Marinus Pharmaceuticals Inc. (MRNS) shares declined 1.16% in after-hours on Tuesday, August 17, 2021, and closed the daily trading at $11.90. Earlier in the regular trading session of Tuesday, MRNS’s stock lost 0.74%. MRNS shares have risen 56.77% over the last 12 months, and they have moved down 8.23% in the past week. Over the past three months, the stock has lost 17.82%, while over the past six months, it has declined 19.30%.
Let’s see what’s going on with the company?
MRNS Topline Ganaxolone Phase 2 Results
On August 17, 2021, Marinus Pharmaceuticals, Inc. (MRNS) announced topline data from its open-label Phase 2 trial evaluating the safety and efficacy of adjunctive oral ganaxolone treatment in 23 patients with seizures associated with tuberous sclerosis complex (TSC). The primary endpoint showed a median 16.6 per cent reduction in 28-day primary endpoint seizure frequency relative to the four-week baseline period, with 30.4 per cent of patients achieving a 50 per cent or more seizure reduction. During the trial, patients with focal seizures (n=19) showed a median 25.2 per cent reduction in focal seizure frequency.
MRNS recent financial results announcement
On August 10, 2021, Marinus Pharmaceuticals, Inc. (MRNS), reported its financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- MRNS reported federal contract revenue of $1.90 million in Q2 2021 compared to zero revenue in Q2 2020.
- Research and development expenses were $18.6 million in Q2 2021 compared to $11.75 million in Q2 2020.
- General and administrative expenses were $6.8 million in Q2 2021 compared to $4.13 million in Q2 2020.
- It suffered a net loss of $23.8 million in Q2 2021 compared to a net loss of $15.7 million in Q2 2020.
- The company had cash, cash equivalents, and investments of $112.5 million on June 30, 2021, compared to $140.0 million on December 31, 2020.
FY 2021 financial guidance
For FY 2021, the company is expecting,
- Total GAAP operating expenses in the range of $113 to $118 million.
- 2021 BARDA contract revenues to be in the range of $7 to $10 million.
MRNS agreement with Orion Corporation
On August 03, 2021, Marinus Pharmaceuticals, Inc. (MRNS) entered into an agreement with Orion Corporation whereby Orion received exclusive rights to commercialize the oral and intravenous (IV) dose formulations of ganaxolone in the European Economic Area, the United Kingdom, and Switzerland for CDKL5 deficiency disorder (CDD), tuberous sclerosis complex (TSC) and refractory status epilepticus (RSE).
Under the agreement, Orion will pay Marinus €25 million ($30 million) in cash as an upfront fee. Marinus is eligible to receive up to an additional €97 million ($115 million) in R&D reimbursement and cash milestone payments based on specific clinical and commercial achievements.
MRNS NDA for ganaxolone
On August 03, 2021, Marinus Pharmaceuticals, Inc submitted New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for the use of its lead product candidate ganaxolone, to treat seizures associated with CDKL5 deficiency disorder (CDD).
Well, we have positive news but MRNS stock plummeting on Tuesday is a bit strange and we are not sure why did it face negativity yesterday. We hope it to perform well in the next trading session, based on the recent development.