The company remains in a pre-revenue phase, with quarterly operating losses consistently hovering near $34 million throughout the 2024 fiscal year due to heavy R&D expenditures.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 1.1M | 3.51M | 2.57M | 0 | 1.47M |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -1.1M | -3.51M | -2.57M | 0 | -1.47M |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | -36.81% | - | 100% | - |
| Operating Expenses | 104.46M | 134.75M | 192.07M | 184.92M | 173.89M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 30.48M | 27.6M | 30.04M | 17.73M | 15.55M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 83.66M | 110.67M | 162.03M | 167.19M | 159.82M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -2M | -3.51M | 0 | 0 | -1.47M |
| Operating Income | -105.56M | -138.26M | -194.64M | -184.92M | -175.37M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | 28.96% | -5.25% | -5.45% | - |
| EBITDA | -101.94M | -134.75M | -192.07M | -183.38M | -173.89M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | 35.34% | 29.84% | -4.74% | -5.46% | - |
| D&A (Non-Cash Add-back) | 3.62M | 3.51M | 2.57M | 1.54M | 1.47M |
| EBIT | -121.93M | -128.51M | -195.29M | -184.92M | -175.37M |
| Net Interest Income | 2.83M | 9.75M | 0 | 0 | 0 |
| Interest Income | 2.83M | 9.75M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -13.54M | 9.75M | -649K | 0 | 0 |
| Pretax Income | -119.1M | -128.51M | -195.29M | -184.92M | -175.37M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 0 | 0 | 12.16M | 4.88M | 68K |
| Effective Tax Rate % | 0% | 0% | -6.23% | -2.64% | -0.04% |
| Net Income | -119.1M | -128.51M | -207.45M | -189.81M | -175.43M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | 22.55% | 38.05% | -9.29% | -8.19% | - |
| Net Income (Continuing) | -119.1M | -128.51M | -207.45M | -189.81M | -175.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.88 | -7.58 | -12.43 | -11.37 | -10.51 |
| EPS Growth % | 24.18% | 39.02% | -9.32% | -8.18% | - |
| EPS (Basic) | - | -7.58 | -12.43 | -11.37 | -10.51 |
| Diluted Shares Outstanding | 17.32M | 16.95M | 16.69M | 16.69M | 16.69M |
| Basic Shares Outstanding | 17.32M | 16.95M | 16.69M | 16.69M | 16.69M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical trial funding exhaustion
As reported in financial statements, Mural Oncology's cost structure remains dominated by R&D expenditures, which averaged approximately $27 million per quarter throughout 2024, reflecting the heavy capital requirements necessary to sustain late-stage clinical trials like ARTISTRY-7 in the absence of any commercial revenue streams.
The company's expense discipline appears constrained by the non-discretionary nature of clinical trial execution, where patient enrollment and site management costs dictate the burn rate. Investors should monitor whether the recent reduction in R&D spending in 2025Q3 represents a strategic pivot toward efficiency or a forced contraction due to limited liquidity.
Based on Mural Oncology's reported figures, the firm currently lacks operating leverage, as the absence of revenue forces a direct correlation between R&D investment and operating losses, with quarterly operating losses consistently hovering near the $34 million mark throughout the 2024 fiscal year.
The lack of revenue generation means that every dollar spent on R&D and SG&A directly expands the operating deficit, leaving no room for operational scaling until clinical milestones are achieved. This structure implies that the company is effectively a pure-play R&D vehicle where overhead efficiency is secondary to the speed of data readouts.
According to recent SEC filings, Mural Oncology's net income is significantly impacted by fluctuating stock-based compensation, which peaked at $15.2 million in 2023Q4, suggesting that the company's reported losses may be partially masked or exacerbated by non-cash equity grants during its transition to an independent entity.
The variability in SBC suggests that management is utilizing equity to preserve cash, though this practice warrants further investigation regarding its dilutive impact on existing shareholders. Analysts should adjust for these non-cash items to better understand the true cash-burn trajectory of the underlying clinical operations.
As indicated by the company's financial history, the persistent quarterly operating losses of over $30 million raise significant questions regarding the sustainability of the current cash runway, especially given the $115.5 million cash balance reported at the time of the spin-off from Alkermes.
Short-sellers may focus on the potential for dilutive financing if clinical data readouts do not provide a clear path to partnership or commercialization in the near term. The current burn rate suggests that the company may face a liquidity inflection point sooner than the market currently anticipates.
Quick answers to the most common questions about buying MURA stock.
For fiscal year 2024, Mural Oncology plc (MURA) reported total revenue of $0.0M.
Mural Oncology plc (MURA) reported a net loss of $128.5M for the fiscal year ending 2024.