Executive Summary

Q3 revenue of $0.795M beat S&P Global consensus of $0.433M, while EPS of $(0.55) missed consensus of $(0.48); operating loss was stable but net loss widened on a $(1.8)M non-cash loss from revaluing a derivative tranche liability . Consensus figures from S&P Global: revenue $0.433M, EPS $(0.48)*. Values retrieved from S&P Global.
Balance sheet strengthened: cash and equivalents rose to $75.3M at 9/30 from $39.1M at 6/30, aided by an initial $50M private placement closing (up to $100M total), extending runway into 2027 .
Pipeline execution: GLP tox initiated for CMP-002 (SYNGAP1) with first-in-human Phase 1/2 targeted as early as 2H26; MAD analysis for CMP-001 (UCDs) showed favorable safety/PK but inconclusive PD in healthy volunteers; strategy pivots to seek a partner .
Regulatory and clinical progress: CTA approval in the Netherlands to initiate a Phase 1b CMP-001 study in OTC heterozygotes .

What Went Well and What Went Wrong

What Went Well
- Balance sheet de-risked: initial $50M of a private placement (up to $100M) closed, extending cash runway into 2027 .
- SYNGAP1 program advanced: GLP tox initiated in October; first-in-human Phase 1/2 could start as early as 2H26 .
- Q3 revenue beat consensus as collaboration revenue was recognized ($0.795M vs $0.433M consensus)* . Values retrieved from S&P Global.
- CEO emphasized prioritizing the SYNGAP1 lead program and confidence in gene upregulation approach: “The third quarter marked a critical milestone ... we initiated GLP toxicology studies for CMP-002 ... [and] plan to pursue partnerships for further development of CMP-001.”
What Went Wrong
- EPS missed consensus (actual $(0.55) vs $(0.48) consensus)*, and net loss widened sequentially to $(15.1)M, largely due to a $(1.8)M loss from change in fair value of a derivative tranche liability . Values retrieved from S&P Global.
- CMP-001 PD readout inconclusive in healthy volunteers, limiting biomarker validation at this stage; company will pivot to partnership to advance the asset .
- Small impairment recognized on a right-of-use asset ($0.5M), adding to GAAP operating costs in Q3 .

Financial Results

Overall P&L (USD thousands except per-share data; oldest → newest)

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($)	$0	$858	$1,497	$795
R&D Expense ($)	$9,702	$10,146	$10,343	$9,356
G&A Expense ($)	$3,814	$3,812	$4,182	$4,596
Total Operating Expenses ($)	$13,516	$13,958	$14,525	$14,446
Loss from Operations ($)	$(13,516)	$(13,100)	$(13,028)	$(13,651)
Other (Expense) Income, net ($)	$32	$667	$441	$(1,448)
Loss on FV of Derivative Tranche Liability ($)	—	—	—	$(1,800)
Net Loss ($)	$(13,484)	$(12,433)	$(12,587)	$(15,099)
Diluted EPS ($)	$(24.19)	$(0.62)	$(0.62)	$(0.55)
Weighted Avg Shares (basic & diluted)	557,437	20,152,872	20,159,666	27,274,721

Balance Sheet (USD thousands; point-in-time)

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025	Sep 30, 2025
Cash & Cash Equivalents ($)	$64,039	$49,323	$39,052	$75,255
Working Capital ($)	$56,785	$45,234	$33,751	$69,805
Total Assets ($)	$78,307	$62,773	$51,275	$86,395
Total Liabilities ($)	$15,163	$11,201	$11,288	$27,728
Stockholders’ Equity ($)	$63,144	$51,572	$39,987	$58,667

Actual vs S&P Global Consensus (Q3 2025)

Metric	Actual	Consensus	Surprise
Revenue ($)	$795,000	$433,330*	+$361,670 / +83%*
EPS ($)	$(0.55)	$(0.48)*	−$0.07 (miss)*

Values retrieved from S&P Global.

Notes:

Revenue remains primarily research and collaboration revenue (no commercial product sales) .
Q3 OpEx drivers: R&D and G&A increases tied to clinical/preclinical and personnel/overhead; additionally, a $0.5M ROU asset impairment and $(1.8)M derivative FV loss impacted reported results .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
CMP-002 (SYNGAP1) GLP tox	2H25	“Initiate GLP tox in Q3 2025”	GLP tox initiated Oct 2025	Achieved/On track
CMP-002 (SYNGAP1) Phase 1/2 start	2H26	“Potential to initiate as early as 2H 2026”	“As early as 2H 2026” reiterated	Maintained
CMP-001 (UCDs) Phase 1 SAD/MAD data	Q4 2025	“SAD/MAD data expected Q4 2025”	MAD analysis completed; safety/PK favorable; PD inconclusive in HV	Updated (data characterized)
CMP-001 Strategy	Ongoing	N/A	Pursue partnership for further development	New/Pivot
CMP-001 Phase 1b CTA status (OTC hets)	2H25	CTA submitted (Europe)	CTA approved by CCMO (NL)	Upgraded status
Cash Runway	Multi-year	Not disclosed previously	Extended into 2027 (with $50M initial close, up to $100M total)	Extended

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in our document catalog as of this analysis; themes below reflect quarter-over-quarter narrative from company releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
SYNGAP1 (CMP-002)	Nominated candidate; strong NHP/proof data (Q1). On track to initiate GLP tox in Q3; potential Phase 1/2 in 2H26 (Q2) -	GLP tox initiated in Oct; Phase 1/2 as early as 2H26 reiterated	Execution progressing/maintained timeline
UCDs (CMP-001)	Ongoing Phase 1; favorable interim safety; MAD cohorts dosing; data expected Q4 2025 (Q1/Q2) -	MAD analysis: favorable safety/PK; PD inconclusive in HV; partner sought; Phase 1b CTA approved (NL)	Mixed data; strategic pivot to partnership
Financing/Runway	No runway guidance in Q1/Q2	$50M closed (up to $100M) private placement; runway into 2027	Strengthened balance sheet
Regulatory	CTA submitted for Phase 1b (OTC hets) (Q1)	CTA approved by CCMO (Netherlands)	Regulatory progress

Management Commentary

CEO strategic emphasis: “The third quarter marked a critical milestone... we initiated GLP toxicology studies for CMP-002... We continue to expect we could initiate a first-in-human Phase 1/2 clinical trial as early as the second half of 2026.”
On portfolio focus and partnering: “As we prioritize our SYNGAP1 lead program, we have made a strategic decision to pursue partnerships for further development of CMP-001.”
On CMP-001 data: “We were encouraged by the safety and pharmacokinetics data we observed in our Phase 1 SAD/MAD clinical trial” but noted no conclusive PD in healthy volunteers .

Q&A Highlights

An earnings call transcript was not available at publication; no Q&A themes could be reviewed. Key clarifications came via the press release regarding pipeline timelines, partnering plans for CMP-001, and cash runway .

Estimates Context

Q3 revenue beat: $0.795M actual vs $0.433M consensus; the revenue line is research/collaboration-driven . Values retrieved from S&P Global.
Q3 EPS miss: $(0.55) actual vs $(0.48) consensus; variance reflects operating spend plus non-cash derivative FV loss $(1.8)M . Values retrieved from S&P Global.
Coverage depth was modest (6 estimates on both revenue and EPS for Q3)*. Values retrieved from S&P Global.

Key Takeaways for Investors

Balance sheet materially reinforced: cash increased to $75.3M at quarter-end with an initial $50M private placement close (up to $100M), extending runway into 2027—reducing near-term financing risk .
SYNGAP1 remains the core value driver: GLP tox started; Phase 1/2 could begin as early as 2H26 if preclinical and regulatory steps stay on track .
CMP-001 safety/PK profile is supportive, but lack of conclusive PD in healthy volunteers and a pivot to partnering signal a moderated standalone near-term internal investment path for this asset .
P&L steady at the operating line; net loss volatility reflects non-cash items (derivative FV loss), a reminder that quarterly EPS can be noisy for pre-commercial biotech .
Revenue upside vs consensus demonstrates the variability of collaboration revenue recognition; investors should focus on milestone cadence and BD updates as potential near-term stock catalysts . Values retrieved from S&P Global.
Near-term watch items: partner announcement(s) for CMP-001, progress updates from GLP tox for CMP-002, regulatory interactions toward Phase 1/2 initiation, and any additional financing tranches from the private placement .

References and source documents:

Q3 2025 8-K and Exhibit 99.1 press release (financials and corporate highlights) .
Q2 2025 8-K and Exhibit 99.1 press release .
Q1 2025 8-K and Exhibit 99.1 press release .
Company news flow corroborating financing and SYNGAP1 GLP tox initiation (company investor site) .

All consensus figures marked with an asterisk (*) are from S&P Global and may update as sell-side models change.

Camp4 Therapeutics Corp (CAMP)·Q3 2025 Earnings Summary