Mission Statement, Vision, & Core Values (2024) of Mirati Therapeutics, Inc. (MRTX).

An Overview of Mirati Therapeutics, Inc. (MRTX)

General Summary of Mirati Therapeutics, Inc. (MRTX)

Mirati Therapeutics, Inc. (MRTX) is a biotechnology company founded in 2010, focused on discovering and developing innovative medicines for the treatment of cancer. The company specializes in targeted therapies for genetically defined cancers, particularly those driven by mutations in the KRAS gene. Its flagship product, KRAZATI (adagrasib), received FDA approval in December 2022 for the treatment of adult patients with KRAS G12C-mutated non-small cell lung cancer (NSCLC) who have received at least one prior systemic therapy.

As of 2024, Mirati offers a robust pipeline, including additional candidates like MRTX1133 and MRTX0902, which are in various stages of clinical trials. KRAZATI has generated significant sales since its launch, contributing to the company's overall revenue performance.

In terms of sales performance, Mirati reported product revenue of $16.4 million for the three months ended September 30, 2023, and $36.1 million for the nine months ended September 30, 2023.

Company's Financial Performance in the Latest Financial Reports

For the third quarter of 2023, Mirati Therapeutics reported total revenue of $16.4 million, a significant increase compared to $0 in the same period of the previous year, marking a successful market entry for KRAZATI. The company’s total revenue for the nine months ended September 30, 2023, was $37.3 million, up from $11.5 million in the same period of 2022.

Operating expenses for the three months ended September 30, 2023, were $188.5 million, slightly down from $191.9 million in the same period in 2022. This includes:

Despite the increase in revenues, the company incurred a net loss of $161.9 million for the three months ended September 30, 2023, compared to a net loss of $173.6 million in the same period of 2022. For the nine months ended September 30, 2023, the net loss totaled $523.4 million, slightly down from $538.4 million for the same period in 2022.

Introduction to Company as One of the Leaders in the Industry

Mirati Therapeutics is recognized as a leader in the biotechnology sector, particularly in the development of targeted therapies for cancer. The company has positioned itself at the forefront of innovation, focusing on precision medicine tailored to genetic mutations. With KRAZATI as its leading product, Mirati aims to meet the growing demand for effective cancer treatments, particularly for patients with specific genetic profiles.

Furthermore, the company's robust pipeline and commitment to advancing research and development solidify its standing as a key player in the oncology market. Investors and stakeholders are encouraged to explore more about Mirati's strategic initiatives and future growth potential within the rapidly evolving landscape of cancer therapeutics.

Mission Statement of Mirati Therapeutics, Inc. (MRTX)

Mission Statement of Mirati Therapeutics, Inc. (MRTX)

Mirati Therapeutics, Inc. (MRTX) is dedicated to advancing the treatment of cancer through the discovery, development, and commercialization of innovative therapies. The mission statement reflects the company's commitment to improving patient outcomes by targeting genetic and epigenetic drivers of cancer. This mission serves as a guiding principle for the company's strategic initiatives and operational activities.

Core Component 1: Innovation

Innovation is at the heart of Mirati's mission. The company focuses on developing breakthrough therapies that address unmet medical needs in oncology. For instance, Mirati's lead product, KRAZATI (adagrasib), was approved by the FDA in December 2022 and is specifically designed to target KRAS G12C mutations, which are prevalent in various cancers. As of September 30, 2023, KRAZATI generated product revenue of $16.4 million for the third quarter and a total of $36.1 million for the nine months ended September 30, 2023.

Core Component 2: Patient-Centric Approach

A patient-centric approach is fundamental to Mirati's mission. The company strives to ensure that its therapies not only improve survival rates but also enhance the quality of life for patients. In its ongoing clinical trials, Mirati emphasizes patient feedback and outcomes to guide the development process. As of the latest reports, research and development expenses were $114.8 million for the third quarter of 2023, reflecting a robust investment in clinical programs aimed at patient needs.

Core Component 3: Collaboration

Collaboration is a crucial component of Mirati's strategy. The company actively engages in partnerships with other biotech firms, research institutions, and healthcare organizations to foster innovation and expedite the development of its therapies. For example, Mirati has established collaboration agreements that have contributed to its product pipeline, including partnerships for the development of adagrasib in various territories. The licensing and collaboration revenues for the nine months ended September 30, 2023, totaled $1.2 million, showcasing the company's engagement in collaborative efforts.

In summary, Mirati Therapeutics, Inc. embodies its mission through innovation, a patient-centric approach, and collaboration, underlined by its financial commitments and strategic initiatives aimed at transforming cancer treatment.

Vision Statement of Mirati Therapeutics, Inc. (MRTX)

Vision Statement Overview

The vision statement of Mirati Therapeutics, Inc. (MRTX) as of 2024 emphasizes its commitment to pioneering innovative therapies for cancer patients, particularly those with unmet medical needs. The company aims to lead advancements in oncology, focusing on the development of targeted therapies that can significantly improve patient outcomes and quality of life.

Commitment to Innovation

Mirati Therapeutics envisions itself at the forefront of oncology innovation. This is reflected in their pipeline, which includes several product candidates targeting genetic and immunological drivers of cancer.

• Product candidates include:
• KRAZATI (adagrasib) - targeting KRAS G12C mutations.
• MRTX1133 - a novel compound targeting KRAS G12D mutations.
• MRTX0902 - a selective SOS1 inhibitor, demonstrating promising preclinical results.

As of September 30, 2023, the company reported a total revenue of $37.3 million, with product revenue from KRAZATI contributing $36.1 million.

Focus on Patient-Centric Solutions

Mirati's vision underscores the importance of patient-centric approaches in drug development. The company aims to address the unique needs of patients with specific genetic mutations and types of cancer.

Global Impact and Accessibility

Mirati Therapeutics is committed to making a global impact through its oncology therapies. The vision includes expanding access to innovative treatments across diverse populations and geographical regions.

As of September 30, 2023, the company had cash, cash equivalents, and short-term investments totaling approximately $976.4 million, providing a solid foundation for pursuing global market opportunities.

Strategic Partnerships and Collaborations

To enhance its capabilities and reach, Mirati Therapeutics aims to foster strategic partnerships and collaborations with other biotech firms and research institutions. This collaborative approach is essential for accelerating the development of new therapies.

• Key collaborations include:
• Partnership with Pfizer for the development of KRAS inhibitors.
• Collaboration with ORIC Pharmaceuticals for PRC2 inhibitors.

These collaborations are aimed at leveraging shared expertise to enhance research and development efforts, reflected in the potential for milestone payments exceeding $337 million based on worldwide net sales.

Core Values of Mirati Therapeutics, Inc. (MRTX)

Integrity

The core value of integrity at Mirati Therapeutics, Inc. emphasizes the importance of ethical practices and transparency in all business dealings. This commitment is crucial for maintaining trust with stakeholders, including patients, partners, and investors.

In 2023, Mirati reported a comprehensive loss of $161.7 million for the three months ended September 30, 2023. This financial transparency reflects the company's integrity in reporting its financial performance, even amid significant losses.

Innovation

Innovation is a driving force at Mirati, focused on developing breakthrough therapies for cancer treatment. The company's leading product, KRAZATI (adagrasib), received FDA approval in December 2022 for treating KRAS G12C-mutated non-small cell lung cancer. In 2023, product revenue from KRAZATI reached $16.4 million for the third quarter, demonstrating the successful commercialization of innovative solutions.

Additionally, the ongoing clinical trials for MRTX1133 and adagrasib in combination with pembrolizumab highlight Mirati's commitment to advancing cancer therapies.

Collaboration

Collaboration is fundamental to Mirati's strategy, with partnerships enhancing its research and development capabilities. The collaboration with Pfizer involves potential development milestone payments of up to $9.3 million and tiered sales milestone payments of up to $337 million. This partnership not only facilitates resource sharing but also accelerates the development of innovative therapies.

As of September 30, 2023, Mirati had accumulated $3.9 billion in additional paid-in capital, reflecting investor confidence and collaborative efforts.

Patient-Centric Focus

At the heart of Mirati's operations is a patient-centric focus, ensuring that all initiatives prioritize patient needs and outcomes. The launch of KRAZATI directly addresses an unmet need for patients with specific genetic mutations, enhancing treatment options. Mirati's commitment to patient welfare is evident in its clinical trials, which aim to provide effective therapies for patients with limited options.

In 2023, the company invested $114.8 million in research and development, underscoring its dedication to developing new treatments that benefit patients.

Excellence

Mirati strives for excellence in all aspects of its business, from research and development to operational efficiency. The company's rigorous clinical trial processes emphasize high standards and quality in drug development. As of September 30, 2023, Mirati had a total of $1.1 billion in assets, supporting its operational excellence and capacity for growth.

The increase in selling, general, and administrative expenses to $72 million in Q3 2023, up from $60.8 million the previous year, reflects investments in operational capabilities to drive excellence.