Chimerix, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.

For the third quarter of 2024, Chimerix generated revenues of $26,000, a notable increase from $11,000 in the same period of 2023, marking a 136.4% rise. However, for the nine months ended September 30, 2024, total revenues decreased to $155,000 from $320,000 in 2023, reflecting a decline of 51.6%. The company attributed this decrease primarily to lower contract and grant revenue, which fell from $271,000 to $155,000 year-over-year.

Operating expenses for the third quarter of 2024 totaled $24.8 million, down from $26.7 million in the prior year, a reduction of 7.0%. This decrease was largely driven by a significant drop in general and administrative expenses, which fell to $5.2 million from $9.3 million, a 44.4% decrease. Conversely, research and development expenses increased to $19.6 million from $17.4 million, reflecting ongoing investments in clinical trials and product development.

Chimerix reported a net loss of $22.9 million for the third quarter of 2024, an improvement from a net loss of $24.0 million in the same quarter of 2023. For the nine-month period, the net loss increased slightly to $65.4 million from $63.9 million in the previous year. The company’s accumulated deficit as of September 30, 2024, stood at $861.0 million.

Total current assets decreased to $140.9 million from $189.1 million at the end of 2023, with cash and cash equivalents also declining to $23.6 million from $27.7 million. Total assets fell to $158.7 million from $212.8 million, while total stockholders’ equity decreased significantly to $135.8 million from $193.0 million.

Chimerix continues to focus on the development of its lead product, dordaviprone (ONC201), for H3 K27M-mutant diffuse glioma, and ONC206 for primary central nervous system tumors. The company is currently enrolling patients in the Phase 3 ACTION study and anticipates interim overall survival data in Q3 2025.

In terms of financing, Chimerix has a secured revolving loan facility of up to $50 million, which was amended in November 2023 to extend the term to September 30, 2026. The company also entered into an Open Market Sale Agreement with Jefferies LLC in February 2024 to offer up to $75 million in common stock, although no sales have been made under this agreement as of the reporting date.

Chimerix received a notice from Nasdaq in June 2024 regarding non-compliance with the minimum bid price requirement, with a compliance period until December 24, 2024, to regain compliance. The company is actively monitoring its stock price and exploring options to address this issue.