Clinical-stage biopharmaceutical company, Mirati Therapeutics, reported a net loss per share of USD 3.51 in Q4 2022, meeting analysts' estimates. The firm’s net loss has increased to USD 202.5 million in Q4 2022, compared to a net loss of USD 199.6 million in Q4 2021. Net loss for the full year 2022 amounted to USD 740.9 million, compared to a net loss of USD 581.8 million.

Net product revenue for the quarter and full year amounted to USD 0.7 million arising from the sale of KRAZATI, which received FDA approval for its commercial launch in December 2022.

The cost of product revenue for Q4 2022 and the full year was USD 0.6 million, which was mainly due to non-recurring product distribution costs of KRAZATI. R&D expenses decreased 8.2% YoY due to manufacturing costs and the commercial launch of New Drug Application (NDA) incurred in 2021. However, R&D costs for the full year increased by 4.5% YoY to  USD 531.6 million, incurred from advancing the firm’s preclinical and clinical programs. Further, selling and administrative expenses for the fourth quarter increased by 62.7% YoY to USD 70.8 million due to an increase in headcount-related costs and commercial readiness costs incurred to support the commercialization of KRAZATI. 

During the quarter, the company achieved the following milestones: 1) the FDA-approved KRAZATI, the company’s new targeted treatment option for adult patients with KRAS mutation, and 2) the company announced a clinical study collaboration and supply agreement with Incyte.  

The cash, cash equivalents, and short-term investments for December 2022 stood at USD 1.1 billion. The company did not provide guidance for 2023.