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Mar 31, 2024
Marinus Pharmaceuticals Q1 2024 Earnings Report
Marinus Pharmaceuticals reported first quarter 2024 financial results and provided a business update.
Key Takeaways
Marinus Pharmaceuticals reported Q1 2024 net product revenue of $7.5 million, a 125% increase compared to Q1 2023. The company has implemented cost reduction plans to extend the cash runway into late Q1 2025. They are also preparing for topline results from the Phase 3 RAISE trial expected early summer 2024.
ZTALMY net product revenue reached $7.5 million in Q1 2024, showing 125% growth year-over-year.
Full-year 2024 projected U.S. ZTALMY net product revenues were increased to between $33 and $35 million.
Enrollment in the Phase 3 TrustTSC trial is expected to be completed in mid-May, with topline data anticipated in the first half of Q4 2024.
Topline results from the Phase 3 RAISE trial are expected in early summer 2024.
Marinus Pharmaceuticals
Marinus Pharmaceuticals
Marinus Pharmaceuticals Revenue by Segment
Revenue by Segment
Federal Contract Revenue
CapyFin.com Forward Guidance
Marinus Pharmaceuticals anticipates completing enrollment in the Phase 3 TrustTSC trial by mid-May 2024, with topline data expected in the first half of Q4 2024. Topline results from the Phase 3 RAISE trial are expected in early summer 2024. The company projects full year 2024 U.S. ZTALMY net product revenues to be between $33 and $35 million. Implemented cost reduction plans are expected to extend the cash runway into late Q1 2025.
Positive Outlook
- ZTALMY commercial investment achieved profitability in Q1 2024.
- Orion Corporation continues to prepare for commercial launches of ZTALMY in select European countries in the second half of 2024.
- Marinus anticipates initiating a proof-of-concept study with ZTALMY to treat a range of developmental and epileptic encephalopathies in the first half of 2025, pending the TSC topline data.
- Company expects that cash, cash equivalents and short-term investments of $113.3 million as of March 31, 2024 will be sufficient to fund the Company’s operating expenses into the first quarter of 2025.
- Company expects total GAAP operating expenses in the range of $135 to $140 million, inclusive of expected stock-based compensation of approximately $20 million.
Challenges Ahead
- Company stopped clinical trial enrollment in the RAISE and RAISE II trials
- Deferred IV ganaxolone manufacturing investments
- Reduced the Company's workforce by approximately 20%
- Company had a net loss of $38.7 million for the three months ended March 31, 2024
- Company had cash, cash equivalents and short-term investments of $113.3 million at March 31, 2024, compared to cash, cash equivalents and short-term investments of $150.3 million at December 31, 2023.