Financial Performance - Checkpoint Therapeutics reported a net loss of $9.7 million, or $0.23 per share, for Q3 2024, compared to a net loss of $5.7 million, or $0.29 per share, in Q3 2023[4]. - Net loss for the three months ended September 30, 2023, was $9,725,000, 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), compared to $(0.29) for the same period last year[10]. Expenses - Research and development expenses increased to $6.4 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 $3.4 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, 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, 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 $4.7 million, a decrease of $0.3 million from $5.0 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 $12.0 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 $314.3 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 $41,000 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 $1,977,000 in the same period last year[10]. - Interest income for the three months ended September 30, 2023, was $2,000, compared to $7,000 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].
Checkpoint Therapeutics(CKPT) - 2024 Q3 - Quarterly Results