Marinus Pharmaceuticals, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in cash and cash equivalents, which fell to $42.2 million from $120.6 million at the end of 2023. Total current assets also decreased sharply to $57.4 million from $165.2 million, while total assets dropped to $63.6 million from $170.9 million. The company's total stockholders' equity reflected a substantial deficit of $(66.7 million), down from $16.8 million at the end of 2023.
In terms of revenue, Marinus reported product revenue of $8.5 million for the third quarter of 2024, an increase from $5.4 million in the same period of 2023. For the nine months ended September 30, 2024, product revenue reached $23.9 million, compared to $13.0 million in the prior year. Total revenue for the third quarter was $8.5 million, up from $7.3 million in 2023, while total revenue for the nine months was $24.3 million, slightly higher than $23.8 million in the previous year.
Despite the revenue growth, the company reported a net loss of $24.2 million for the third quarter of 2024, an improvement from a net loss of $33.0 million in the same quarter of 2023. The net loss for the nine months ended September 30, 2024, was $98.7 million, compared to $99.6 million in the prior year. The loss per share for the third quarter improved to $(0.42) from $(0.61) in 2023.
Strategically, Marinus announced a significant reduction in its workforce by approximately 45% in Q4 2024, following the discontinuation of further clinical development of ganaxolone after the TrustTSC trial did not meet its primary endpoint. The company has engaged Barclays as an advisor to explore strategic alternatives aimed at maximizing shareholder value. Additionally, cost reduction activities were implemented in 2024 to extend the company's cash runway into the second quarter of 2025.
Marinus continues to focus on the commercialization of ZTALMY (ganaxolone), which has received various approvals, including from the FDA and the European Commission. The company has also entered into collaboration agreements with Orion Corporation and Tenacia Biotechnology for the commercialization of ganaxolone in Europe and Asia, respectively. However, the company faces substantial doubt regarding its ability to continue as a going concern, given its accumulated deficit of $670.6 million as of September 30, 2024.
About MARINUS PHARMACEUTICALS, INC.
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