MiRagen grows fourth quarter, year loss in 2018

BOULDER — MiRagen Therapeutics Inc. (Nasdaq: MGEN) posted a 2018 fourth quarter loss of $10.3 million, or 33 cents per share.  

It’s an increase in loss over the same period in 2017, ended Dec. 31, which was about $6.4 million, or 29 cents per share.

Total revenue for the period also decreased from $1.2 million in the fourth quarter of 2017 to $476,000 in 2018.

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Looking at the full year of 2018, the biotech company performed better. Revenue grew from $4 million in 2017 to $8.4 million in 2018. Net loss grew as well from $26.5 million in 2017 to $32.7 million in 2018, although net loss per share for the year went from $1.38 in 2017 to $1.10 in 2018.

The company also added shares. In 2017, it had about 19.2 million shares, but grew that amount to 29.6 million in 2018.

R&D expenses were $8.2 million in Q4 2018 and $30.4 million for the full year, compared to $5 million and $19.6 million, respectively, in 2017.

“The increase year over year is primarily due to increased clinical development activities associated with the Phase 2 SOLAR clinical trial of cobomarsen, including costs to manufacture cobomarsen, and the initiation of a Phase 1 clinical trial of MRG-110 during 2018, together with an increase in personnel-related costs due to the growth of the company’s research and development team,” the company said in a statement.

In January 2018, miRagen updated its durability data for a phase 1 test it was doing of its drug cobomarsen. The company said it believes it has proof-of-concept for cobomarsen due to its Phase 1 clinical trial data. It’s also conducting a Phase 2 clinical trial of its drug remlarsen. MRG-110 is being evaluated in collaboration with Servier in two Phase 1 clinical trials. Data is expected to be reported this year.