Financial Performance - For the year ended December 31, 2024, revenue was approximately $41,000, a decrease of approximately 60% from $103,000 in 2023[332]. - Interest income for the year ended December 31, 2024, was approximately $11,000, a decrease of approximately 87% from $84,000 in 2023[340]. - For the year ended December 31, 2024, the loss on common stock warrant liabilities was approximately $73,000, compared to a gain of approximately $217,000 for the year ended December 31, 2023[341]. - As of December 31, 2024, the accumulated deficit was $370.6 million, indicating substantial operating losses since inception[345]. Expenses - Research and development expenses for 2024 were approximately $36.2 million, down from approximately $43.6 million in 2023, a decrease of $7.4 million[335]. - General and administrative expenses increased to approximately $20.1 million in 2024 from approximately $8.7 million in 2023, an increase of $11.4 million[338]. - The company anticipates an increase in general and administrative expenses in 2025 pending the outcome of the Merger[339]. - The company anticipates a decrease in research and development expenses in 2025 compared to 2024 due to the capitalization of inventory costs for UNLOXCYT[336]. Funding and Cash Flow - The company expects that cash and cash equivalents are only sufficient to fund operating expenses into the fourth quarter of 2025, indicating a need for additional funding[361]. - Net cash used in operating activities was $31.1 million for the year ended December 31, 2024, a decrease from $47.6 million for the year ended December 31, 2023[363]. - Net cash provided by financing activities was $32.8 million for the year ended December 31, 2024, compared to $40.5 million for the year ended December 31, 2023[365]. - The net proceeds from the issuance of common shares and warrants were $23.6 million in January 2024 and July 2024, while in 2023, it was $30.3 million from multiple offerings[365]. - The company received $9.2 million from the exercise of common stock warrants in 2024, and $10.1 million from the October 2023 Inducement in 2023[365]. Offerings - The 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[346]. - The 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[347]. - The 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[348]. - The 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[349]. - The 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[354]. - The 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[355]. Regulatory and Corporate Developments - The FDA granted approval for UNLOXCYT on December 13, 2024, for the treatment of adults with metastatic cutaneous squamous cell carcinoma[314]. - The company entered into a Merger Agreement with Sun Pharmaceutical Industries, Inc. on March 9, 2025[316]. - The company has not generated any product sales to date and expects to continue incurring significant operating losses[318]. Market Risk - The primary market risk associated with financial instruments is sensitivity to changes in interest rates, with no material exposure to interest rate risk as of December 31, 2024[367]. - The company's portfolio consists of cash equivalents, including money market funds, minimizing market risk[367]. - Assets and liabilities are denominated in U.S. dollars, eliminating the need for foreign currency contracts[368]. - The company does not plan to use derivative financial instruments for speculative or trading purposes[368].
Checkpoint Therapeutics(CKPT) - 2024 Q4 - Annual Report