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Mar 31, 2024
Mural Oncology Q1 2024 Earnings Report
Mural Oncology reported financial results for Q1 2024 and provided a business update.
Key Takeaways
Mural Oncology reported a net loss of $30.9 million for the first quarter of 2024. The company's clinical trials for nemvaleukin alfa remain on track, with data readouts expected in the first half of 2025. Mural Oncology's cash, cash equivalents, and marketable securities were $231.7 million as of March 31, 2024, which is expected to fund operations into the fourth quarter of 2025.
Late-stage clinical trials for nemvaleukin alfa remain on track, with data readouts expected in the first half of 2025.
A new, less frequent IV dose of nemvaleukin is being evaluated with preliminary data readouts anticipated in 2025.
Preclinical data on IL-18 and IL-12 therapies were presented in April 2024, with candidate nominations expected by the end of 2024.
Cash, cash equivalents, and marketable securities are expected to fund operations into the fourth quarter of 2025.
Forward Guidance
Mural Oncology reaffirms guidance that its cash, cash equivalents, and marketable securities are expected to fund its operations into the fourth quarter of 2025. The company anticipates reporting lower year-over-year operating expenses in 2024 but forecasts higher operating expenses in 2024 versus 2025 due to the timing of clinical trial expenses.
Positive Outlook
- Cash runway projected into 4Q 2025.
- Sufficient capital to fund key clinical readouts.
- Late-stage clinical trials remain on track.
- Expects to report interim overall survival (OS) results based on approximately 75% of events in the first quarter of 2025 for ARTISTRY-7.
- Top-line data results from cohort 2 of ARTISTRY-6 expected in the first half of 2025.
Challenges Ahead
- Net loss of $30.9 million for the first quarter of 2024.
- Unrealized loss on marketable securities of $74 thousand.
- Operating loss of $34.033 million.
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