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Camp4 Therapeutics Corp (CAMP)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 results showed a modest operating loss but improved EPS driven by a larger share count post-IPO; research and collaboration revenue reached $0.86M vs $0 in the prior year .
  • EPS and revenue beat S&P Global consensus: EPS (-$0.62) vs -$0.70*, revenue $0.86M vs $0.03M*; upside was primarily due to recognized research/collaboration revenue and disciplined OpEx .
  • Clinical execution advanced: multiple ascending dose cohort 3 completed for CMP-CPS-001; Europe CTA submitted for Phase 1b in female OTC heterozygotes; SYNGAP1 ASO candidate (CMP-SYNGAP-01) nominated, with GLP tox planned in 2025 .
  • Near-term catalysts: Q4 2025 MAD safety/PK/PD data for CMP-CPS-001, potential Fulcrum Therapeutics milestone inflow (DBA license) and ASGCT data presentations, all supporting platform validation and investor focus on 2H25 readouts .

What Went Well and What Went Wrong

What Went Well

  • Completed dosing in MAD cohort 3 for CMP-CPS-001 and submitted Europe CTA for Phase 1b, expanding the potential OTC heterozygote population and strengthening the clinical path .
  • Nominated CMP-SYNGAP-01 based on robust NHP translational data; management emphasized “meaningful increase in SYNGAP1 protein levels” in NHPs and patient-derived neurons, validating RAP platform breadth .
  • Operational discipline: Net loss held flat YoY (-$12.4M vs -$12.5M), while R&D investment increased modestly (+$0.4M YoY) aligned to clinical/preclinical progress .

Quote: “We are very pleased with the strong execution during the first quarter of 2025… We remain on track to release safety, pharmacokinetic, and pharmacodynamic data from the MAD portion of this Phase 1 study in Q4 2025.” — Josh Mandel-Brehm, CEO .

What Went Wrong

  • Cash declined to $49.3M from $64.0M at year-end, reflecting burn ahead of key data in 2H25 and higher OpEx supporting the pipeline .
  • G&A increased to $3.8M from $3.1M YoY, driven by personnel and overhead, raising questions about non-R&D cost trajectory in early clinical stage .
  • No published earnings call transcript, limiting visibility into detailed Q&A on biomarker plans, regulatory path assumptions, and financing runway; investors must rely on press releases and 10-Q for clarifications .

Financial Results

P&L and EPS vs prior periods

MetricQ1 2024Q3 2024Q1 2025
Research & collaboration revenue ($USD)$0 $0 $858,000
R&D expenses ($USD)$9,740,000 $9,702,000 $10,146,000
G&A expenses ($USD)$3,135,000 $3,814,000 $3,812,000
Total operating expenses ($USD)$12,875,000 $13,516,000 $13,958,000
Net loss ($USD)$(12,452,000) $(13,484,000) $(12,433,000)
Net loss per share (basic & diluted, $USD)$(26.57) $(24.19) $(0.62)

Balance sheet snapshot

MetricDec 31, 2024Mar 31, 2025
Cash & cash equivalents ($USD)$64,039,000 $49,323,000
Working capital ($USD)$56,785,000 $45,234,000
Total assets ($USD)$78,307,000 $62,773,000
Total liabilities ($USD)$15,163,000 $11,201,000
Total stockholders’ equity ($USD)$63,144,000 $51,572,000

Actual vs S&P Global consensus (Q1 2025)

MetricActualConsensusBeat/Miss
Primary EPS ($USD)$(0.62) $(0.70)*Beat +$0.08*
Revenue ($USD)$858,000 $33,330*Beat +$824,670*

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
CMP-CPS-001 MAD safety/PK/PD dataQ4 2025Data expected in Q4 2025 On track for Q4 2025 Maintained
CMP-CPS-001 Phase 1b in female OTC heterozygotesQ2 2025 (initiation/CTA)Initiation in Australia expected Q2 2025; Europe CTA planned Europe CTA submitted; expansion proceeding pending clearance Advanced (execution progress)
SYNGAP1 ASO CMP-SYNGAP-01 GLP tox2025GLP tox to be initiated in 2025 GLP tox initiation expected 2025 (reaffirmed) Maintained
Cash runwayThrough Q2 2026Company believes cash sufficient into Q2 2026 Not updated in Q1 PR; cash declined to $49.3M Maintained (no update provided)

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 2024 and Q4 2024)Current Period (Q1 2025)Trend
Clinical progress: CMP-CPS-001SAD completed; MAD underway; RPDD & ODD granted MAD cohort 3 completed; Europe CTA submitted for Phase 1b Positive execution momentum
RAP Platform validationBioMarin collaboration; platform highlighted NHP translational data for SYNGAP1; patient-derived neuron data Strengthening validation
Regulatory/expansionPhase 1b expansion planned; CTA to be submitted Europe CTA submitted; Phase 1b focus on female OTC heterozygotes Advancing toward broader enrollment
R&D execution & OpExR&D steady; G&A increased in Q3 2024 R&D +$0.4M YoY; G&A ~flat QoQ vs Q3 Controlled investment aligned to milestones
Partner/milestone economicsIPO proceeds; BioMarin milestones; cash guidance Eligibility for $0.6M Fulcrum milestone (DBA) referenced Potential near-term non-dilutive inflow

Note: No Q1 2025 earnings call transcript was available in our document set; themes derived from company press releases and filings .

Management Commentary

  • “We made important advances in our clinical study of CMP-CPS-001… We remain on track to release safety, pharmacokinetic, and pharmacodynamic data from the MAD portion of this Phase 1 study in Q4 2025.” — Josh Mandel-Brehm, CEO .
  • “New preclinical data demonstrate a meaningful increase in SYNGAP1 protein levels… demonstrating strong translational potential.” — Josh Mandel-Brehm, CEO .
  • Q4 2024 context: “We remain focused on the ongoing healthy volunteer Phase 1 clinical trial of CMP-CPS-001 in UCDs, as well as our planned expansion into a Phase 1b clinical trial… This expansion reflects both the growing body of evidence supporting our approach…” — Josh Mandel-Brehm, CEO .
  • Clinical framing: “Phase1b clinical trial represents a crucial step forward in redefining care for female OTC heterozygotes… CMP-CPS-001 appeared to be well-tolerated in a Single-Ascending Dose (SAD) study” — Dr. Yuri Maricich, CMO .

Q&A Highlights

  • No public Q1 2025 earnings call transcript identified; company distributed results via press release and filed a 10-Q. Clarifications on biomarker strategy, registrational path timing, and funding runway should be monitored in subsequent updates .

Estimates Context

  • EPS beat: Actual -$0.62 vs -$0.70*; driven by flat net loss YoY and larger share count post-IPO, diluting per-share loss .
  • Revenue beat: Actual $0.86M vs $0.03M*; upside reflects recognized research and collaboration revenue in the quarter .
  • Coverage depth: 3 estimates for EPS and revenue in S&P Global dataset for Q1 2025*.

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • The quarter delivered a clear execution step-up (MAD cohort 3 completion, Europe CTA submission), reinforcing the probability of 2H25 clinical data catalysts for CMP-CPS-001 .
  • The SYNGAP1 program’s NHP translational data and GLP tox initiation in 2025 broaden the platform narrative beyond UCDs, adding optionality for mid-term pipeline value .
  • Non-dilutive potential: Fulcrum milestone eligibility supports near-term cash inflow, while broader milestone/royalty economics provide upside leverage to partnered assets .
  • Financials remain disciplined: net loss stable YoY; cash of $49.3M provides runway into scheduled 2H25 readouts, though investors should watch G&A trajectory and timing of additional financing .
  • The beat vs consensus was notable on both EPS and revenue; future estimate revisions may trend upward for collaboration revenues and slightly improved per-share loss trajectory*, contingent on OpEx and milestone timing .
  • Near-term trading implications: event-driven positioning into ASGCT outputs and Q4 2025 MAD data could attract momentum; lack of call transcript suggests monitoring upcoming conference presentations and 10-Q/8-K disclosures for incremental detail .
  • Medium-term thesis: execution against Phase 1b expansion and evidence of biomarker modulation will be key to de-risking a potential 2026 registrational path; platform validation with SYNGAP1 strengthens multi-asset potential .

Additional Relevant Press Releases (Q1 2025)

  • January 7, 2025: Corporate updates; SAD safety favorable; MAD cohorts progressing; added to Russell 2000; new GBA1 program; JPM presentation .
  • February 6, 2025: Participation in Oppenheimer, Leerink, Barclays investor conferences; webcast links provided .
  • March 27, 2025: Full-year 2024 results and corporate update; reiteration of Q2 2025 Phase 1b initiation and Q4 2025 data timing; cash runway into Q2 2026 .