Chimerix, Inc. (CMRX) Bundle
A Brief History of Chimerix, Inc.
Chimerix, Inc., a biopharmaceutical company founded in 2000, focuses on developing innovative medicines for patients with cancer and other serious diseases. The company's lead product candidate, dordaviprone, is being developed for the treatment of H3 K27M-mutant diffuse glioma. The company has faced significant financial challenges, including a net loss of $65.4 million for the nine months ended September 30, 2024, and an accumulated deficit of approximately $861 million as of the same date.
Financial Overview
As of September 30, 2024, Chimerix reported total revenues of $0.155 million for the nine months ended September 30, 2024, a decrease from $0.320 million reported for the same period in 2023. The revenues primarily came from contract and grant revenue.
| Financial Metric | 2024 (Nine Months Ended September 30) | 2023 (Nine Months Ended September 30) |
|---|---|---|
| Total Revenues | $155,000 | $320,000 |
| Research and Development Expenses | $56,918,000 | $53,144,000 |
| General and Administrative Expenses | $15,252,000 | $19,431,000 |
| Net Loss | $(65,433,000) | $(63,934,000) |
Operational Highlights
Chimerix's operational expenses for the nine months ended September 30, 2024, included $56.9 million in research and development, reflecting a $3.8 million increase compared to the previous year. This increase was primarily attributed to ongoing development activities for dordaviprone, including costs related to clinical trials.
The general and administrative expenses decreased to $15.3 million in 2024 from $19.4 million in 2023, largely due to reduced compensation expenses.
Liquidity and Capital Resources
As of September 30, 2024, Chimerix had approximately $152.4 million available to fund operations. The company has maintained liquidity through equity financing, government funding, and licensing fees.
| Liquidity Metrics | Amount |
|---|---|
| Cash and Cash Equivalents | $23,645,000 |
| Short-term Investments | $112,585,000 |
| Total Assets | $158,668,000 |
| Total Liabilities | $22,888,000 | Total Stockholders' Equity | $135,780,000 |
Recent Developments
In 2022, Chimerix completed a significant asset sale to Emergent BioSolutions, which temporarily provided profitability. However, the company returned to net losses in 2023 and 2024. On June 27, 2024, the company received a notice from Nasdaq regarding noncompliance with the minimum bid price requirement, although it has until December 24, 2024, to regain compliance.
The company continues to explore strategic partnerships and funding opportunities to sustain its operations and advance its product candidates.
A Who Owns Chimerix, Inc. (CMRX)
Ownership Structure
As of November 1, 2024, Chimerix, Inc. has approximately 89,936,053 shares of common stock outstanding .
Major Shareholders
The major shareholders of Chimerix, Inc. include institutional investors and individual stakeholders. Below is a table summarizing the ownership distribution among the largest shareholders as of 2024.
| Shareholder | Type of Ownership | Shares Owned | Percentage Ownership |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 5,300,000 | 5.89% |
| Vanguard Group, Inc. | Institutional | 4,800,000 | 5.34% |
| State Street Corporation | Institutional | 3,200,000 | 3.56% |
| Invesco Ltd. | Institutional | 2,700,000 | 3.00% |
| Management Team & Directors | Insider | 1,500,000 | 1.67% |
Institutional Ownership
Institutional ownership is significant for Chimerix, Inc., with major institutional investors holding substantial stakes. As of September 30, 2024, institutional ownership accounted for approximately 45% of total shares outstanding.
Recent Transactions and Changes in Ownership
Chimerix, Inc. has engaged in various financing activities, including an Open Market Sale Agreement with Jefferies LLC, allowing for the sale of up to $75 million in common stock. This could lead to dilution of existing shareholders if new shares are issued.
Shareholder Equity and Financial Performance
As of September 30, 2024, Chimerix reported total stockholders' equity of approximately $135.8 million, with an accumulated deficit of $860.96 million. The company's financial performance continues to be impacted by significant research and development expenses, totaling $56.9 million for the nine months ended September 30, 2024.
Conclusion on Ownership Trends
The ownership landscape for Chimerix, Inc. reflects a mix of institutional and insider ownership, with potential implications for future capital raises and shareholder value. The dynamics of ownership are influenced by ongoing financial strategies and market conditions.
Chimerix, Inc. (CMRX) Mission Statement
Chimerix, Inc. is dedicated to developing innovative medicines that significantly improve the lives of patients facing serious diseases. The company focuses on advancing its clinical pipeline, particularly in the area of oncology, with a commitment to addressing unmet medical needs through its proprietary drug candidates.
Financial Overview as of 2024
As of September 30, 2024, Chimerix reported total assets of approximately $158.7 million, a decrease from $212.8 million as of December 31, 2023. The company's cash and cash equivalents stood at $23.6 million, compared to $27.7 million at the end of the previous year.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $158.7 million | $212.8 million |
| Cash and Cash Equivalents | $23.6 million | $27.7 million |
| Accumulated Deficit | $860.96 million | $795.52 million |
| Total Stockholders' Equity | $135.78 million | $193.03 million |
Revenue Generation
Chimerix’s revenue for the three months ended September 30, 2024, totaled $26,000, up from $11,000 in the same period in 2023. For the nine months ended September 30, 2024, total revenues were $155,000, a decrease from $320,000 in the prior year.
Operating Expenses
For the three months ended September 30, 2024, Chimerix reported operating expenses of $24.8 million, compared to $26.7 million for the same period in 2023. Research and development expenses were $19.6 million for the quarter, while general and administrative expenses decreased to $5.2 million.
| Operating Expenses | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Research and Development | $19.6 million | $17.4 million |
| General and Administrative | $5.2 million | $9.3 million |
| Total Operating Expenses | $24.8 million | $26.7 million |
Net Loss
Chimerix reported a net loss of $22.9 million for the three months ended September 30, 2024, compared to a net loss of $24.0 million for the same period in 2023. The cumulative net loss for the nine months ended September 30, 2024, was $65.4 million.
Cash Flow Analysis
For the nine months ended September 30, 2024, Chimerix experienced net cash used in operating activities of $55.7 million, while net cash provided by investing activities amounted to $51.3 million. The net decrease in cash and cash equivalents for the period was $4.0 million.
| Cash Flow Statement | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(55.7 million) | $(54.5 million) |
| Net Cash Provided by Investing Activities | $51.3 million | $42.5 million |
| Net Decrease in Cash and Cash Equivalents | $(4.0 million) | $(11.7 million) |
Future Outlook
Chimerix continues to focus on advancing its drug development pipeline, particularly in oncology, with investments in research and development expected to remain high. The company is navigating through its financial landscape with an emphasis on strategic partnerships and funding opportunities to mitigate the impact of accumulated losses and to support ongoing operations.
How Chimerix, Inc. (CMRX) Works
Company Overview
Chimerix, Inc. is a biopharmaceutical company focused primarily on the development of dordaviprone for the treatment of H3 K27M-mutant diffuse glioma. The company has faced significant net losses since its inception, with an accumulated deficit of approximately $861 million as of September 30, 2024.
Financial Performance
For the nine months ended September 30, 2024, Chimerix reported:
- Total revenues of $155,000, a decrease of 51.6% from $320,000 in the same period of 2023.
- Research and development expenses of $56.9 million, up from $53.1 million in 2023, reflecting a 7.1% increase.
- General and administrative expenses of $15.3 million, a decrease of 21.5% from $19.4 million in 2023.
- Net loss of $65.4 million, compared to a net loss of $63.9 million in 2023, representing a 2.3% increase.
Consolidated Statements of Operations and Comprehensive Loss
| Item | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Contract and grant revenue | $26,000 | $11,000 | $155,000 | $271,000 |
| Licensing revenue | $0 | $0 | $0 | $49,000 |
| Total revenues | $26,000 | $11,000 | $155,000 | $320,000 |
| Research and development expenses | $19,646,000 | $17,396,000 | $56,918,000 | $53,144,000 |
| General and administrative expenses | $5,173,000 | $9,304,000 | $15,252,000 | $19,431,000 |
| Total operating expenses | $24,819,000 | $26,700,000 | $72,170,000 | $72,575,000 |
| Loss from operations | $(24,793,000) | $(26,689,000) | $(72,015,000) | $(72,255,000) |
| Net loss | $(22,879,000) | $(23,986,000) | $(65,433,000) | $(63,934,000) |
Cash Flow Analysis
For the nine months ended September 30, 2024, Chimerix reported cash flows as follows:
| Source of Cash Flow | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | $(55,709) | $(54,500) |
| Net cash provided by investing activities | $51,349 | $42,530 |
| Net cash provided by financing activities | $344 | $246 |
| Net decrease in cash and cash equivalents | $(4,016) | $(11,724) |
Liquidity and Capital Resources
As of September 30, 2024, Chimerix had capital available to fund operations of approximately $152.4 million. The company has not drawn any amounts under a $50 million revolving loan facility established with Silicon Valley Bank, extended to September 30, 2026.
Research and Development Focus
Chimerix is primarily focused on the development of dordaviprone, with significant investments in clinical trials and regulatory approvals. The company recorded an increase in research and development expenses due to the ACTION Phase 3 study of dordaviprone and other development activities.
Stockholder Equity
As of September 30, 2024, the stockholders’ equity was reported at $135.8 million, with total liabilities of $22.9 million.
How Chimerix, Inc. (CMRX) Makes Money
Revenue Streams
Chimerix, Inc. generates revenue primarily through the following streams:
- Contract and grant revenue
- Licensing revenue
- Interest income
Contract and Grant Revenue
For the nine months ended September 30, 2024, Chimerix reported contract and grant revenue of $155,000, a decrease of 42.8% from $271,000 in the same period of 2023. This decline is attributed to reduced support provided to Emergent BioSolutions, Inc. related to prior asset sales.
The breakdown of contract and grant revenue for the three months ended September 30, 2024, was $26,000 compared to $11,000 in 2023. The total revenue recognized in this segment was:
| Revenue Type | 2024 (3 Months) | 2023 (3 Months) |
|---|---|---|
| Contract Revenue | $26,000 | $11,000 |
| Grant Revenue | $24,000 | $0 |
Licensing Revenue
Chimerix has entered into licensing agreements, particularly regarding dordaviprone, but has not recognized any licensing revenue for the nine months ended September 30, 2024. In the previous period, licensing revenue was reported at $49,000 for the nine months ended September 30, 2023.
Interest Income
Interest income and other net income totaled $6.6 million for the nine months ended September 30, 2024, down from $8.3 million for the same period in 2023. The decrease is primarily due to reduced interest earned from smaller cash balances.
Operating Expenses
Chimerix incurs significant expenses, primarily in research and development, which totaled $56.9 million for the nine months ended September 30, 2024. This represents a 7.1% increase from $53.1 million in 2023. The breakdown of expenses is as follows:
| Expense Type | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Research and Development | $56,918,000 | $53,144,000 |
| General and Administrative | $15,252,000 | $19,431,000 |
| Total Operating Expenses | $72,170,000 | $72,575,000 |
Net Loss
Chimerix reported a net loss of $65.4 million for the nine months ended September 30, 2024, compared to a net loss of $63.9 million for the same period in 2023. The losses are largely due to high operating expenses and low revenue generation.
Cash and Capital Resources
As of September 30, 2024, Chimerix had cash and cash equivalents of $23.6 million, down from $27.7 million at the beginning of the year. The company has capital available to fund operations of approximately $152.4 million, which includes cash reserves and investments.
Debt and Financing Activities
Chimerix entered into a Loan and Security Agreement with Silicon Valley Bank, allowing for a revolving loan facility of up to $50 million. As of September 30, 2024, no amounts have been drawn from this facility. Additionally, on February 29, 2024, the company entered into an Open Market Sale Agreement for the potential sale of up to $75 million in common stock.
Research and Development Focus
The company is primarily focused on developing dordaviprone for treating H3 K27M-mutant diffuse glioma, with substantial investments in clinical trials and manufacturing capabilities. The expected future expenditures will depend on the outcomes of these ongoing research activities.
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Resources:
- Chimerix, Inc. (CMRX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Chimerix, Inc. (CMRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Chimerix, Inc. (CMRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.