Subsequent Event

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

At the Market Facility

On July 2, 2020, the Company entered into a sales agreement pursuant to which the Company may, from time to time, sell shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million.

ORIC Pharmaceuticals Agreement

On August 3, 2020, the Company entered into a license agreement with ORIC Pharmaceuticals, Inc. ("ORIC") under which it granted an exclusive worldwide license to develop and commercialize small molecule inhibitors of the polycomb repressive complex 2, or PRC2 (the "ORIC Agreement"). Under the terms of the ORIC Agreement, Mirati received a one-time non-cash payment of $20.0 million in shares of ORIC common stock. The number of shares issued to the Company were based on a price of $34.00 per share, representing a premium of 10% to the 60-day volume weighted average trading price of ORIC shares. Mirati’s obligation under the ORIC Agreement is to transfer the licensed technology to ORIC.