Mirna Therapeutics reported financial results for the second quarter of 2016. Net loss was approximately $5.6 million for Q2 and $12.2 million for H1.
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This compares to a net loss of $5.7 million and $10.0 million for the comparable periods in 2015.
The results included non-cash, stock-based related compensation charges of $243,000 and $689,000 for the second quarter and six months ended June 30, 2016 and $217,000 and $351,000 for the comparable periods in 2015.
Cash, cash equivalents, and marketable securities totaled $72.6 million as of June 30, 2016, compared to $89.7 million as of December 31, 2015. The Company has no debt. Based on the current operating plan, the Company expects that current cash resources will be sufficient to meet operating requirements into 2018.
Research and development expenses in the second quarter of 2016 were $3.7 million and $8.2 million, respectively, for the three and six months ended June 30, 2016, compared to $4.5 million and $7.9 million during the comparable periods in 2015.
The decrease for the three months ended June 30, 2016 compared to the same period in 2015 was primarily attributable to higher costs associated with company's Phase 1 clinical trial for company's lead product candidate MRX34, specifically adding additional sites and upfront drug costs which were incurred in 2015. This decrease in 2016 was partially offset by an increase in employee compensation, benefits and stock compensation.
The increase for the six months ended June 30, 2016 is primarily attributable to higher compensation, benefits and stock compensation expense due to a higher headcount. The increase was largely offset by higher costs associated with company's Phase 1 trial in the prior year.
General and Administrative Expenses: General and administrative expenses in the second quarter of 2016 were $2.0 million and $4.2 million, respectively, for the three and six months ended June 30, 2016, compared to $1.2 million and $2.1 million during the comparable periods in 2015. ■