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Jun 30, 2024
Marinus Pharmaceuticals Q2 2024 Earnings Report
Marinus Pharmaceuticals experienced growth in Q2 2024, driven by an increase in ZTALMY net product revenue and progress in clinical trials.
Key Takeaways
Marinus Pharmaceuticals reported an 87% increase in ZTALMY net product revenue for Q2 2024 compared to Q2 2023, reaching $8.0 million. The company is on track to meet its full-year revenue guidance for ZTALMY. Enrollment was completed in the Phase 3 TrustTSC trial, with topline data expected in Q4 2024.
ZTALMY net product revenue reached $8.0 million in Q2 2024, an 87% increase compared to Q2 2023.
The company is on track to achieve full-year 2024 ZTALMY net product revenue guidance of $33 to $35 million.
Enrollment was completed in the Phase 3 TrustTSC trial of oral ganaxolone in tuberous sclerosis complex, with topline data expected in the first half of Q4 2024.
ZTALMY's global footprint was expanded with managed access programs in MENA, Russia, and Canada, with upcoming commercial launches anticipated in Europe and China.
Marinus Pharmaceuticals
Marinus Pharmaceuticals
Forward Guidance
Marinus Pharmaceuticals anticipates full year 2024 ZTALMY net product revenue to be between $33 and $35 million, and combined SG&A and R&D expenses to range from approximately $135 to $140 million, including stock-based compensation expense of approximately $20 million.
Positive Outlook
- On track to achieve full year 2024 ZTALMY net product revenue guidance of between $33 and $35 million
- ZTALMY was approved in China for patients with CDKL5 deficiency disorder (CDD)
- Orion Corporation continues to prepare for commercial launches of ZTALMY in select European countries in the second half of 2024
- Enrollment in the global Phase 3 TrustTSC trial of oral ganaxolone in tuberous sclerosis complex (TSC) is complete with last patient visit expected in September
- Targeting submission of a supplemental New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in April 2025 with a request for priority review
Challenges Ahead
- Cost reduction plans initiated in the second quarter of 2024 are expected to reduce combined selling, general and administrative (SG&A) and R&D expenses by approximately 30%
- The Company expects that cash and cash equivalents of $64.7 million as of June 30, 2024, will be sufficient to fund the Company’s operating expenses and capital expenditure requirements into the second quarter of 2025.
- The Company had net losses of $35.8 million for the three months ended June 30, 2024
- Cash used in operating activities increased to $68.3 million for the six months ended June 30, 2024, compared to $65.8 million for the same period a year ago.
- Total stockholders’ (deficit) equity was reported as $(47,345) as of June 30, 2024