Poseida Therapeutics Provides Updates and Financial Results for the Third Quarter of 2024

Core Insights - Poseida Therapeutics has made significant advancements in its allogeneic CAR-T therapy pipeline, particularly through collaborations with Roche and Astellas, and has achieved cash flow positivity for the first nine months of 2024, generating $130 million in milestone and upfront payments [1][2][20]. Financial Performance - Revenues for Q3 2024 were $71.7 million, and $125.9 million for the first nine months, compared to $9.4 million and $39.7 million for the same periods in 2023, primarily due to milestone recognition and increased R&D reimbursements [16][25]. - Research and development expenses increased to $41.9 million for Q3 2024 and $130.4 million for the first nine months, up from $37.5 million and $114.7 million in 2023, driven by the expansion of allogeneic clinical programs [17][25]. - General and administrative expenses rose to $10.1 million for Q3 2024 and $32.1 million for the first nine months, compared to $8.1 million and $28.6 million in 2023, attributed to higher legal, professional fees, and personnel costs [18][25]. - The net income for Q3 2024 was $20.2 million, while the net loss for the first nine months was $35.4 million, compared to a net loss of $31.8 million and $98.1 million for the same periods in 2023 [19][25]. Pipeline Developments - The company presented positive interim Phase 1 results for P-BCMA-ALLO1, showing a 91% overall response rate in heavily pretreated multiple myeloma patients, with a differentiated safety profile [1][4]. - P-BCMA-ALLO1 has been granted RMAT designation by the FDA for treating relapsed/refractory multiple myeloma after three or more prior therapies [5]. - Poseida introduced P-BCMACD19-ALLO1 as a wholly-owned program targeting autoimmune diseases and hematological malignancies, currently in IND-enabling studies [1][7]. Collaborations and Strategic Initiatives - The collaboration with Roche has expanded to include three programs, with Roche having the option to nominate additional candidates in the future [3][4]. - Astellas has nominated a second high-potential program target under their collaboration, focusing on well-known solid tumor targets [6]. Upcoming Events - Poseida will host a Cell Therapy R&D Day on November 14, 2024, to discuss progress and opportunities in its allogeneic CAR-T therapies [15].