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Capricor Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $2,261,642, down from $6,185,814 in the same quarter the previous year. The decrease is attributed to changes in clinical development income related to the U.S. Distribution Agreement with Nippon Shinyaku.
Research and development expenses increased to $11,807,867 from $10,028,964, primarily due to increased headcount and expanded research activities.
General and administrative expenses rose to $3,463,655 from $3,021,450, with increases in compensation expenses and other corporate expenses.
The company reported a net loss of $12,556,728 for the quarter, compared to $6,390,608 in the previous year, with the increase attributed to higher operating expenses.
Cash and cash equivalents were $68,377,402 as of September 30, 2024, up from $14,694,857 at the end of 2023, due to proceeds from equity financings.
Capricor completed a private placement with Nippon Shinyaku, issuing 2,798,507 shares of common stock for $15.0 million. An underwritten public offering in October 2024 raised approximately $86.3 million.
The filing outlines the company's ongoing clinical trials, including the HOPE-3 Phase 3 study for Duchenne muscular dystrophy and the development of its exosome technology.
Capricor's future expenditures and capital requirements will depend on various factors, including clinical trial progress and manufacturing costs. The company plans to seek additional financing to support its operations.
The company maintains exclusive distribution agreements with Nippon Shinyaku for deramiocel in the United States and Japan, and a binding term sheet for Europe.
Capricor's financial position includes a liability of approximately $3.4 million related to a CIRM grant award, which may be converted into a loan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Capricor Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.