Marinus Pharmaceuticals Inc (NAS:MRNS)
$ 1.63 -0.03 (-1.81%) Market Cap: 89.79 Mil Enterprise Value: 82.17 Mil PE Ratio: 0 PB Ratio: 0 GF Score: 37/100
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Q2 2024 Marinus Pharmaceuticals Inc Earnings Call Transcript

Aug 13, 2024 / 12:30PM GMT
Release Date Price: $1.18 (-4.07%)

Key Points

Positve
  • ZTALMY achieved profitability on a commercial investment in the first quarter of 2024, ahead of expectations.
  • ZTALMY was approved in China as the first treatment for seizures associated with CDKL5 deficiency disorder (CDD) in patients aged two years and older.
  • Marinus Pharmaceuticals Inc (MRNS) has established commercial collaboration agreements in Europe and China, and distribution agreements in MENA and Russia.
  • The company is preparing for the upcoming Phase 3 readout in tuberous sclerosis complex (TSC) and expanding access to ZTALMY globally.
  • Marinus Pharmaceuticals Inc (MRNS) generated net product revenue of $8 million in the second quarter, representing growth of over 85% compared to the same period in 2023.
Negative
  • The company reported a net loss before income taxes of $35.8 million for the second quarter of 2024.
  • Research and development expenses were $20.9 million for the second quarter, reflecting high ongoing costs.
  • Selling, general, and administrative expenses increased to $16.7 million for the second quarter.
  • The Phase 3 RAISE trial failed to achieve statistical significance for the second co-primary endpoint.
  • Marinus Pharmaceuticals Inc (MRNS) had to initiate cost reduction plans and restructure credit agreements to extend its cash runway into the second quarter of 2025.
Operator

Greetings. Welcome to the Marinus Pharmaceuticals second quarter financial results and business update call. (Operator Instructions) It is now my pleasure to introduce your host, Sonya Weigle, Chief People and Investor Relations Officer. You may now begin Ms. Weigle.

Sonya Weigle
Marinus Pharmaceuticals Inc - Senior Vice President, Investor Relations, Human Resource & Corporate Affairs

Thank you and good morning. With me from Marinus are Dr. Scott Braunstein, Chairman and Chief Executive Officer; Lisa Lejuwaan, Senior Vice President and Business Unit Lead, Rare Genetic Epilepsy; Dr. Joe Hulihan, Chief Medical Officer; and Steve Pfanstiel, Chief Financial Officer and Chief Operating Officer.

Before we begin, I would like to remind everyone that some of the statements we are making today are forward-looking statements under the securities laws. These forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those

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