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Dec 31, 2019
Viridian Therapeutics Q4 2019 Earnings Report
miRagen Therapeutics reported fourth quarter and full year 2019 financial results, focusing on clinical trial updates and financial performance.
Key Takeaways
miRagen Therapeutics reported a net loss of $10.1 million, or $0.31 per share, for the fourth quarter of 2019. The company's cash, cash equivalents, and short-term investments were $26.8 million as of December 31, 2019. Revenue for the fourth quarter was $0.9 million, and research and development expenses were $8.4 million.
Completed enrollment of 37 patients in the Phase 2 SOLAR trial of cobomarsen in CTCL; expects to report topline data in Q3 2020.
Completed initial planned enrollment of the Phase 1 trial of cobomarsen in ATLL patients; reported additional data in January 2020; expects to meet with the FDA in Q3 2020 to explore a potential expedited development path.
Entered into a $20.0 million stock purchase agreement in December 2019; $5.1 million funded to date.
Closed $15.0 million equity offering in February 2020 extending cash runway into Q3 2021.
Revenue by Segment
Forward Guidance
miRagen expects to report topline data from the Phase 2 cobomarsen SOLAR trial in CTCL in Q3 2020, meet with the FDA to discuss a potentially expedited development path for cobomarsen in ATLL in Q3 2020, and report additional preclinical data for MRG-229 during the second quarter of 2020. The company believes that its current cash, cash equivalents and short term investments will be sufficient to fund its operations into the third quarter of 2021.
Positive Outlook
- Topline data from the Phase 2 cobomarsen SOLAR trial in CTCL expected in Q3 2020.
- Meeting with the FDA to discuss a potentially expedited development path for cobomarsen in ATLL expected in Q3 2020.
- Additional preclinical data for MRG-229 expected during the second quarter of 2020.
- Focus on developing MRG-229 as a potential treatment for patients with IPF.
- Cash runway extended into the third quarter of 2021.
Historical Earnings Impact
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