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].
Checkpoint Therapeutics(CKPT) - 2024 Q4 - Annual Results