Marina Biotech (NASDAQ: MRNA) reported Q4 revenue for the quarter came in at $35.4 million versus the consensus estimate of $19.57 million.

“Execution by our team has enabled us to make important pipeline progress so far this year. We now have two additional programs ready for Phase 2 clinical development, newly opened INDs for our first rare disease program and a fifth immuno-oncology program, dosed the first cohort in a study of our systemically delivered mRNA that encodes for a secreted monoclonal antibody, and recently reported positive interim Phase 1 data for a novel combination vaccine designed to protect against viruses that can cause severe respiratory diseases in children,” said Stéphane Bancel, Moderna’s chief executive officer. “We look forward to generating new clinical data for programs across our portfolio over the next 12-24 months. Our strong cash position enables us to focus on advancing investigational medicines in our pipeline, pursue new candidates within our existing modalities and continue to invest in our mRNA platform to discover new modalities and treatments for patients across a broader range of disease areas.”

Fourth Quarter and Full Year 2018 Financial Results

• Cash Position: Cash, cash equivalents and investments as of December 31, 2018 and December 31, 2017 were $1.7 billion and $0.9 billion, respectively.
• Net Cash Used in Operating Activities: Net cash used in operating activities was $330.9 million for the year ended December 31, 2018 compared to $331.5 million for the year ended December 31, 2017.
• Cash Used for Purchases of Property and Equipment: Cash used for purchases of property and equipment was $105.8 million for the year ended December 31, 2018 compared to $58.4 million for the year ended December 31, 2017. Of these amounts, cash disbursements specifically related to the Norwood manufacturing facility were $94.5 million and $41.2 million for the years ended December 31, 2018 and 2017, respectively. The Norwood plant opened in July 2018.
• Revenue: Total revenue was $35.4 million for the fourth quarter of 2018 compared to $91.9 million for the fourth quarter of 2017. Total revenue was $135.1 million for the year ended December 31, 2018 compared to $205.8 million for the year ended December 31, 2017. The decreases in both periods were mainly attributable to the termination of the Alexion strategic alliance arrangement in October 2017, and a decrease in grant revenue from the BARDA contract, primarily due to revisions to the Zika program and a focus on preclinical studies of mRNA-1893, the follow on to mRNA-1325. The decreases were partially offset by increases in collaboration revenue from AstraZeneca and Merck.
• Research and Development Expenses: Research and development expenses were $150.4 million for the fourth quarter of 2018 compared to $117.8 million for the fourth quarter of 2017. Research and development expenses were $454.1 million for the year ended December 31, 2018 compared to $410.5 million for the year ended December 31, 2017. The increases in both periods were primarily due to an increase in personnel related cost, including stock-based compensation, mainly driven by an increase in the number of employees supporting research and development programs, an increase in consulting and outside services, and an increase in facility and equipment related costs.
• General and Administrative Expenses: General and administrative expenses were $38.0 million for the fourth quarter of 2018 compared to $15.9 million for the fourth quarter of 2017. General and administrative expenses were $94.3 million for the year ended December 31, 2018 compared to $64.7 million for the year ended December 31, 2017. The increases in both periods were mainly attributable to increases in personnel related costs, including stock-based compensation, primarily driven by an increase in the number of employees, and consulting and outside services costs, both of which were in support of public company readiness.
• Net Loss: Net loss was $141.4 million for the fourth quarter of 2018 compared to $37.9 million for the fourth quarter of 2017. Net loss was $384.7 million for the year ended December 31, 2018 compared to $255.9 million for the year ended December 31, 2017.

2019 Expected Cash Position

• Cash, cash equivalents and investments at December 31, 2019 are expected to be in the range of $1.15 billion to $1.20 billion.

For earnings history and earnings-related data on Marina Biotech (MRNA) click here.