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Checkpoint Therapeutics(CKPT) - 2024 Q3 - Quarterly Report
CKPTCheckpoint Therapeutics(CKPT)2024-11-12 21:45

Revenue Performance - For the three months ended September 30, 2024, revenue was nil compared to approximately 31,000forthesameperiodin2023,primarilyfrompatentfeesrelatedtocollaborationswithTGTX[140]−FortheninemonthsendedSeptember30,2024,revenuewasapproximately31,000 for the same period in 2023, primarily from patent fees related to collaborations with TGTX[140] - For the nine months ended September 30, 2024, revenue was approximately 41,000 compared to approximately 97,000forthesameperiodin2023[149]ResearchandDevelopmentExpenses−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,wereapproximately97,000 for the same period in 2023[149] Research and Development Expenses - Research and development expenses for the three months ended September 30, 2024, were approximately 6.4 million, an increase of 0.9millionfrom0.9 million from 5.5 million in the same period in 2023[142] - Research and development expenses for the nine months ended September 30, 2024, were approximately 19.3million,adecreaseof19.3 million, a decrease of 16.0 million from 35.3millioninthesameperiodin2023[150]−Thecompanyanticipatesthatresearchanddevelopmentexpenseswillremainrelativelyconsistentfortheremainderof2024[143]GeneralandAdministrativeExpenses−GeneralandadministrativeexpensesforthethreemonthsendedSeptember30,2024,wereapproximately35.3 million in the same period in 2023[150] - The company anticipates that research and development expenses will remain relatively consistent for the remainder of 2024[143] General and Administrative Expenses - General and administrative expenses for the three months ended September 30, 2024, were approximately 3.4 million, an increase of 1.2millionfrom1.2 million from 2.2 million in the same period in 2023[145] - General and administrative expenses for the nine months ended September 30, 2024, were approximately 8.0million,anincreaseof8.0 million, an increase of 1.2 million from 6.8millioninthesameperiodin2023[151]FinancialPosition−AsofSeptember30,2024,thecompanyhasanaccumulateddeficitof6.8 million in the same period in 2023[151] Financial Position - As of September 30, 2024, the company has an accumulated deficit of 341.7 million[135] - As of September 30, 2024, the company had an accumulated deficit of 341.7million[155]CashFlowandFinancing−Netcashusedinoperatingactivitieswasapproximately341.7 million[155] Cash Flow and Financing - Net cash used in operating activities was approximately 23.9 million for the nine months ended September 30, 2024, a decrease from approximately 40.8millionforthesameperiodin2023[167]−Netcashprovidedbyfinancingactivitieswas40.8 million for the same period in 2023[167] - Net cash provided by financing activities was 23.7 million for the nine months ended September 30, 2024, compared to 30.5millionforthesameperiodin2023[168]−Thecompanyexpectsitscashandcashequivalentstofundoperatingexpensesonlyintothefirstquarterof2025,indicatinganeedforadditionalfunding[166]OfferingsandProceeds−TotalgrossproceedsfromtheFebruary2023RegisteredDirectOfferingwereapproximately30.5 million for the same period in 2023[168] - The company expects its cash and cash equivalents to fund operating expenses only into the first quarter of 2025, indicating a need for additional funding[166] Offerings and Proceeds - Total gross proceeds from the February 2023 Registered Direct Offering were approximately 7.5 million, with net proceeds of approximately 6.7millionafterdeductingtransactioncosts[156]−TotalgrossproceedsfromtheApril2023RegisteredDirectOfferingwereapproximately6.7 million after deducting transaction costs[156] - Total gross proceeds from the April 2023 Registered Direct Offering were approximately 6.1 million, with net proceeds of approximately 5.5millionafterdeductingtransactioncosts[157]−TotalgrossproceedsfromtheMay2023RegisteredDirectOfferingwereapproximately5.5 million after deducting transaction costs[157] - Total gross proceeds from the May 2023 Registered Direct Offering were approximately 10.0 million, with net proceeds of approximately 9.1millionafterdeductingtransactioncosts[158]−TotalgrossproceedsfromtheJuly2023RegisteredDirectOfferingwereapproximately9.1 million after deducting transaction costs[158] - Total gross proceeds from the July 2023 Registered Direct Offering were approximately 10.0 million, with net proceeds of approximately 9.1millionafterdeductingtransactioncosts[159]−TotalgrossproceedsfromtheJanuary2024RegisteredDirectOfferingwereapproximately9.1 million after deducting transaction costs[159] - Total gross proceeds from the January 2024 Registered Direct Offering were approximately 14.0 million, with net proceeds of approximately 12.6millionafterdeductingtransactioncosts[162]−TotalgrossproceedsfromtheJuly2024RegisteredDirectOfferingwereapproximately12.6 million after deducting transaction costs[162] - Total gross proceeds from the July 2024 Registered Direct Offering were approximately 12.0 million, with net proceeds of approximately $11.0 million after deducting transaction costs[163] Clinical Development - The confirmed objective response rate (ORR) for cosibelimab in metastatic CSCC increased to 50.0% based on independent central review[133] - The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of December 28, 2024, for the resubmission of the Biologics License Application (BLA) for cosibelimab[130]