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Chimerix Inc. (CMRX-0.65%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $22,879,000 for the three months ended September 30, 2024, compared to a net loss of $23,986,000 in the same period of the previous year.
Total revenues for the three months ended September 30, 2024, were $26,000, up from $11,000 in the same period of 2023. The increase was primarily due to contract and grant revenue.
Research and development expenses increased to $19,646,000 for the quarter, up from $17,396,000 in the same period of 2023. The increase was mainly related to the conduct of the ACTION Phase 3 study of dordaviprone and manufacturing costs.
General and administrative expenses decreased to $5,173,000 for the quarter, compared to $9,304,000 in the same period of the previous year. The decrease was primarily due to a reduction in compensation expenses.
Interest income and other, net, was $1,914,000 for the three months ended September 30, 2024, down from $2,703,000 in the same period of 2023. This decrease was mainly due to lower interest earned on cash balances.
As of September 30, 2024, Chimerix had cash and cash equivalents of $23,645,000, with total assets amounting to $158,668,000.
The company continues to focus on the development of its lead product candidate, dordaviprone, which is in a Phase 3 clinical trial for H3 K27M-mutant diffuse glioma.
Chimerix also reported ongoing efforts to comply with Nasdaq's listing requirements, following a notice of noncompliance regarding the minimum bid price requirement.
The company is actively monitoring its stock price and considering available options to regain compliance with Nasdaq's listing standards.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chimerix Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.