On September 9, 2019, the Company announced updates to its pipeline program, including the prioritization of the development of pulmonary disease programs including the ongoing development of MRT5005, its clinical candidate for the treatment of cystic fibrosis (“CF”), as well as the evaluation of targets in additional pulmonary diseases. Additionally, the Company has decided to discontinue the development of MRT5201, a liver targeted treatment for OTC deficiency. The Company’s decision to discontinue the development of MRT5201 for OTC deficiency was based on data from recently completed preclinical studies which did not support the desired pharmacokinetic and safety profile for advancement of the program.

Following the discontinuation of the development of MRT5201, the Company continues to expect that its cash, cash equivalents and short-term investments of $146.9 million as of June 30, 2019 will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2020. The future viability of the Company beyond that point is dependent on the Company’s ability to raise additional capital to finance its operations.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, those regarding: the Company’s expectations relating to impairment charges associated with the discontinuation of its OTC program; the Company’s plans to prioritize the development of lung disease programs and evaluate targets in additional lung diseases; the Company’s expectations regarding its positioning to advance its programs and achieve its drug development goals; the Company’s expectation that it cash, cash equivalents and short-term investments of $146.9 million as of June 30, 2019 will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2020; and the Company’s plans, strategies and prospects for its business, including its lead development programs. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to: the Company’s ability to advance the development of its platform and programs under the timelines it projects, demonstrate the requisite safety and efficacy of its product candidates and replicate in clinical trials any positive findings from preclinical studies; the content and timing of decisions made by the U.S. Food and Drug Administration, other regulatory authorities and investigational review boards at clinical trial sites, including as it relates to ongoing and planned clinical trials; the Company’s ability to obtain, maintain and enforce necessary patent and other intellectual property protection; the availability of significant cash required to fund operations; competitive factors; general economic and market conditions and other important risk factors set forth under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 and in any other subsequent filings made by the Company with the Securities and Exchange Commission. Any forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.