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Checkpoint Therapeutics(CKPT) - 2024 Q3 - Quarterly Results
CKPTCheckpoint Therapeutics(CKPT)2024-11-12 21:40

Financial Performance - Checkpoint Therapeutics reported a net loss of 9.7million,or9.7 million, or 0.23 per share, for Q3 2024, compared to a net loss of 5.7million,or5.7 million, or 0.29 per share, in Q3 2023[4]. - Net loss for the three months ended September 30, 2023, was 9,725,000,comparedtoanetlossof9,725,000, compared to a net loss of 5,724,000 in the same period last year[10]. - Loss per share for the three months ended September 30, 2023, was (0.23),comparedto(0.23), compared to (0.29) for the same period last year[10]. Expenses - Research and development expenses increased to 6.4millioninQ32024,upfrom6.4 million in Q3 2024, up from 5.5 million in Q3 2023, reflecting a rise of approximately 16.4%[4]. - General and administrative expenses rose to 3.4millioninQ32024,comparedto3.4 million in Q3 2024, compared to 2.2 million in Q3 2023, marking an increase of about 54.5%[4]. - Total operating expenses for the three months ended September 30, 2023, were 9,724,000,anincreaseof269,724,000, an increase of 26% from 7,732,000 in the same period last year[10]. - Research and development expenses for the three months ended September 30, 2023, were 6,366,000,upfrom6,366,000, up from 5,496,000 year-over-year[10]. Cash and Cash Equivalents - As of September 30, 2024, Checkpoint's cash and cash equivalents totaled 4.7million,adecreaseof4.7 million, a decrease of 0.3 million from 5.0millionatJune30,2024[4].−Thecompanyreceived5.0 million at June 30, 2024[4]. - The company received 9.2 million in cash proceeds from the exercise of existing warrants in November 2024, strengthening its balance sheet[2]. - The company completed a registered direct offering and private placement in July 2024, generating approximately 12.0millioningrossproceeds[3].ClinicalDevelopments−TheFDAhassetaPDUFAgoaldateofDecember28,2024,forthereviewofCheckpoint′sBiologicsLicenseApplicationforcosibelimab[3].−Checkpoint′spivotaltrialdatapresentedatESMOCongress2024showedhigherobjectiveresponseandcompleteresponseratesforcosibelimabovertime[3].−CheckpointiscollaboratingwithGCCelltoexplorethecombinedtherapeuticpotentialofcosibelimabandImmuncell−LC[3].AccumulatedDeficit−TheaccumulateddeficitasofSeptember30,2024,was12.0 million in gross proceeds[3]. Clinical Developments - The FDA has set a PDUFA goal date of December 28, 2024, for the review of Checkpoint's Biologics License Application for cosibelimab[3]. - Checkpoint's pivotal trial data presented at ESMO Congress 2024 showed higher objective response and complete response rates for cosibelimab over time[3]. - Checkpoint is collaborating with GC Cell to explore the combined therapeutic potential of cosibelimab and Immuncell-LC[3]. Accumulated Deficit - The accumulated deficit as of September 30, 2024, was 341.7 million, compared to 314.3millionatDecember31,2023[9].RelatedPartyRevenue−RevenuefromrelatedpartyforthethreemonthsendedSeptember30,2023,was314.3 million at December 31, 2023[9]. Related Party Revenue - Revenue from related party for the three months ended September 30, 2023, was 31,000, compared to 41,000fortheninemonthsendedSeptember30,2023[10].OtherIncome−TotalotherincomeforthethreemonthsendedSeptember30,2023,was41,000 for the nine months ended September 30, 2023[10]. Other Income - Total other income for the three months ended September 30, 2023, was (1,000), compared to 1,977,000inthesameperiodlastyear[10].−InterestincomeforthethreemonthsendedSeptember30,2023,was1,977,000 in the same period last year[10]. - Interest income for the three months ended September 30, 2023, was 2,000, compared to 7,000inthesameperiodlastyear[10].−Gainoncommonstockwarrantliabilitieswas7,000 in the same period last year[10]. - Gain on common stock warrant liabilities was 1,970,000 for the three months ended September 30, 2023[10]. - Foreign currency exchange loss for the three months ended September 30, 2023, was $(3,000)[10]. Shareholder Information - Basic and diluted weighted average number of common shares outstanding increased to 43,151,861 from 19,988,079 year-over-year[10].