cmrx-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-35867

CHIMERIX, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						33-0903395
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

2505 Meridian Parkway, Suite 100
Durham, North Carolina						27713
(Address of Principal Executive Offices)						(Zip Code)

(919) 806-1074

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	CMRX	The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o						Accelerated filer o
Non-accelerated filer ☒						Smaller reporting company ☒
						Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of August 9, 2024, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 89,638,635.

CHIMERIX, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

INDEX


			Page
Part I — Financial Information
Item 1. Financial Statements			3
Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited)			3
Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)			4
Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)			5
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited)			7
Notes to the Consolidated Financial Statements (unaudited)			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			27
Item 4. Controls and Procedures			27
Part II — Other Information
Item 1. Legal Proceedings			28
Item 1A. Risk Factors			28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			56
Item 3. Defaults Upon Senior Securities			56
Item 4. Mine Safety Disclosures			56
Item 5. Other Information			57
Item 6. Exhibits			58
Signatures			59

Unless otherwise mentioned or unless the context indicates otherwise, as used in this prospectus, the terms “Chimerix,” “the Company,” “we,” “us” and “our” refer to Chimerix, Inc., a Delaware corporation. We have obtained a registered trademark for Chimerix® in the United States. All other trademarks or trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners.

PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

CHIMERIX, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)


	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	15,658	$	27,661
Short-term investments, available-for-sale	132,511		155,174
Accounts receivable	129		4

Prepaid expenses and other current assets	5,157		6,271
Total current assets	153,455		189,110
Long-term investments	23,315		21,657
Property and equipment, net of accumulated depreciation	276		224
Operating lease right-of-use assets	1,223		1,482
Other long-term assets	242		301
Total assets	$	178,511	$	212,774

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	4,163	$	2,851
Accrued liabilities	17,939		15,592


Total current liabilities	22,102		18,443
Line of credit commitment fee	—		125
Lease-related obligations	827		1,177
Total liabilities	22,929		19,745

Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	—		—
Common stock, $0.001 par value, 200,000,000 shares authorized at June 30, 2024 and December 31, 2023; 89,632,385 and 88,929,300 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	90		89
Additional paid-in capital	993,778		988,457
Accumulated other comprehensive (loss) gain, net	(208)		7
Accumulated deficit	(838,078)		(795,524)
Total stockholders’ equity	155,582		193,029
Total liabilities and stockholders’ equity	$	178,511	$	212,774

The accompanying notes are an integral part of the consolidated financial statements.

CHIMERIX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:

Contract and grant revenue	$	129	$	26	$	129	$	260
Licensing revenue	—		—		—		49
Total revenues	129		26		129		309


Operating expenses:
Research and development	18,428		16,926		37,272		35,748
General and administrative	4,533		4,448		10,079		10,127

Total operating expenses	22,961		21,374		47,351		45,875
Loss from operations	(22,832)		(21,348)		(47,222)		(45,566)
Other income:

Interest income and other, net	2,147		2,772		4,668		5,618



Net loss	(20,685)		(18,576)		(42,554)		(39,948)
Other comprehensive loss:
Unrealized loss on debt investments, net	(30)		(582)		(215)		(476)
Comprehensive loss	$	(20,715)	$	(19,158)	$	(42,769)	$	(40,424)
Per share information:
Net loss, basic and diluted	$	(0.23)	$	(0.21)	$	(0.48)	$	(0.45)


Weighted-average shares outstanding, basic and diluted	89,630,959		88,583,567		89,445,033		88,439,894

The accompanying notes are an integral part of the consolidated financial statements.

CHIMERIX, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands)

(unaudited)


	Common Stock
	Shares	Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Gain (Loss)		Accumulated Deficit		Total Stockholders’ Equity
Balance, December 31, 2023	88,929,300	$	89	$	988,457	$	7	$	(795,524)	$	193,029
Share-based compensation	—	—		2,749		—		—		2,749

Employee stock purchase plan purchases	419,546	1		377		—		—		378
RSU stock issuance	281,056	—		—		—		—		—


Comprehensive loss:
Unrealized loss on investments, net	—	—		—		(185)		—		(185)
Net loss	—	—		—		—		(21,869)		(21,869)
Total comprehensive loss										(22,054)
Balance, March 31, 2024	89,629,902	$	90	$	991,583	$	(178)	$	(817,393)	$	174,102
Share-based compensation	—	—		2,193		—		—		2,193
Exercise of stock options	2,483	—		2		—		—		2



Comprehensive loss:
Unrealized loss on investments, net	—	—		—		(30)		—		(30)
Net loss	—	—		—				(20,685)		(20,685)
Total comprehensive loss										(20,715)
Balance, June 30, 2024	89,632,385	$	90	$	993,778	$	(208)	$	(838,078)	$	155,582


	Common Stock
	Shares	Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Gain (Loss)		Accumulated Deficit		Total Stockholders’ Equity
Balance, December 31, 2022	88,054,127	$	88	$	970,535	$	(337)	$	(713,429)	$	256,857
Share-based compensation	—	—		4,363		—		—		4,363

Employee stock purchase plan purchases	308,000	1		356		—		—		357
RSU stock issuance	221,440	—		—		—		—		—


Comprehensive loss:
Unrealized gain on investments, net	—	—		—		106		—		106
Net loss	—	—		—		—		(21,372)		(21,372)
Total comprehensive loss										(21,266)
Balance, March 31, 2023	88,583,567	$	89	$	975,254	$	(231)	$	(734,801)	$	240,311
Share-based compensation	—	—		2,959		—		—		2,959


Comprehensive loss:
Unrealized loss on investments, net	—	—		—		(582)		—		(582)
Net loss	—	—		—				(18,576)		(18,576)
Total comprehensive loss										(19,158)
Balance, June 30, 2023	88,583,567	$	89	$	978,213	$	(813)	$	(753,377)	$	224,112

CHIMERIX, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities:
Net loss	$	(42,554)	$	(39,948)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	46		45
Amortization of debt issuance costs	146		132
Amortization of discount/premium on investments	(2,340)		(4,002)
Share-based compensation	4,942		7,324






Lease-related amortization	(54)		(43)
Changes in operating assets and liabilities:
Accounts receivable	(125)		1,014

Prepaid expenses and other assets	1,115		4,019
Accounts payable and accrued liabilities	3,623		(5,108)

Net cash used in operating activities	(35,201)		(36,567)

Cash flows from investing activities:
Purchases of property and equipment	(98)		(74)

Purchases of short-term investments	(21,680)		(30,347)
Purchases of long-term investments

SEC Form 10-Q filed by Chimerix Inc.