Revenue Performance - For the three months ended September 30, 2024, revenue was nil compared to approximately $31,000 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 $97,000 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 $0.9 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 $19.3 million, a decrease of $16.0 million from $35.3 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 $1.2 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 $8.0 million, an increase of $1.2 million from $6.8 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 $341.7 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 $40.8 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 $30.5 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 $6.7 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 $5.5 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 $9.1 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 $9.1 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 $12.6 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]
Checkpoint Therapeutics(CKPT) - 2024 Q3 - Quarterly Report