increase in third party research and development expense for sitravatinib due to the continuation and expansion of ongoing clinical trials. The increase is also related to continued development of our KRAS inhibitor program for costs associated with preparing to file a planned IND application for our selected lead clinical compound, MRTX849. These increases are partially offset by a decrease in glesatinib expenses.
General and administrative expenses for the second quarter of 2018 were $4.8 million, compared to $3.7 million for the same period in 2017. General and administrative expenses for the six months ended June 30, 2018 were $10.0 million compared to $7.3 million for the same period of 2017. The increase is primarily due to an increase in share-based compensation expense due to an increase in the fair value of stock options granted during the three and six months ended June 30, 2018 compared to the same periods in 2017.
Net loss for the second quarter of 2018 was $27.9 million, or $0.94 per share basic and diluted, compared to net loss of $18.3 million, or $0.74 per share basic and diluted for the same period in 2017.





Net loss for the six months ended June 30, 2018 was $42.6 million, or $1.45 per share, compared to $36.2 million, or $1.47 per share, for the same period of 2017.

About Mirati Therapeutics
Mirati Therapeutics, Inc. is a clinical-stage oncology company developing product candidates 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 we believe would be most likely to benefit from targeted drug treatment. In immuno-oncology, we are advancing clinical programs where our product candidates have the potential to improve the immune environment of tumor cells and may enhance and expand the efficacy of existing cancer immunotherapy medicines when given in combination. Our pre-clinical programs include potentially first-in-class and best-in-class product candidates 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 therapies 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 Mirati Therapeutics, Inc. (“Mirati”) that are not historical facts may be considered "forward-looking statements," including without limitation 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," “will,” "would," "believe," "intend," "plan," "anticipate," "estimate," “expect,” and other similar terminology indicating future results. 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 them, and are subject to risks and uncertainties. Such risks and uncertainties may cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation potential delays in development timelines, 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 U.S. Securities and Exchange Commission. Except as required by law, 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.

Source: Mirati Therapeutics, Inc.

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





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

 
 
June 30, 2018
 
December 31, 2017
 
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets
 
 
 
 
Cash, cash equivalents and short-term investments
 
$
260,184

 
$
150,837

Other current assets
 
3,412

 
4,922

Total current assets
 
263,596

 
155,759

 
 
 
 
 
Property and equipment, net
 
445

 
525

Other long-term assets
 
1,146

 
962

Total assets
 
$
265,187

 
$
157,246

 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable and accrued liabilities
 
$
17,811

 
$
13,644

Deferred revenue
 
318

 

Total current liabilities
 
18,129

 
13,644

Deferred revenue and other liabilities
 
714

 
314

Total liabilities
 
18,843

 
13,958

 
 
 
 
 
Stockholders' equity
 
246,344

 
143,288

 
 
 
 
 
Total liabilities and stockholders' equity
 
$
265,187

 
$
157,246





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

 
 
Three Months Ended June 30,
 
Six months ended
June 30,
 
 
2018
 
2017
 
2018
 
2017
Revenues
 
 
 
 
 
 
 
 
License and collaboration revenues
 
$

 
$

 
$
9,467

 
$

Total Revenue
 

 

 
9,467

 

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
Research and development
 
$
23,829

 
$
14,962

 
$
43,488

 
$
29,359

General and administrative
 
4,841

 
3,654

 
9,995

 
7,347

Total operating expenses
 
28,670

 
18,616

 
53,483

 
36,706

 
 
 
 
 
 
 
 
 
Loss from operations
 
(28,670
)
 
(18,616
)
 
(44,016
)
 
(36,706
)
 
 
 
 
 
 
 
 
 
Other income, net
 
801

 
277

 
1,438

 
521

 
 
 
 
 
 
 
 
 
Net loss
 
$
(27,869
)
 
$
(18,339
)
 
$
(42,578
)
 
$
(36,185
)
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on available-for-sale investments
 
154

 
(104
)
 
(134
)
 
(33
)
 
 
 
 
 
 
 
 
 
Comprehensive loss
 
$
(27,715
)
 
$
(18,443
)
 
$
(42,712
)
 
$
(36,218
)
 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
 
$
(0.94
)
 
$
(0.74
)
 
$
(1.45
)
 
$
(1.47
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of shares used in computing net loss per share, basic and diluted
 
29,758

 
24,950

 
29,303

 
24,669

 
 
 
 
 
 
 
 
 


View differences made from one to another to evaluate Mirati Therapeutics, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Mirati Therapeutics, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account