Checkpoint Therapeutics Reports First Quarter Financial Results and Recent Corporate Updates

Core Insights - Checkpoint Therapeutics has received FDA approval for UNLOXCYT™ (cosibelimab-ipdl), the first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC) [7] - A special meeting of stockholders is scheduled for May 28, 2025, to vote on a merger with Sun Pharmaceutical Industries, with a total transaction value of up to approximately $416 million [7] - Financial results for Q1 2025 show a net loss of$11.2 million, with cash and cash equivalents increasing to $33.0 million from$6.6 million at the end of 2024 [7][31] Recent Corporate Updates - UNLOXCYT is indicated for adults with metastatic or locally advanced cSCC who are not candidates for curative surgery or radiation [5] - The merger agreement with Sun Pharma was announced in March 2025, with Checkpoint continuing as a wholly owned subsidiary [7] - The definitive proxy statement for the merger was filed in April 2025 [7] Financial Results - Cash and cash equivalents as of March 31, 2025, totaled $33.0 million, an increase of$26.4 million from $6.6 million at December 31, 2024 [7] - Research and development expenses for Q1 2025 were$3.8 million, down from $8.5 million in Q1 2024 [7] - General and administrative expenses rose to$7.4 million in Q1 2025 from $2.5 million in Q1 2024 [7] - The net loss for Q1 2025 was$11.2 million, or $0.19 per share, compared to a net loss of$10.9 million, or $0.33 per share, in Q1 2024 [7][31]