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Checkpoint Therapeutics Inc. (CKPT+0.38%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that the U.S. Food and Drug Administration granted approval for UNLOXCYT (cosibelimab-ipdl) on December 13, 2024, for the treatment of adults with metastatic or locally advanced cutaneous squamous cell carcinoma.
The company has not yet generated any product sales and has incurred substantial operating losses since inception, with an accumulated deficit of $370.6 million as of December 31, 2024.
On March 9, 2025, Checkpoint entered into an Agreement and Plan of Merger with Sun Pharmaceutical Industries, Inc., and Snoopy Merger Sub, Inc., which will result in Checkpoint becoming a wholly owned subsidiary of Sun Pharma.
Research and development expenses for the year were approximately $36.2 million, a decrease from $43.6 million in the previous year, primarily due to reduced manufacturing costs.
General and administrative expenses increased to approximately $20.1 million from $8.7 million in the previous year, driven by increased legal and accounting fees.
Net cash used in operating activities was $31.1 million, compared to $47.6 million in the previous year, reflecting lower manufacturing and clinical costs.
Checkpoint anticipates that its cash and cash equivalents are only sufficient to fund operations into the fourth quarter of 2025, and the company will need additional funding to continue operations.
The company has entered into various financing agreements, raising approximately $32.8 million through equity offerings and warrant exercises in 2024.
Checkpoint's future funding requirements will depend on various factors, including the timing and results of clinical trials, regulatory approval processes, and the success of commercialization efforts for UNLOXCYT.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Checkpoint Therapeutics Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.