Checkpoint Therapeutics (CKPT) Q4 2024 earnings summary

Executive summary

• UNLOXCYT (cosibelimab-ipdl) received FDA approval in December 2024 as the first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC).

• In March 2025, Checkpoint entered a merger agreement with Sun Pharma, valuing the transaction up to $416 million, expected to close in Q2 2025.

• Longer-term pivotal trial data for cosibelimab in cSCC showed improved objective and complete response rates at ESMO 2024.

Financial highlights

• Cash and cash equivalents were $6.6 million as of December 31, 2024, up from $4.9 million a year earlier; $38.1 million in warrant proceeds received post-year-end.

• Research and development expenses decreased to $36.2 million in 2024 from $43.6 million in 2023, with non-cash stock expenses rising to $12.9 million.

• General and administrative expenses rose to $20.1 million in 2024 from $8.7 million in 2023, with non-cash stock expenses increasing to $11.0 million.

• Net loss attributable to common stockholders was $56.2 million ($1.42 per share) in 2024, compared to $51.8 million ($3.17 per share) in 2023.

• Revenue from related parties was $41,000 in 2024, down from $103,000 in 2023.

Outlook and guidance

• Merger with Sun Pharma anticipated to close in Q2 2025, subject to regulatory and shareholder approvals.

• Commercial launch and availability of UNLOXCYT for cSCC expected to drive future growth, with ongoing evaluation of olafertinib for EGFR mutation-positive NSCLC.