Chimerix Reports Fourth Quarter and Year End 2024 Financial Results

Rhea-AI Summary

Chimerix (NASDAQ: CMRX) reported its Q4 and full-year 2024 financial results, highlighting two major developments: the FDA's acceptance of dordaviprone NDA for treating recurrent H3 K27M-mutant diffuse glioma with a PDUFA date of August 18, 2025, and the pending acquisition by Jazz Pharmaceuticals for $8.55 per share ($935 million total).

Financial highlights include:

• Q4 2024 net loss of $23.0 million ($0.25 per share) vs $18.2 million in Q4 2023
• Full-year 2024 net loss of $88.4 million ($0.99 per share) vs $82.1 million in 2023
• Cash position of $140.1 million with no debt
• R&D expenses increased to $17.7 million in Q4 2024
• G&A expenses rose to $7.0 million in Q4 2024

Positive

• Pending acquisition by Jazz Pharmaceuticals at $8.55 per share ($935M total)
• FDA acceptance of dordaviprone NDA with PDUFA date set
• Strong cash position of $140.1M with zero debt
• 92.2M outstanding shares with no dilution reported

Negative

• Increased net loss to $23.0M in Q4 2024 vs $18.2M in Q4 2023
• Higher full-year net loss of $88.4M vs $82.1M in 2023
• Increased R&D expenses to $17.7M in Q4 2024 from $15.6M in Q4 2023
• Rising G&A expenses to $7.0M in Q4 2024 from $5.2M in Q4 2023

Insights

Biotech Industry Analyst

Chimerix's announcement contains two significant positive catalysts that overshadow its widening quarterly losses. The FDA acceptance of dordaviprone's NDA for H3 K27M-mutant diffuse glioma represents a critical regulatory milestone with the August 2025 PDUFA date now established. This rare brain cancer lacks effective treatments, making this potential approval particularly meaningful.

More immediately impactful is Jazz Pharmaceuticals' acquisition of Chimerix for $935 million ($8.55 per share), expected to close in Q2 2025. This deal validates dordaviprone's potential and secures a 0.9% premium over the current $8.47 share price. Jazz's commercial infrastructure and global reach should accelerate dordaviprone's market penetration if approved.

While Chimerix reported deepening losses - Q4 net loss increasing to $23.0 million from $18.2 million year-over-year - the company maintains a solid cash position of $140.1 million with no debt. The increased R&D spending ($17.7 million vs. $15.6 million) and G&A expenses for Q4 ($7.0 million vs. $5.2 million) reflect appropriate investments in commercial launch preparations ahead of the potential approval.

M&A Financial Analyst

Jazz Pharmaceuticals' acquisition of Chimerix represents a strategic transaction with clear benefits for both parties. The all-cash deal at $8.55 per share values Chimerix at approximately $935 million, representing just a slight premium to current trading prices but providing certainty for shareholders ahead of the August 2025 PDUFA date.

From a financial perspective, Chimerix's $140.1 million cash reserve (approximately $1.52 per share) means Jazz is effectively paying about $7.03 per share for Chimerix's pipeline, with dordaviprone being the primary value driver. Given Chimerix's increasing quarterly losses ($23.0 million in Q4 2024 vs. $18.2 million in Q4 2023), the acquisition provides financial stability and eliminates financing risk ahead of commercialization.

For Jazz, this bolt-on acquisition aligns with their strategy of expanding their oncology portfolio with late-stage assets. The 13.5% year-over-year increase in R&D spending and escalating commercial preparation costs indicate Chimerix was accelerating investment ahead of potential approval. By acquiring now rather than waiting for FDA approval, Jazz potentially secures a more favorable valuation while gaining time to prepare for commercial launch, assuming the transaction closes in Q2 2025 as expected.

New Drug Application (NDA) for Dordaviprone as Treatment for Recurrent H3 K27M-Mutant Diffuse Glioma Under Review with Prescription Drug User Fee Act (PDUFA) Action Date of August 18, 2025

Acquisition of Chimerix by Jazz Pharmaceuticals (Jazz) Expected to Close in Second Quarter of 2025

DURHAM, N.C., March 21, 2025 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ: CMRX), a biopharmaceutical company whose mission it is to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases, today reported financial results for the fourth quarter and full-year ended December 31, 2024.

"The recent FDA acceptance of the dordaviprone NDA marks an important milestone for Chimerix and offers renewed hope for patients diagnosed with this life-threatening cancer," said Mike Andriole, Chief Executive Officer of Chimerix. “Our mission to bring dordaviprone to patients globally is greatly enhanced by the pending acquisition of Chimerix by Jazz. We continue to prepare to bring dordaviprone to patients in need as quickly as possible."

Fourth Quarter 2024 Financial Results
Chimerix’s balance sheet at December 31, 2024 included $140.1 million of capital available to fund operations, no outstanding debt, and approximately 92.2 million outstanding shares of common stock.

Chimerix reported a net loss of $23.0 million, or $0.25 per basic and diluted share, for the fourth quarter of 2024, compared to a net loss of $18.2 million, or $0.20 per basic and diluted share for the fourth quarter of 2023.

Research and development expenses increased to $17.7 million for the fourth quarter of 2024, compared to $15.6 million for the same period in 2023.

General and administrative expenses increased to $7.0 million for the fourth quarter of 2024, compared to $5.2 million for the same period in 2023. The increase was mainly due to increased spending on commercial launch preparations.

Full Year 2024 Financial Results
Chimerix reported a net loss of $88.4 million, or $0.99 per basic and diluted share, for the year ended December 31, 2024 compared to a net loss of $82.1 million, or $0.93 per basic and diluted share for the year ended December 31, 2023.

Research and development expenses increased to $74.6 million for the year ended December 31, 2024, compared to $68.8 million for the year ended December 31, 2023.

General and administrative expenses decreased to $22.2 million for the year ended December 31, 2024, compared to $24.6 million for the year ended December 31, 2023.

Transaction with Jazz
On March 5, 2025, Chimerix and Jazz announced that the companies have entered into a definitive merger agreement under which Jazz has agreed to acquire Chimerix for $8.55 per share in cash, for a total consideration of approximately $935 million. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions, including the tender of a majority of the outstanding shares of Chimerix’s voting common stock and other conditions.

In light of the pending acquisition by Jazz, Chimerix will not hold a conference call to discuss its fourth quarter and full year 2024 earnings.

About Chimerix
Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, dordaviprone, is in development for H3 K27M-mutant glioma. The Company is conducting Phase 1 dose escalation studies of ONC206 to evaluate safety and PK data.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include those relating to, among other things: Jazz’s proposed acquisition of Chimerix, the anticipated occurrence, manner and timing of the proposed tender offer, the closing of the proposed acquisition and the prospective benefits of the proposed acquisition; the initial potential PDUFA timing; and other statements that are not historical facts. Among the factors and risks that could cause actual results to differ materially from those indicated in the forward-looking statements are: uncertainties as to the timing of the tender offer; uncertainties as to how many of Chimerix’s stockholders will tender their stock in the offer; the possibility that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay, or refuse to grant approval for the consummation of the transaction (or only grant approval subject to adverse conditions or limitations); the difficulty of predicting the timing or outcome of regulatory approvals or actions, if any; the possibility that the transaction does not close; the risk that competing offers or acquisition proposals will be made; the effects of the transaction on relationships with employees, customers, suppliers, other business partners or governmental entities; significant transaction costs; the risk of litigation and/or regulatory actions related to the proposed acquisition; effectively launching and commercializing products and product candidates such as dordaviprone, if approved; the successful completion of development and regulatory activities with respect to dordaviprone; obtaining and maintaining adequate coverage and reimbursement; the time-consuming and uncertain regulatory approval process, including the risk that Chimerix’s NDA for dordaviprone seeking accelerated approval for treatment of H3 K27M-mutant diffuse glioma in adult and pediatric patients with progressive disease following prior therapy may not be approved by FDA in a timely manner or at all; the costly and time-consuming pharmaceutical product development and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating or completing clinical trials and assessing patients, including with respect to current and planned future clinical trials of dordaviprone; global economic, financial, and healthcare system disruptions; and additional risks set forth in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.

CONTACT:
Will O’Connor
Stern Investor Relations
212-362-1200
ir@chimerix.com
will@sternir.com

CHIMERIX, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
					December 31,				December 31,
						2024				2023
ASSETS
Current assets:
	Cash and cash equivalents				$	31,049			$	27,661
	Short-term investments, available-for-sale					100,594				155,174
	Accounts receivable					57				4
	Prepaid expenses and other current assets					4,251				6,271
		Total current assets				135,951				189,110
Long-term investments						8,475				21,657
Property and equipment, net of accumulated depreciation						417				224
Operating lease right-of-use assets						951				1,482
Other long-term assets						214				301
			Total assets		$	146,008			$	212,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable				$	3,938			$	2,851
	Accrued liabilities					19,933				15,592
		Total current liabilities				23,871				18,443
Line of credit commitment fee						-				125
Lease-related obligations						458				1,177
			Total liabilities			24,329				19,745
Stockholders’ equity:
	Preferred stock, $0.001 par value, 10,000,000 shares authorized at December 31, 2024 and
		2023; no shares issued and outstanding as of December 31, 2024 and 2023				-				-
	Common stock, $0.001 par value, 200,000,000 shares authorized at December 31, 2024 and
		2023; 92,209,175 and 88,929,300 shares issued and outstanding as of December 31, 2024
		and 2023, respectively				92				89
	Additional paid-in capital					1,005,475				988,457
	Accumulated other comprehensive gain, net					23				7
	Accumulated deficit					(883,911	)			(795,524	)
		Total stockholders’ equity				121,679				193,029
			Total liabilities and stockholders’ equity		$	146,008			$	212,774

CHIMERIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
						Three Months Ended December 31,								Years Ended December 31,
							2024				2023				2024				2023
Revenues:
	Contract and grant revenue					$	57			$	4			$	212			$	275
	Licensing revenue						-				-				-				49
		Total revenues					57				4				212				324
Operating expenses:
	Research and development						17,656				15,644				74,574				68,788
	General and administrative						6,953				5,170				22,205				24,601
		Total operating expenses					24,609				20,814				96,779				93,389
			Loss from operations				(24,552	)			(20,810	)			(96,567	)			(93,065	)
Other income:
	Interest income and other, net						1,598				2,649				8,180				10,970
				Net loss			(22,954	)			(18,161	)			(88,387	)			(82,095	)
Other comprehensive (loss) income:
	Unrealized (loss) income on investments, net						(235	)			632				16				344
				Comprehensive loss		$	(23,189	)		$	(17,529	)		$	(88,371	)		$	(81,751	)
Per share information:
	Net loss, basic and diluted					$	(0.25	)		$	(0.20	)		$	(0.99	)		$	(0.93	)
	Weighted-average shares outstanding, basic and diluted						90,261,484				88,910,300				89,699,074				88,604,026

FAQ

What is the acquisition price for Chimerix (CMRX) by Jazz Pharmaceuticals?

Jazz Pharmaceuticals is acquiring Chimerix for $8.55 per share in cash, totaling approximately $935 million.

When is the PDUFA date for Chimerix's dordaviprone NDA?

The FDA's PDUFA action date for dordaviprone is August 18, 2025.

What was Chimerix's (CMRX) net loss for Q4 2024?

Chimerix reported a net loss of $23.0 million ($0.25 per share) for Q4 2024.

What is Chimerix's (CMRX) cash position as of December 31, 2024?

Chimerix had $140.1 million in capital available with no outstanding debt.

When is the Jazz Pharmaceuticals acquisition of CMRX expected to close?

The acquisition is expected to close in the second quarter of 2025, subject to customary conditions.