Chimerix, a biopharmaceutical company, has reported its financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter of 2024, the company's balance sheet included $140.1 million of capital available to fund operations, with no outstanding debt and approximately 92.2 million outstanding shares of common stock. However, 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 same period in 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 also rose to $7.0 million for the fourth quarter of 2024, compared to $5.2 million for the same period in 2023, mainly due to increased spending on commercial launch preparations.
For the full year 2024, Chimerix reported a net loss of $88.4 million, or $0.99 per basic and diluted share, 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. However, 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.
In other news, Chimerix and Jazz Pharmaceuticals 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.
Chimerix's most advanced clinical-stage development program, dordaviprone, is in development for H3 K27M-mutant glioma, and the company is conducting phase 1 dose escalation studies of onc206 to evaluate safety and PK data. As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $8.5. For the full picture, make sure to review Chimerix's 8-K report.
