Chimerix Rises Slightly on Revenue Beat

Chimerix Inc. (NASDAQ: CMRX) reported its fourth-quarter financial results before the markets opened on Monday. The company had a net loss of $0.82 per share on $3.1 million in revenue. That compares to consensus estimates from Thomson Reuters of a net loss of $0.73 per share on revenue of $2.68 million. In the same period of the previous year, the company posted a net loss of $0.52 per share and $1.16 million in revenue.

In late December, the company reported top-line results from its Phase 3 Suppress trial. Though antiviral activity was clearly demonstrated through week 14, brincidofovir did not achieve the primary endpoint of prevention of clinically significant CMV infection through week 24 after transplant.

Also in light of the unexpected results in the Suppress trial, Chimerix has elected to close the Phase 3 Sustain and Surpass trials in kidney transplant recipients, and to pursue smaller trials of brincidofovir designed to confirm activity against BK virus and to establish management strategies for potential brincidofovir-related adverse events in the solid organ transplant population.

M. Michelle Berrey, MD, MPH, president and CEO of Chimerix, commented on earnings:

We remain confident in the antiviral activity shown by brincidofovir, and its significant potential as a much-needed treatment option for patients with adenovirus and other DNA viral infections. With the observation of a day 90 mortality of less than 40 percent in the approximately 100 patients with disseminated adenovirus disease in the AdVise study, and the anticipated spring readout of the historic controlled data, we strongly believe that there is a near-term path forward for this antiviral, and are well-capitalized to conduct any additional confirmatory study required for an adenovirus treatment submission. Following the recent presentation of 100 percent survival in the rabbitpox pivotal study of brincidofovir, we also anticipate completing the second pivotal animal study this year to enable an End of Phase 2 meeting with FDA for the treatment of smallpox.

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On the books, cash, equivalents and short-term investments totaled $220.3 million at the end of the fourth quarter, compared to $234.6 million in the same period from last year.

Shares of Chimerix closed Friday down 6.5% at $4.72, with a consensus analyst price target of $9.60 and a 52-week trading range of $4.36 to $58.04. Following the release of the earnings report, the stock was up 2% at $4.82 in early trading indications Monday.

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