Checkpoint Therapeutics(CKPT) - 2025 Q1 - Quarterly Report

Financial Performance - As of March 31, 2025, the company has an accumulated deficit of $381.8 million [154]. - Net cash used in operating activities was approximately $11.7 million for Q1 2025, compared to $6.5 million for Q1 2024, reflecting increased costs related to the Merger [179]. - Net cash provided by financing activities was $38.1 million for the three months ended March 31, 2025, compared to $12.8 million for the same period in 2024, representing an increase of approximately 197% [181]. - The prior period amount was related to the net proceeds from the issuance of common shares as part of the January 2024 registered direct offering [181]. - There were no investing activities reported for the three months ended March 31, 2025 and 2024 [180]. Research and Development - Research and development expenses for Q1 2025 were approximately $3.8 million, a decrease of 55.3% from $8.5 million in Q1 2024 [161]. - The company anticipates research and development expenses to remain consistent for the remainder of 2025 [162]. General and Administrative Expenses - General and administrative expenses for Q1 2025 were approximately $7.4 million, an increase of 196% from $2.5 million in Q1 2024 [165]. - The company expects general and administrative expenses to increase for the remainder of 2025, pending the outcome of the Merger [166]. Product Sales and Funding - The company has not generated any product sales to date [154]. - The company believes its cash and cash equivalents are only sufficient to fund operations into Q1 2026, indicating a need for additional funding [178]. Regulatory Approval - The U.S. FDA granted approval for UNLOXCYT™ for treating adults with metastatic cutaneous squamous cell carcinoma on December 13, 2024 [149]. Financing Activities - Cash provided by financing activities in the current period was primarily from proceeds upon the exercise of warrants issued in previous registered direct offerings [181]. - The company closed a registered direct offering in January 2024, raising approximately $14.0 million in gross proceeds [171]. Company Classification - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures [183].