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Camp4 Therapeutics Corp (CAMP)·Q2 2025 Earnings Summary

Executive Summary

  • CAMP4 delivered a clean beat versus S&P Global consensus on both revenue and EPS: revenue $1.50m vs $0.60m consensus and EPS $(0.62) vs $(0.67) consensus, aided by research and collaboration revenue; operating loss was broadly stable YoY and QoQ . Revenue Consensus Mean $0.60m*; Primary EPS Consensus Mean $(0.6725)* (values from S&P Global).
  • R&D and G&A increased YoY as clinical and preclinical activity scaled (UCDs and SYNGAP1), consistent with management commentary; net loss was $(12.6)m, near flat YoY .
  • Program execution advanced: dosing completed in MAD cohort 3 for CMP‑CPS‑001 with SAD/MAD data expected in Q4 2025; GLP tox for SYNGAP1 set to begin in Q3 2025 with a potential Phase 1/2 start in H2 2026 .
  • Liquidity: cash and equivalents were $39.1m at 6/30 (down from $49.3m at 3/31); prior FY disclosure indicated runway into Q2 2026, though Q2 did not update that outlook .
  • Key potential stock narrative drivers: translational SYNGAP1 data, clarified GLP tox timing, and the Q4 2025 CMP‑CPS‑001 readout window .

What Went Well and What Went Wrong

What Went Well

  • Revenue outperformed consensus on the back of research and collaboration revenue ($1.497m actual vs $0.60m consensus)*; EPS modestly beat as operating losses stayed contained QoQ .
  • Pipeline momentum: “presented compelling translational data from our SYNGAP1 program… on track to initiate GLP toxicology studies in the third quarter… could support initiation of a global Phase 1/2… in the second half of 2026,” said CEO Josh Mandel‑Brehm .
  • CMP‑CPS‑001 execution: dosing completed in MAD cohort 3; SAD/MAD safety and biomarker data targeted for Q4 2025, maintaining near‑term catalysts .

What Went Wrong

  • Operating expenses rose YoY: R&D $10.3m vs $9.4m; G&A $4.2m vs $3.3m, reflecting higher clinical/preclinical and personnel/overhead costs, pressuring cash burn .
  • Cash declined to $39.1m from $49.3m sequentially, tightening flexibility ahead of multiple clinical catalysts .
  • Risk disclosures emphasize need for substantial additional financing and clinical development uncertainties, underscoring funding and execution risk into 2026 .

Financial Results

Summary vs Prior Periods

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD Millions)$0.00 $0.86 $1.50
Net Loss ($USD Millions)$(12.58) $(12.43) $(12.59)
Diluted EPS ($)$(26.00) $(0.62) $(0.62)
R&D Expense ($USD Millions)$9.39 $10.15 $10.34
G&A Expense ($USD Millions)$3.27 $3.81 $4.18
Cash & Equivalents ($USD Millions)N/A$49.32 $39.05
Weighted Avg. Shares (Basic & Diluted)0.48m 20.15m 20.16m

Notes: Q2 2024 reported research and collaboration revenue of “–” (treated here as $0.00) . Cash is period-end. Share counts reflect post‑IPO share base dynamics .

Actuals vs S&P Global Consensus (Q2 2025)

MetricActualConsensusSurprise
Revenue ($USD Millions)$1.50 $0.60*+$0.90 (Beat)
EPS (Primary/Diluted)$(0.62) $(0.673)*+$0.05 (Beat)
# of Estimates—5 (EPS), 5 (Revenue)*—

Values marked with * are retrieved from S&P Global.

Segment/KPI Detail

  • No revenue segment disclosure (biotech collaboration/research revenue only) .
  • Operating Opex drivers: R&D increase primarily clinical and preclinical costs; G&A increase primarily personnel and overhead .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
CMP‑CPS‑001 SAD/MAD data readout (safety, PK/PD biomarkers)Q4 2025“Safety, pharmacokinetic, and pharmacodynamic data… expected Q4 2025” (Q1 2025) “Expect to report… in Q4 2025” Maintained
CMP‑CPS‑001 MAD Cohort 32025“Dosing completed in first three MAD cohorts” (Q1 2025) “Completed dosing in MAD cohort 3” Status confirmed
SYNGAP1 GLP toxicology start (CMP‑SYNGAP‑01)Q3 2025“GLP toxicology studies expected to be initiated in 2025” (Q1 2025) “Initiating GLP toxicology studies… in Q3 2025” Refined/Specified
SYNGAP1 Phase 1/2 initiation timingH2 2026Not previously dated in Q1/FY“Potential to initiate… as early as H2 2026” New timing disclosure
Cash runwayThrough Q2 2026“Sufficient to fund planned activities into Q2 2026” (FY 2024) No update provided in Q2 release Not reiterated

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was available in our document set; themes below reflect press releases and filings.

TopicQ4 2024 (FY release)Q1 2025 (8‑K)Q2 2025 (8‑K)Trend
R&D execution (UCDs)SAD interim: favorable safety; MAD dosing initiated/ongoing MAD Cohorts 1–3 completed; Europe CTA submitted for Phase 1b (female OTC hets) MAD Cohort 3 completed; Q4 2025 SAD/MAD data timing reaffirmed Steady progress; Q4’25 data catalyst intact
SYNGAP1 programCandidate nominated; GLP tox planned in 2025 Preclinical translational data to be presented (ASGCT) Positive translational data presented; GLP tox set for Q3 2025; Phase 1/2 as early as H2 2026 Improved visibility; timelines specified
Partnerships/collaborationPlatform partnerships focus; no specific updates Eligible for $0.6m milestone from Fulcrum under DBA license Research/collaboration revenue recognized in Q2 Collaboration activity evidenced in P&L
OpEx and operating disciplineFY24 R&D $38.8m; G&A $14.9m R&D $10.1m; G&A $3.8m (Q1) R&D $10.3m; G&A $4.2m (Q2); increases driven by clinical/preclinical and personnel/overhead Controlled increases aligned to programs
Liquidity/runwayCash $64.0m; runway into Q2 2026 Cash $49.3m Cash $39.1m Sequential draw; runway not updated

Management Commentary

  • “We presented compelling translational data from our SYNGAP1 program… on track to initiate GLP toxicology studies in the third quarter, which could support initiation of a global Phase 1/2 clinical trial… in the second half of 2026.” — Josh Mandel‑Brehm, CEO
  • “We continue to see strong potential in CMP‑CPS‑001… plan to announce safety and biomarker data from the SAD and MAD portions… in Q4 [2025]. These data could position CMP‑CPS‑001 as a valuable asset… ready for evaluation in symptomatic individuals.” — Josh Mandel‑Brehm

Q&A Highlights

  • No Q2 2025 earnings call transcript was available in our dataset. Any guidance clarifications and tone assessment reflect the company’s press release and 8‑K disclosures .

Estimates Context

  • Result vs S&P Global consensus: Revenue $1.50m actual vs $0.60m consensus (beat), EPS $(0.62) actual vs $(0.673) consensus (beat). 5 estimates contributed to both metrics for Q2 2025. Values marked with * are retrieved from S&P Global.
  • Given collaboration/research revenue recognition and prior disclosure of expected milestone eligibility (Fulcrum, noted in Q1), consensus likely under‑modeled timing/amount of non‑product revenue in the quarter .
  • Future modeling watch‑items: collaboration milestone timing, non‑dilutive funding cadence, and potential OpEx step‑ups tied to GLP tox and Phase 1/2 readiness .

Financial Detail Tables

P&L and Operating Metrics

MetricQ2 2024Q1 2025Q2 2025
Research & Collaboration Revenue ($m)$0.00 $0.86 $1.50
R&D Expense ($m)$9.39 $10.15 $10.34
G&A Expense ($m)$3.27 $3.81 $4.18
Net Loss ($m)$(12.58) $(12.43) $(12.59)
Net Loss per Share ($)$(26.00) $(0.62) $(0.62)
Weighted Avg. Shares (m)0.48 20.15 20.16

Balance Sheet Snapshot

MetricQ1 2025Q2 2025
Cash & Equivalents ($m)$49.32 $39.05
Working Capital ($m)$45.23 $33.75
Total Assets ($m)$62.77 $51.28
Total Liabilities ($m)$11.20 $11.29

Actuals vs S&P Global Consensus (Q2 2025)

MetricActualConsensusSurprise
Revenue ($m)$1.50 $0.60*+$0.90
EPS ($)$(0.62) $(0.6725)*+$0.0525

Values marked with * are retrieved from S&P Global.

Why The Beats/Misses Happened

  • Revenue: Reported within “research and collaboration revenue,” which can be lumpy; consensus likely under‑captured the timing/scale of collaboration‑related receipts, leading to the beat .
  • EPS: Modest beat primarily reflects the revenue upside with broadly stable operating loss vs prior periods; R&D and G&A increases were ascribed to clinical/preclinical and personnel/overhead, respectively, not to one‑time items .

Additional Company Disclosures in Q2

  • Expense drivers: R&D increase “primarily… clinical and preclinical study costs”; G&A increase “primarily… personnel‑related and overhead costs” .
  • Risk factors emphasized: need for substantial additional financing; manufacturing and development risks; dependency on collaborations; regulatory and IP risks .

Key Takeaways for Investors

  • Pipeline‑driven quarter: SYNGAP1 milestones and CPS‑001 MAD progress tightened timelines and created multiple near‑term catalysts into Q4 2025 and 2026 .
  • Clean double beat vs consensus on a collaboration‑revenue quarter; monitor durability/timing of collaboration flows in the model (S&P Global estimates used for comparison)* .
  • OpEx trending up as programs advance; cash draw continued QoQ ($49.3m → $39.1m), so funding strategy remains a central watch‑item ahead of GLP tox and future trials .
  • Q4 2025 data (SAD/MAD safety/biomarkers) for CPS‑001 is the next major readout; potential Phase 1/2 SYNGAP1 initiation in H2 2026 provides longer‑dated optionality .
  • No Q2 call transcript found; rely on filings/press release for tone and guidance—management language was confident about translational data and timelines .

Footnotes:

  • Values marked with * are retrieved from S&P Global.