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Mural Oncology plc (MURA)·Q2 2024 Earnings Summary

Executive Summary

  • Q2 showcased disciplined OpEx management and clinical execution: R&D fell to $27.5M (from $42.5M YoY) and net loss improved to $31.6M (vs. $50.2M YoY) while the company reaffirmed cash runway into Q4 2025, with cash/marketable securities at $204.7M as of June 30, 2024 .
  • Pipeline milestones advanced: ARTISTRY-7 (PROC, pembro combo) completed enrollment with interim OS readout targeted for Q1 2025; ARTISTRY-6 (mucosal melanoma monotherapy) top-line data expected 1H 2025; ASCO data supported less-frequent IV dosing now being tested in ARTISTRY-6 cohorts 3/4 .
  • Guidance unchanged: runway into Q4 2025 reaffirmed; management continues to forecast lower operating expenses in 2025 vs. 2024 due to timing of clinical spend .
  • Estimates comparison: S&P Global/Capital IQ EPS and revenue consensus could not be retrieved due to data access limits; as a pre-revenue biotech, reported revenue remains $0, so no revenue/EPS beat/miss analysis is available this quarter .

What Went Well and What Went Wrong

  • What Went Well

    • Completed enrollment in ARTISTRY-7 (phase 3 PROC; nemvaleukin + pembro), keeping the interim OS catalyst on track for Q1 2025; final OS expected Q2 2026 .
    • ASCO ARTISTRY-3 data supported LFIV dosing (no DLTs, desired PD effects with CD8+/NK expansion and minimal Treg expansion); LFIV regimen is already in ARTISTRY-6 cohorts with preliminary readouts in 2025 .
    • Cost discipline: R&D down materially YoY ($27.5M vs. $42.5M); net loss narrowed ($31.6M vs. $50.2M), reflecting wind-down of older trials and timing of enrollment in ARTISTRY-7 .

  • What Went Wrong

    • G&A rose YoY to $6.7M (vs. $4.7M) on standalone public company costs (employee-related and professional fees) .
    • No near-term revenue; company reiterated it has not recognized revenue through June 30, 2024 and remains dependent on external financing over time to advance programs .
    • 2025 catalysts remain dependent on event timing/enrollment and late-stage risk; management highlights clinical, regulatory, and funding risks typical of development-stage biopharma .

Financial Results

MetricQ2 2023Q4 2023Q1 2024Q2 2024
Revenue ($USD Millions)$0.0 (no revenue) $0.0 (no revenue) $0.0 (no revenue) $0.0 (no revenue)
R&D Expense ($USD Millions)$42.5 $42.2 $26.9 $27.5
G&A Expense ($USD Millions)$4.7 $16.3 $7.2 $6.7
Other Income ($USD Millions)$0.0 $1.0 $3.1 $2.7
Net Loss ($USD Millions)$(50.2) $(59.5) $(30.9) $(31.6)
Diluted EPS ($)$(3.01) $(3.57) $(1.84) $(1.86)
Cash, Cash Equivalents & Marketable Securities (Period-End, $USD Millions)n/a$270.9 $231.7 $204.7

Notes:

  • Pre-revenue biotechnology company; no product revenue recognized through June 30, 2024 .
  • Operating cash flow (H1 2024): $(66.7)M (useful context for burn) .

Segment breakdown: Not applicable (no commercial segments disclosed) .

KPIs (Operating Metrics)

  • H1 2024 net cash used in operating activities: $(66.7)M .
  • Accrued external R&D services at 6/30/24: $10.0M .
  • Operating lease cost Q2 2024: $1.4M; variable lease cost: $1.1M .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayThrough Q4 2025Runway into Q4 2025 (Q1’24) Runway into Q4 2025 reaffirmed (Q2’24) Maintained
Operating expensesFY 2024 vs 20232024 OpEx lower YoY vs 2023; 2024 > 2025 due to timing (Q1’24) 2025 OpEx lower than 2024 due to timing (Q2’24) Maintained trajectory
Clinical catalystsARTISTRY-7 interim OSQ1 2025 (approx. 75% events) (Q1’24) Q1 2025 (approx. 75% events) (Q2’24) Maintained
Clinical catalystsARTISTRY-6 cohort 2 topline1H 2025 (Q1’24) 1H 2025 (Q2’24) Maintained

Earnings Call Themes & Trends

Note: No Q2 2024 earnings call transcript was available in the filing repository. Themes below reference press releases and 10-Q MD&A.

TopicPrevious Mentions (Q4 2023, Q1 2024)Current Period (Q2 2024)Trend
Nemvaleukin late-stage timelinesARTISTRY-6 (mucosal melanoma) topline 1H’25; ARTISTRY-7 (PROC) interim OS Q1’25; final OS Q2’26 Timelines reiterated; ARTISTRY-7 enrollment complete On track/positive
LFIV dosing strategyRecommended phase 2 dose from ARTISTRY-3; plan to evaluate in ARTISTRY-6 cohorts ASCO data showed tolerability/no DLTs and desired PD; LFIV in ARTISTRY-6 cohorts with readouts in 2025 Strengthening
Preclinical IL-18/IL-12 pipelineFirst data at AACR; candidate nominations expected 2024 Candidate nominations remain on track for 2024; mechanistic enhancements reiterated On track
Cash runway/OpExRunway into Q4’25; 2024 OpEx lower YoY; 2025 OpEx below 2024 (timing) Runway into Q4’25 reaffirmed; 2025 OpEx below 2024 (timing) Maintained
Leadership/Boardn/aAppointment of George Golumbeski, Ph.D., to Board Governance strengthened

Management Commentary

  • CEO positioning on cytokines and execution: “We’ve seen resurgent interest across the industry in cytokines… Since becoming an independent company late last year, we’ve rapidly worked to shape and grow a nimble organization…” – Caroline Loew, Ph.D., CEO .
  • Q1 strategic focus and capital: “We remain on track to share data readouts in the first half of next year… We continue to be well capitalized to achieve our key clinical readouts and are laser-focused on the delivery of our goals.” – CEO .
  • 2023 year-end outlook: “We expect our current cash reserves to fund our operations… into 4Q 2025 and we are selectively exploring partnerships…” – CEO .

Q&A Highlights

  • An earnings call transcript for Q2 2024 was not available in the document repository; as a result, Q&A highlights and any real-time guidance clarifications are unavailable from primary sources this quarter [ListDocuments: no transcripts found for period].

Estimates Context

  • We attempted to retrieve S&P Global/Capital IQ consensus EPS and revenue for Q2 2024, Q1 2024, and Q2 2023, but the request failed due to daily access limits. Consequently, a vs-consensus comparison is unavailable this quarter. Given Mural is pre-revenue, revenue consensus would be expected to be near $0; EPS comparisons are not provided here due to unavailable S&P Global data [functions.GetEstimates error].

Key Takeaways for Investors

  • 2025 readout cadence is intact: ARTISTRY-7 interim OS (Q1’25) and ARTISTRY-6 mucosal melanoma topline (1H’25) remain the primary stock catalysts; ARTISTRY-7 enrollment completion reduces timeline risk .
  • Operational execution improving: R&D spend reset (~$27.5M in Q2) and net loss narrowed YoY, reflecting portfolio focus and trial timing; management continues to flag lower 2025 OpEx vs 2024 .
  • LFIV regimen de-risks dosing strategy: ASCO data with desired PD/no DLTs supports less-frequent IV schedule now in ARTISTRY-6 cohorts 3/4, with preliminary readouts in 2025 .
  • Cash runway into Q4 2025 provides funding for key data events; however, longer-term financing needs remain typical for development-stage biotech and are highlighted in risk factors .
  • No revenue and no consensus comparison this quarter; focus remains squarely on clinical efficacy/survival data and safety to drive valuation inflections .
  • Governance/BD network strengthened via addition of Dr. Golumbeski (ex-Celgene, GRAIL), potentially beneficial for partnerships and strategic optionality ahead of data .