Core Insights - Checkpoint Therapeutics, Inc. reported financial results for the fiscal year ended December 31, 2024, and announced a merger agreement with Sun Pharmaceutical Industries, Inc. valued at approximately $416 million, expected to close in Q2 2025 [1][6]. Recent Corporate Updates - The merger with Sun Pharma will see Checkpoint continue as a wholly owned subsidiary, subject to regulatory approvals and shareholder votes [6]. - The FDA approved UNLOXCYT (cosibelimab-ipdl) for treating adults with metastatic cutaneous squamous cell carcinoma (cSCC) who are not candidates for curative surgery or radiation, marking it as the first PD-L1 blocking antibody approved for this indication [6][19]. Financial Results - Cash and cash equivalents increased to $6.6 million as of December 31, 2024, from $4.9 million in 2023, with an additional $38.1 million received from warrant exercises post-fiscal year [6]. - Research and development expenses decreased to $36.2 million in 2024 from $43.6 million in 2023, while general and administrative expenses rose significantly to $20.1 million from $8.7 million [6]. - The net loss attributable to common stockholders for 2024 was $56.2 million, or $1.42 per share, compared to a net loss of $51.8 million, or $3.17 per share, in 2023 [6][26].
Checkpoint Therapeutics Reports Full-Year 2024 Financial Results and Recent Corporate Updates