The following is a summary of the Capricor Therapeutics, Inc. (CAPR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Capricor Therapeutics reported a Q1 cash balance of around $39.9 million, up from $39.5 million at the end of 2023. The company expects the cash runway to extend into the first quarter of 2025, excluding potential additional milestone payments from Nippon Shinyaku.
Received a $10 million milestone payment from distribution partner Nippon Shinyaku.
Raised approximately $3.5 million in gross proceeds under the at-the-market program at an average price of $5.75 per share. A majority of these funds were raised in Q2 at over $6.75 per share.
Research and development expense was approximately $10.1 million, up by $2.9 million mainly due to increased clinical and manufacturing costs related to Phase 3 HOPE-3 clinical trial.
General and administrative expense was approximately $1.8 million, consistent with Q1 2023.
Q1 2024 net loss was approximately $9.8 million, an increase from a net loss of approximately $7.8 million for the same period in the previous year.
Business Progress:
Capricor Therapeutics saw significant progress in the Duchenne Muscular Dystrophy (DMD) Program and its exosome platform technology.
Stable enrollment progress was seen in the HOPE-3 Phase 3 pivotal trial, with top-line data expected by late 2024.
A potential financial opportunity of $90 million, in potential milestone payments, is associated with regulatory achievements with Nippon Shinyaku.
Capricor is planning to launch its exosome-based product to the clinic by 2024.
The company is collaborating with Nippon Shinyaku for the commercialization of CAP-1002.
Capricor is collaborating with the National Institutes of Allergy and Infectious Disease (NIAID) for testing vaccine candidates for potential use in preventing COVID-19.
The company presented data on the potential treatment for arginase-1 deficiency using its exosome platform.
The company is planning the commercial and regulatory progress of CAP-1002, including discussions about reimbursement and potential label expansion for the drug.
More details: Capricor Therapeutics IR
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