On February 29, 2024, Capricor Therapeutics Inc (CAPR, Financial) released its 8-K filing, detailing the financial results for the fourth quarter and full year ended December 31, 2023, and providing a corporate update. The United States-based biotechnology company, which focuses on the discovery, development, and commercialization of first-in-class biological therapies, has made significant strides in its Duchenne muscular dystrophy (DMD) program and its exosome-based vaccine initiatives.
Financial Performance and Corporate Milestones
Capricor reported a substantial increase in revenue for the fourth quarter of 2023, reaching approximately $12.1 million, up from $1.0 million in the same period of the previous year. This growth is attributed to the ratable recognition of payments from its U.S. Commercialization and Distribution Agreement with Nippon Shinyaku. Despite increased operating expenses, which totaled approximately $13.2 million for the quarter due to heightened research and development activities, the company managed to reduce its net loss to $0.8 million, or $0.02 per share, compared to a net loss of $7.7 million, or $0.31 per share, in the fourth quarter of 2022.
The company's cash position remains strong, with cash, cash equivalents, and marketable securities totaling approximately $39.5 million as of December 31, 2023. This financial stability is expected to support Capricor's operations into the first quarter of 2025, not accounting for any additional potential milestone payments or strategic capital uses.
Advancements in DMD Treatment and Exosome Technology
Capricor's lead product candidate, CAP-1002, is advancing through Phase 3 clinical development for the treatment of DMD. The company completed enrollment for Cohort A of the Phase 3 HOPE-3 pivotal trial and reported a successful interim futility analysis. CAP-1002 has received Orphan Drug Designation and RMAT (Regenerative Medicine Advanced Therapy Designation), and if approved by the FDA, Capricor could receive a Priority Review Voucher (PRV).
Furthermore, Capricor's proprietary StealthX™ exosome platform technology continues to progress, with a collaboration announced for an exosome-based multivalent vaccine for the prevention of SARS-CoV-2 in partnership with the National Institute of Allergy and Infectious Diseases (NIAID).
“2023 was a pivotal year for Capricor marked by major advances in our CAP-1002 cell therapy program for the treatment of Duchenne muscular dystrophy (DMD),” said Linda Marbán, Ph.D., Capricor’s chief executive officer.
Looking Ahead
Capricor is gearing up for a Type-B meeting with the FDA in Q1 2024 to discuss commercial manufacturing planning for CAP-1002, with the aim of expediting the BLA pathway. The company is also preparing to report 3-year data from the HOPE-2 Open-Label Extension (OLE) trial in Q2 2024 and top-line data from the pivotal HOPE-3 trial in Q4 2024.
As Capricor continues to develop its cell and exosome-based therapeutics, the company remains committed to redefining the treatment landscape for rare diseases. With a robust pipeline and strategic collaborations in place, Capricor Therapeutics Inc (CAPR, Financial) is well-positioned for potential breakthroughs in the biotechnology industry.
For more detailed information on Capricor's financials and corporate updates, interested parties are invited to join the conference call and webcast later today.
Explore the complete 8-K earnings release (here) from Capricor Therapeutics Inc for further details.