On March 28, 2025, Checkpoint Therapeutics Inc (CKPT, Financial) released its 8-K filing detailing the financial results for the fiscal year ending December 31, 2024. Checkpoint Therapeutics Inc, a U.S.-based immuno-oncology biopharmaceutical company, focuses on developing novel, non-chemotherapy treatments for solid tumor cancers. The company has recently achieved significant milestones, including the FDA approval of UNLOXCYTTM (cosibelimab-ipdl) for advanced cutaneous squamous cell carcinoma and a merger agreement with Sun Pharmaceutical Industries, Inc.
Financial Performance and Challenges
Checkpoint Therapeutics Inc reported a net loss of $56.2 million for 2024, translating to a loss of $1.42 per share. This result is below the annual analyst estimate of -$0.91 per share. The company's revenue for the year was not specified in the filing, but it is noteworthy that the estimated revenue was $0.01 million. The financial performance underscores the challenges faced by the company in achieving profitability amidst high research and development costs.
Key Financial Achievements
Despite the net loss, Checkpoint Therapeutics Inc achieved several financial milestones. The company's cash and cash equivalents increased to $6.6 million as of December 31, 2024, up from $4.9 million at the end of 2023. Additionally, the company received approximately $38.1 million in cash proceeds from the exercise of existing warrants after the fiscal year-end. These financial achievements are crucial for sustaining operations and funding ongoing research and development efforts in the biotechnology sector.
Detailed Financial Metrics
Research and development expenses decreased to $36.2 million in 2024 from $43.6 million in 2023, reflecting a reduction of $7.4 million. However, general and administrative expenses rose significantly to $20.1 million from $8.7 million in the previous year. The increase in administrative expenses was primarily due to higher non-cash stock expenses, which amounted to $11.0 million in 2024 compared to $2.7 million in 2023.
Corporate Developments and Strategic Moves
Checkpoint Therapeutics Inc's strategic initiatives include the FDA approval of UNLOXCYTTM, the first PD-L1 blocking antibody approved for metastatic and locally advanced cutaneous squamous cell carcinoma. This approval is a significant milestone, enhancing the company's product portfolio and market presence. Furthermore, the merger agreement with Sun Pharmaceutical Industries, valued at approximately $416 million, is expected to close in the second quarter of 2025, subject to regulatory and shareholder approvals.
Analysis and Outlook
The financial results highlight the ongoing challenges faced by Checkpoint Therapeutics Inc in achieving profitability. However, the FDA approval of UNLOXCYTTM and the merger with Sun Pharma present opportunities for growth and expansion. The company's focus on innovative cancer treatments positions it well within the competitive biotechnology industry, although it must continue to manage expenses and leverage strategic partnerships to enhance shareholder value.
Explore the complete 8-K earnings release (here) from Checkpoint Therapeutics Inc for further details.
