Mural Oncology plc(US:MURA)2025-11-06 13:00Revenue and Financial Performance - The company has not recognized any revenue through September 30, 2025, and does not expect to generate substantial product revenue in the near future [125]. - Other income for the three months ended September 30, 2025 was $0.3 million, down from $2.3 million in 2024, primarily due to reduced interest income [134]. - Other income for the nine months ended September 30, 2025 was $2.4 million, down from $8.2 million in 2024, mainly due to decreased interest income from cash and marketable securities [139]. - For the nine months ended September 30, 2025, the net cash used in operating activities was $86.6 million, primarily due to a net loss of $84.8 million [152]. - For the nine months ended September 30, 2024, net cash used in operating activities was $96.8 million, resulting from a net loss of $94.2 million [153]. Cash and Funding - A cash contribution of $275.0 million was received from the Former Parent in the fourth quarter of 2023 at the time of the Separation [113]. - The company received a cash contribution of $275.0 million from the Former Parent on November 14, 2023, as part of the Separation [141]. - The company expects to fund its operating expenses and capital requirements for at least twelve months following September 30, 2025, based on current cash and cash equivalents [142]. - The cash, cash equivalents, and restricted cash at the end of the period were $60.6 million, down from $271.1 million at the beginning of the period [151]. - The company has entered into an "at-the-market" offering agreement with Jefferies LLC for up to $75.0 million, with no shares sold under this agreement as of September 30, 2025 [150]. Research and Development - R&D expenses for the three months ended September 30, 2025 decreased by $4.3 million to $27.6 million compared to $31.9 million in 2024, primarily due to the cessation of all R&D activities following restructuring [132]. - Total R&D expenses for the nine months ended September 30, 2025 were $46.4 million, a decrease of $35.6 million from $82.0 million in 2024, attributed to the wind-down of R&D activities [136]. - The company has ceased all remaining development activities on its preclinical programs as of June 3, 2025 [104]. - The ARTISTRY-7 trial of nemvaleukin did not achieve its primary endpoint, leading to the cessation of its development for platinum-resistant ovarian cancer [104]. Workforce and Restructuring - The company announced a reduction in workforce by approximately 90% following the discontinuation of clinical development of nemvaleukin [119]. - Restructuring and impairment charges for the nine months ended September 30, 2025 totaled $17.5 million, including $9.5 million in employee-related costs and $5.5 million in impairment charges [138]. Corporate Structure and Compliance - The company operates as an independent, publicly traded company under the symbol "MURA" since November 16, 2023, following the Separation [114]. - The company is prohibited from taking actions that would prevent the Separation from qualifying as tax-free for U.S. federal income tax purposes for a four-year period [121]. - The company has not made significant changes to its critical accounting policies or estimates since the last reporting period [163]. Lease and Other Financial Obligations - The remaining contractual operating lease liability associated with the Winter Street Lease was $3.5 million as of September 30, 2025 [161]. - The company entered into sub-leases that are expected to generate a total annualized fixed base rent of $1.2 million from August 2024 to April 2026 [159][160]. - Net cash provided by financing activities was $28 thousand for the nine months ended September 30, 2025, primarily from the issuance of ordinary shares under employee share plans [156]. - The company had $9.8 million in cash used by working capital changes for the nine months ended September 30, 2025 [152].