Mirna Therapeutics
08-15-16

Mirna Therapeutics Reports Second Quarter 2016 Financial Results and Program Updates

AUSTIN, Texas--(BUSINESS WIRE)-- Mirna Therapeutics, Inc. (Nasdaq:MIRN), a clinical stage biopharmaceutical company developing a pipeline of microRNA-based oncology therapeutics, today reported financial results for the second quarter of 2016 and provided an update on recent developments.

MRX34 CLINICAL PROGRAM AND SECOND QUARTER UPDATE

CORPORATE UPDATES

SECOND QUARTER 2016 FINANCIAL RESULTS

About Mirna Therapeutics, Inc.

Mirna is a clinical stage biopharmaceutical company developing a pipeline of microRNA-based oncology therapeutics and is the first to bring a synthetic microRNA mimic into clinical development for the treatment of cancer. Mirna's lead product candidate, MRX34, a mimic of naturally occurring microRNA-34 (miR-34), is being studied in a Phase 1 clinical trial which has included patients with primary liver cancer, advanced solid tumors and hematological malignancies. miR-34 is one of the most widely published microRNAs and is considered a key regulator of multiple oncogenes across key oncogenic pathways, with the capacity to regulate more than 30 different oncogenes and repress immune checkpoint signaling molecules, including PD-L1. The potential capacity to simultaneously affect multiple pathways and processes that are critical to cancer cell viability may make mimics of tumor suppressor microRNAs an important new class of anti-cancer agents. Mirna plans to develop MRX34 as a monotherapy and in combination with other therapies. The Company was founded in 2007 and is located in Austin, Texas.

For more information, visit www.mirnarx.com.

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Mirna, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our plans for MRX34 development; our plans to let the results from the Phase 1 expansion cohorts and the translational medicine study guide the next steps in development of MRX34; our plans to continue the expansion phase of the ongoing Phase 1 study; our plans to launch a translational medicine trial in late 2016; and our expectation that current cash resources will be sufficient to meet operating requirements into 2018. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development program, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug development process, including the outcomes of clinical trials, the regulatory approval process, our substantial dependence on MRX34, our commercialization plans and efforts and other matters that could affect the availability or commercial potential of our product candidates and the risk that our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval. We undertake no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 30, 2016 and our Quarterly Report on Form 10-Q, expected to be filed with the SEC on or about August 15, 2016.

 

Mirna Therapeutics, Inc.

Condensed Balance Sheets

(in thousands, except share data)

       
June 30, December 31,
2016 2015
(unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 30,796 $ 89,713
Marketable securities 41,756
Grant reimbursement and other receivables
Prepaid expenses and other current assets   947   829
Total current assets 73,499 90,542
Property and equipment, net 1,237 375
Restricted cash   2,430  
Total assets $ 77,166 $ 90,917
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable $ 1,462 $ 3,687
Accrued expenses   2,193   2,214
Total liabilities 3,655 5,901
Commitments and contingencies
Stockholders' Equity (Deficit):
Preferred stock, $0.001 par value, 5,000,000 shares authorized at June 30, 2016 and December 31, 2015; 0 shares outstanding at June 30, 2016 and December 31, 2015
Common stock, $0.001 par value; 250,000,000 shares authorized at June 30, 2016 and December 31, 2015; 20,835,868 and 20,830,555 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 21 21
Additional paid in capital 162,216 161,518
Accumulated other comprehensive income 6
Accumulated deficit   (88,732)   (76,523)
Total stockholders' equity   73,511   85,016
Total liabilities and stockholders' equity $ 77,166 $ 90,917
 
 

Mirna Therapeutics, Inc.

Condensed Statements of Operations and Comprehensive Loss (unaudited)

(in thousands)

                   
Three Months Ended Six Months Ended
June 30, June 30,
2016 2015 2016 2015
 
Operating expenses:
Research and development $ 3,682 $ 4,499 $ 8,205 $ 7,901
General and administrative   2,049   1,185   4,179   2,062
Total operating expenses 5,731 5,684 12,384 9,963
Other income:
Interest income   93     175  
Total other income   93     175  
Net loss $ (5,638) $ (5,684) $ (12,209) $ (9,963)
Less: Accretion and dividends on convertible preferred stock     (1,544)     (2,662)
Net loss attributable to common stockholders $ (5,638) $ (7,228) $ (12,209) $ (12,625)

Investors
The Trout Group
Pete Rahmer, 646-378-2973
prahmer@troutgroup.com
or
Media
BMC Communications
Amy Bonanno, 646-513-3117
abonanno@bmccommunications.com

Source: Mirna Therapeutics, Inc.

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