CAMP4 Therapeutics Corporation

CAMP4 Therapeutics Corporation, a clinical-stage biopharmaceutical company, reported a net loss of $80.4 million for FY 2025, up 55% from $51.8 million in FY 2024, driven by a $29.8 million non-cash expense from the change in fair value of derivative tranche liability. Research and collaboration revenue increased to $3.5 million from $0.7 million, reflecting progress in partnerships including the December 2025 GSK agreement with $17.5 million upfront payment. Operating expenses rose 4% to $56.1 million, with R&D at $38.2 million and G&A at $17.4 million, plus a $0.5 million impairment of right-of-use asset. Loss from operations widened to $52.6 million from $53.1 million. Cash position strengthened to $109.5 million from $64.0 million, bolstered by $57.5 million from common stock issuance, $3.6 million from pre-funded warrants, and $75.9 million net financing cash inflow, funding operations into 2028. Total assets reached $117.8 million with stockholders’ equity at $47.7 million, positioning the company for Phase 1/2 trials of lead candidate CMP-002 in H2 2026.

Key Takeaways