Mirati Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000162828023036875 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $976.4M
YoY Change -18.7%
Cash & Equivalents $258.7M
Short-Term Investments $717.7M
Other Short-Term Assets $21.50M
YoY Change -6.95%
Inventory $20.16M
Prepaid Expenses $19.36M
Receivables $14.70M
Other Receivables $3.300M
Total Short-Term Assets $1.036B
YoY Change -15.48%
LONG-TERM ASSETS
Property, Plant & Equipment $16.05M
YoY Change -10.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.80M
YoY Change 24.55%
Other Assets $24.82M
YoY Change 17.86%
Total Long-Term Assets $93.63M
YoY Change 21.12%
TOTAL ASSETS
Total Short-Term Assets $1.036B
Total Long-Term Assets $93.63M
Total Assets $1.130B
YoY Change -13.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.00M
YoY Change 95.35%
Accrued Expenses $99.42M
YoY Change -7.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $137.4M
YoY Change 8.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.661M
YoY Change 24.06%
Total Long-Term Liabilities $3.661M
YoY Change 24.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.4M
Total Long-Term Liabilities $3.661M
Total Liabilities $183.2M
YoY Change 5.29%
SHAREHOLDERS EQUITY
Retained Earnings -$2.976B
YoY Change 32.26%
Common Stock $70.00K
YoY Change 20.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $946.5M
YoY Change
Total Liabilities & Shareholders Equity $1.130B
YoY Change -13.31%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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dei Document Period End Date
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us-gaap Nature Of Operations
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<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mirati Therapeutics, Inc. (“Mirati” or the “Company”) is a commercial-stage oncology company focused on the discovery, design and delivery of breakthrough therapies that address areas of high unmet need, including lung cancer, and advancing product candidates targeting the genetic and immunological drivers of cancer. The Company was incorporated under the laws of the State of Delaware on April 29, 2013 as Mirati Therapeutics, Inc. and is located in San Diego, California. The Company has a wholly-owned subsidiary, Mirati Therapeutics B.V. (“Mirati B.V.”), which was formed on August 3, 2021 in Amsterdam, Netherlands, and Mirati Therapeutics (Suisse) GmbH (“Mirati Suisse”), which was formed on May 24, 2022 in Zug, Switzerland, is a wholly-owned subsidiary of Mirati B.V. The Company’s former wholly-owned subsidiary in Canada, MethylGene, Inc., was formed on May 8, 2013 and was formally dissolved in the fourth quarter of 2022.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates as one business segment, primarily in the United States. The Company’s common stock has been listed on the Nasdaq Global Select Market since June 5, 2018, and was previously listed on the Nasdaq Capital Market since July 15, 2013, under the ticker symbol “MRTX.”</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agreement and Plan of Merger</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 8, 2023, the Company announced it entered into an Agreement and Plan of Merger (“Merger Agreement”) with Bristol-Myers Squibb Company, a Delaware corporation (“BMS”), and Vineyard Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of BMS (“Merger Sub”), providing for the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of BMS. Refer to footnote 12, Subsequent Events, for more information.</span></div>
us-gaap Number Of Operating Segments
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us-gaap Use Of Estimates
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reported amounts and footnote disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span></div>
mrtx Minimum Original Maturity Period Of Marketable Securities
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests its excess cash in accordance with its investment policy. The Company’s investments are comprised primarily of commercial paper and debt instruments of financial institutions, corporations, U.S. government-sponsored agencies and the U.S. Treasury. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity and investment type. Financial instruments that potentially subject the Company to significant credit risk consist principally of cash equivalents and short-term investments.</span></div>
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CY2023Q3 us-gaap Sale Of Stock Consideration Received On Transaction
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us-gaap Allocated Share Based Compensation Expense
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