Chimerix Reports $88.4 Million Net Loss for Fiscal Year 2024, Enters Merger Agreement with Jazz Pharmaceuticals

Chimerix Inc. reported a net loss of $88.4 million for the fiscal year ending December 31, 2024, compared to a net loss of $82.1 million in the previous year, marking a 7.7% increase in losses. Total revenues for the year were $0.2 million, a significant decrease from $0.3 million in 2023, primarily due to a decline in contract and grant revenue. Research and development expenses rose to $74.6 million, an 8.4% increase from $68.8 million in 2023, driven by higher compensation costs and expenses related to the ongoing Phase 3 ACTION study for dordaviprone, the company's lead product candidate.

In a strategic move, Chimerix entered into a merger agreement with Jazz Pharmaceuticals on March 4, 2025, under which Jazz will acquire all outstanding shares of Chimerix at a price of $8.55 per share, totaling approximately $935 million. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions. This merger follows the company's previous asset sale of its TEMBEXA program to Emergent BioSolutions, which generated a net gain of $229.7 million in 2022. The company anticipates that the merger will enhance its operational capabilities and financial position.

Chimerix's clinical development efforts are focused on dordaviprone, which is currently under review by the FDA for accelerated approval for treating H3 K27M-mutant diffuse glioma. The FDA accepted the New Drug Application (NDA) for dordaviprone on February 14, 2025, with a target review date set for August 18, 2025. The company is also conducting a Phase 3 clinical trial, the ACTION study, which is expected to enroll 450 patients across 18 countries. Interim overall survival data from this trial is anticipated in 2026.

As of December 31, 2024, Chimerix had approximately $140.1 million in capital available to fund operations, with cash and cash equivalents totaling $31 million. The company has incurred significant losses since its inception, with an accumulated deficit of $883.9 million. To support its ongoing operations and development activities, Chimerix plans to leverage its existing cash reserves and may seek additional funding through equity offerings or collaborations. The company has not yet generated substantial revenue from product sales and continues to rely on grants and collaborations for funding.

Looking ahead, Chimerix faces several challenges, including the need for successful commercialization of dordaviprone and the potential impact of the merger with Jazz Pharmaceuticals on its operations. The company remains focused on advancing its clinical programs while navigating the complexities of regulatory approvals and market competition.