Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to . Commission File Number 001-38128 CHECKPOINT THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 47-2568632 (State or Oth ...

Financial Performance - Checkpoint Therapeutics reported a net loss of $56.2 million, or $1.42 per share, for the year ended December 31, 2024, compared to a net loss of $51.8 million, or $3.17 per share, for the previous year[7]. - Total revenue for the year ended December 31, 2024, was $41,000, a decrease of 60% compared to $103,000 in 2023[30]. - The net loss for 2024 was $56,240,000, compared to a net loss of $51,847,000 in 2023, indicating an 8% increase in losses[30]. - Basic and diluted net loss per share for 2024 was $1.42, an improvement from $3.17 in 2023[30]. Expenses - Research and development expenses decreased to $36.2 million in 2024 from $43.6 million in 2023, with non-cash stock expenses rising to $12.9 million[7]. - General and administrative expenses increased significantly to $20.1 million in 2024 from $8.7 million in 2023, including $11.0 million of non-cash stock expenses[7]. - Research and development expenses for 2024 were $36,152,000, down 17% from $43,566,000 in 2023[30]. - General and administrative expenses increased significantly to $20,063,000 in 2024, compared to $8,685,000 in 2023, representing a 131% increase[30]. Cash and Assets - As of December 31, 2024, Checkpoint's cash and cash equivalents totaled $6.6 million, up from $4.9 million at the end of 2023, with an additional $38.1 million received from warrant exercises post-fiscal year[7]. - Total current assets increased to $7,471,000 in 2024 from $5,378,000 in 2023, reflecting a 39% growth[28]. Liabilities and Deficit - Total liabilities rose to $20,096,000 in 2024, up from $18,425,000 in 2023, marking a 9% increase[28]. - The accumulated deficit increased to $370,573,000 in 2024 from $314,333,000 in 2023, indicating an 18% rise[28]. Shareholder Information - Common shares outstanding increased to 53,640,422 in 2024 from 27,042,035 in 2023, showing a 98% increase[28]. - The company is facing uncertainties regarding the completion of a merger, which may affect future results and stockholder approval[25]. Product Developments - The FDA approved UNLOXCYT (cosibelimab-ipdl) for treating adults with metastatic or locally advanced cutaneous squamous cell carcinoma, marking it as the first PD-L1 blocking antibody approved for this indication[2]. - Longer-term data from the pivotal trial of cosibelimab showed improved objective response and complete response rates over time, presented at the ESMO Congress 2024[2]. - Immune-mediated adverse reactions occurred in 11% of patients treated with UNLOXCYT, with 5.8% experiencing Grade 2 reactions[23]. - Hypothyroidism was reported in 10% of patients receiving UNLOXCYT, with Grade 2 occurring in 5%[15]. - Checkpoint is also evaluating olafertinib, a third-generation EGFR inhibitor, for potential treatment of EGFR mutation-positive non-small cell lung cancer[22]. Merger Agreement - Checkpoint entered into a merger agreement with Sun Pharmaceutical Industries, with a total transaction value of up to approximately $416 million, expected to close in Q2 2025[2].

WALTHAM, Mass., March 28, 2025 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. ("Checkpoint") (NASDAQ:CKPT), a commercial-stage immunotherapy and targeted oncology company, today announced financial results for the fiscal year ended December 31, 2024, and recent corporate updates. Recent Corporate Updates: In March 2025, Checkpoint announced that it entered into an Agreement and Plan of Merger (the "Merger Agreement") with Sun Pharmaceutical Industries, Inc. ("Sun Pharma"), and a wholly owned subsidiary o ...

NEW YORK, March 10, 2025 /PRNewswire/ -- Shareholder law firm Julie & Holleman LLP is investigating the proposed $4.10 per share sale of Checkpoint Therapeutics, Inc. (Nasdaq: CKPT) to Sun Pharmaceutical Industries, Inc. The firm is concerned about conflicts relating to Checkpoint's controlling shareholder, Fortress Biotech, Inc. (Nasdaq: FBIO), which has secured special benefits in the deal.For a free consultation, or to learn more, contact partner W. Scott Holleman, Esq. by email at [email protected] or b ...

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Core Viewpoint - Sun Pharmaceutical Industries Limited has announced an agreement to acquire Checkpoint Therapeutics, which includes the FDA-approved anti-PD-L1 treatment UNLOXCYT™ for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) [1][2][3] Company Overview - Sun Pharma is a leading specialty generics company with a strong presence in dermatology, ophthalmology, and onco-dermatology, accounting for over 18% of its sales [14] - Checkpoint is a commercial-stage immunotherapy and targeted oncology company focused on developing treatments for solid tumor cancers, with UNLOXCYT™ being its key FDA-approved product [2][16] Transaction Details - The acquisition involves an upfront cash payment of $4.10 per share, totaling up to $355 million, representing a 66% premium over Checkpoint's closing share price prior to the announcement [4][5] - Checkpoint stockholders will also receive a contingent value right (CVR) for up to an additional $0.70 per share based on future regulatory approvals [4][5] - The transaction is expected to close in the second calendar quarter of 2025, subject to customary closing conditions and stockholder approvals [9] Strategic Rationale - The acquisition aims to leverage Sun Pharma's global presence to enhance patient access to UNLOXCYT™, providing a new treatment option for cSCC patients [1][3] - The Checkpoint board, through a special committee, determined that the cash consideration and potential upside from the CVRs offered superior value compared to other strategic alternatives [8] Financial Performance - For the nine-month period ending September 2024, Checkpoint reported revenue of $0.04 million and a net loss of $27.3 million, with R&D expenses of $19.3 million [10]

Group 1 - The article discusses the investment strategies and insights of a healthcare-focused investment group, highlighting their emphasis on innovative biotech companies and breakthrough therapies [1] - The group offers several features including model healthcare portfolios, a weekly newsletter, a daily watchlist, and a chat for dialogue and questions, aimed at enhancing investor engagement and information sharing [1] - The leader of the group has a background in the medical field, which informs their investment focus on companies with potential acquisition catalysts [1] Group 2 - The article includes a disclosure of beneficial long positions in specific companies such as CKPT, MRK, BMY, and REGN, indicating a vested interest in these stocks [2] - It emphasizes that the opinions expressed are those of the author and not necessarily reflective of the broader platform, Seeking Alpha [3] - The article clarifies that Seeking Alpha does not provide licensed investment advice, and the views presented may vary among different authors [3]

Core Insights - Checkpoint Therapeutics has received FDA approval for UNLOXCYT™ (cosibelimab-ipdl), the first PD-L1 blocking antibody approved for treating adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or radiation [1][3][7] - The U.S. market for cSCC treatments is estimated to exceed $1 billion annually, presenting a significant commercial opportunity for Checkpoint [3] - UNLOXCYT offers a differentiated treatment mechanism by binding to PD-L1, potentially inducing antibody-dependent cell-mediated cytotoxicity (ADCC), which may enhance its efficacy compared to existing therapies [3][6] Company Overview - Checkpoint Therapeutics is a commercial-stage immunotherapy and targeted oncology company focused on developing novel treatments for solid tumor cancers [25] - The company is headquartered in Waltham, MA, and was founded by Fortress Biotech, Inc. [25] Product Details - UNLOXCYT is administered at a recommended dosage of 1,200 mg via intravenous infusion every three weeks [2] - The drug has shown clinically meaningful objective response rates and durable responses in advanced cSCC, as demonstrated in Study CK-301-101 [3][5] Market Context - Cutaneous squamous cell carcinoma is the second most common type of skin cancer in the U.S., with an estimated annual incidence of approximately 1.8 million cases [5] - Approximately 40,000 cases of cSCC become advanced each year, leading to an estimated 15,000 deaths in the U.S. [5] Clinical Significance - UNLOXCYT addresses a significant unmet need for more effective and tolerable treatment options for patients with advanced cSCC, particularly those with concomitant hematological malignancies or autoimmune disorders [3][5] - The approval of UNLOXCYT marks a transformation for Checkpoint into a commercial-stage company, enhancing its competitive position in the oncology market [3][4]

Core Insights - Checkpoint Therapeutics has received FDA approval for UNLOXCYT (cosibelimab-ipdl), the first and only PD-L1 blocking antibody for advanced cutaneous squamous cell carcinoma (cSCC) [1][3] - The approval signifies Checkpoint's transition to a commercial-stage company, with a market opportunity exceeding $1 billion annually in the U.S. [3] - UNLOXCYT offers a differentiated treatment option by binding to PD-L1, potentially inducing antibody-dependent cell-mediated cytotoxicity (ADCC) [3][7] Company Overview - Checkpoint Therapeutics is focused on developing and commercializing novel treatments for solid tumor cancers [26] - The company is headquartered in Waltham, MA, and was founded by Fortress Biotech, Inc. [27] Product Details - UNLOXCYT is indicated for adults with metastatic or locally advanced cSCC who are not candidates for curative surgery or radiation [8] - The recommended dosage is 1,200 mg administered intravenously every three weeks [2] Market Context - cSCC is the second most common skin cancer in the U.S., with an estimated annual incidence of approximately 1.8 million cases [5] - About 40,000 cases of cSCC become advanced each year, leading to approximately 15,000 deaths annually in the U.S. [5] Clinical Significance - UNLOXCYT has demonstrated clinically meaningful objective response rates and durable responses in advanced cSCC [3] - The drug's dual mechanisms of action and safety profile provide oncologists with a new immunotherapy option [3] Future Plans - Checkpoint is developing a commercial launch plan for UNLOXCYT following its FDA approval [4]

It has been nearly a year and a half since my previous Checkpoint Therapeutics, Inc. (NASDAQ: CKPT ) article . Then, I highlighted the company's flagship candidate, cosibelimab, or "Cosi," and its potential to receive dual-approval in locally advanced and metastaticHe is the leader of the investing group Compounding Healthcare . Features of the group include: Several model healthcare portfolios, a weekly newsletter, a daily watchlist, and chat for dialogue and questions. Learn moreBiologics is a full-time h ...