0001736730-26-000016
SEC filingCAMP4 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.
CAMP4 Therapeutics reported FY 2025 net loss of $80.4M, a 55% increase from $51.8M in 2024, primarily due to $29.8M non-cash change in fair value of derivative tranche liability from September 2025 private placement. Loss from operations was $52.6M versus $53.1M prior year. Research and collaboration revenue grew to $3.5M from $0.7M, driven by GSK ($17.5M upfront) and BioMarin agreements. R&D expenses stable at $38.2M (vs $38.8M), G&A up 16% to $17.4M. Cash burn from operations $29.6M; net cash increase $46.1M to $111.8M total cash/restricted cash. Balance sheet shows $117.8M assets, $47.7M equity.
Revenue of $3.5M entirely from research/collaboration, up significantly from $0.7M. Key drivers: GSK Agreement (Dec 2025, $17.5M upfront, deferred $17.5M), BioMarin ($2.9M recognized), Fulcrum milestone ($0.6M). No product revenue as pre-commercial. Deferred revenue $17.5M reflects future recognition over R&D performance periods. Single operating segment: R&D for RNA-targeting therapeutics.
No gross profit as no cost of revenue; all revenue collaboration-based. Operating margin N/A due to losses. Total op ex $56.1M (4% up), with impairment $0.5M. Non-op other expense $27.8M dominated by derivative liability valuation. Comprehensive loss $80.4M. Negative margins reflect clinical-stage investment phase.
Op cash use $29.6M (improved from $45.6M). Investing outflow $0.2M (capex). Financing inflow $75.9M from $57.5M common stock, $3.6M pre-funded warrants, $14.9M derivative allocation. Net cash increase $46.1M. Balance sheet: current assets $114.1M (cash $109.5M), total assets $117.8M. Liabilities $70.1M (derivative $44.8M, deferred rev $17.5M). Equity $47.7M; accumulated deficit -$292.2M. Runway into 2028.
Management states cash funds operations into 2028. Priorities: Initiate global Phase 1/2 CMP-002 trial for SYNGAP1 H2 2026 post-GLP tox; advance discovery in DEEs; GSK collaboration for neurodegenerative/kidney targets (up to $440M milestones, low-mid single-digit royalties). Pursue CMP-001 partnerships for UCDs. Risks: clinical delays, funding needs, competition from Stoke/Acadia in SYNGAP1.