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Camp4 Therapeutics Corp (CAMP)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 (reported March 27, 2025) capped a “successful 2024” with continued clinical progress in UCDs, a new SYNGAP1 development candidate, and a strengthened balance sheet ending 2024 with $64.0M cash and runway into Q2 2026 .
  • Versus S&P Global consensus, CAMP’s Q4 2024 delivered a revenue beat ($0.652M vs $0.146M estimate*) and an EPS beat ($-0.77 vs $-0.82 estimate*), though operating expenses rose sequentially and the company remains loss-making*.
  • Guidance timelines shifted: management previously anticipated SAD safety data in Q1 2025; current guidance consolidates SAD+MAD data into Q4 2025, indicating a pushout of data timing .
  • Positive clinical catalysts include Phase 1b initiation in female OTC heterozygotes expected in Q2 2025 and GLP tox initiation for SYNGAP in 2025; the narrative emphasizes platform validation and broad potential target scope .

What Went Well and What Went Wrong

What Went Well

  • Favorable safety profile in Phase 1 SAD cohorts (48 healthy volunteers); all TEAEs were Grade 1–2, with no concerning safety trends, and CMP‑CPS‑001 appeared well-tolerated .
    “We are off to a strong start in 2025, building on the momentum of a successful 2024…” — CEO Josh Mandel‑Brehm .
  • Strategic pipeline expansion: nomination of CMP‑SYNGAP‑01 based on compelling preclinical (including non‑human primate) data and plans to initiate GLP tox in 2025 .
  • Strengthened liquidity: year-end cash and equivalents of $64.0M and stated runway into Q2 2026 supports execution of clinical milestones .

What Went Wrong

  • Timeline pushout: prior guidance targeted reporting SAD safety data in Q1 2025; current guidance consolidates SAD+MAD data into Q4 2025, delaying visibility on clinical readouts .
  • Operating expense mix pressure: G&A increased to $14.9M in FY 2024 from $11.6M due to personnel-related expenses; R&D stayed elevated despite slight YoY decline .
  • Continued net losses widened YoY: FY 2024 net loss of $51.8M vs $49.3M in FY 2023 underscores ongoing investment phase ahead of clinical efficacy readouts .

Financial Results

Quarterly Comparison (oldest → newest)

MetricQ3 2024Q4 2024Consensus Q4 2024
Revenue ($USD Millions)$0.000 $0.652 $0.146*
Net Loss ($USD Millions)$(13.484) $(13.279)*N/A
Diluted EPS ($USD)$(24.19) $(0.77)*$(0.82306)*
Total Operating Expenses ($USD Millions)$13.516 $14.686*N/A
Cash And Equivalents ($USD Millions)$2.528 $64.039 N/A
  • Values retrieved from S&P Global.

Full-Year Comparison (oldest → newest)

MetricFY 2023FY 2024
Research & Collaboration Revenue ($USD Millions)$0.350 $0.652
R&D Expense ($USD Millions)$40.616 $38.817
G&A Expense ($USD Millions)$11.613 $14.923
Total Operating Expenses ($USD Millions)$52.229 $53.740
Loss from Operations ($USD Millions)$(51.879) $(53.088)
Interest Income ($USD Millions)$2.808 $1.330
Net Loss ($USD Millions)$(49.291) $(51.791)
Net Loss per Share (basic & diluted, $USD)$(124.80) $(11.04)
Cash & Cash Equivalents ($USD Millions)$38.380 $64.039
Working Capital ($USD Millions)$32.206 $56.785
Total Assets ($USD Millions)$54.946 $78.307
Total Liabilities ($USD Millions)$16.529 $15.163
Total Stockholders’ Equity ($USD Millions)$(123.730) $63.144

KPIs and Operating Metrics

KPIQ3 2024Q4 2024
SAD cohorts in Phase 1 completedAll SAD cohorts completed Favorable interim analysis across all 4 SAD cohorts; well-tolerated profile
MAD cohorts dosing statusAnticipated MAD biomarker data H2 2025 Dosing completed in MAD Cohorts 1–2; dosing initiated in Cohort 3
Regulatory designationsRPDD & ODD for CMP‑CPS‑001 Ongoing program with anticipated Phase 1b initiation
Cash runway guidanceNot explicitly stated Into Q2 2026

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Phase 1 CMP‑CPS‑001 data timing (SAD/MAD)2025SAD safety data in Q1 2025; MAD biomarker efficacy H2 2025 Consolidated SAD+MAD safety/PK/PD biomarker data in Q4 2025 Lowered/Delayed
Phase 1b CMP‑CPS‑001 in female OTC heterozygotes (Australia)Q2 2025Not previously specified Initiation expected Q2 2025; Europe to follow pending CTA New
SYNGAP1 program GLP tox initiation2025Not previously specified GLP tox studies to be initiated in 2025 New
Cash runwayThrough Q2 2026Not previously specified Sufficient to fund planned activities into Q2 2026 New/Established

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available; themes below reflect management disclosures in press releases.

TopicPrevious Mentions (Q-2)Previous Mentions (Q-1: Q3 2024)Current Period (Q4 2024)Trend
R&D execution (UCD Phase 1)N/ASAD completed; anticipate SAD Q1 2025 & MAD H2 2025 SAD interim analysis favorable; MAD Cohorts 1–2 completed; Cohort 3 initiated; data now Q4 2025 Slight delay, program advancing
Regulatory designationsN/ARPDD & ODD for CMP‑CPS‑001 Emphasis on expanding patient population (female OTC heterozygotes) Broadening scope
Partnerships/platform validationN/ABioMarin collaboration announced; platform validation Continuing to expand strategic partnerships and RAP Platform™ applications Sustained
Pipeline expansion (SYNGAP1)N/ANot highlighted CMP‑SYNGAP‑01 development candidate nominated; GLP tox initiation in 2025 Positive momentum
Cash runway & balance sheetN/APro forma cash post‑IPO; positioned for growth $64.0M cash; runway into Q2 2026 Strengthened liquidity

Management Commentary

  • “We are off to a strong start in 2025, building on the momentum of a successful 2024, which included advancing our Phase 1 clinical program in UCDs, establishing key research collaborations, securing important regulatory designations, and completing our initial public offering.” — Josh Mandel‑Brehm, CEO .
  • “CAMP4’s Phase1b clinical trial represents a crucial step forward in redefining care for female OTC heterozygotes… CMP‑CPS‑001… as a potential therapy to help manage ammonia levels and improve patient outcomes.” — Dr. Yuri Maricich, CMO .
  • “Transformational” quarter highlighted by IPO, FDA RPDD and ODD for CMP‑CPS‑001, and BioMarin collaboration validating RAP Platform™ — CEO commentary (Q3) .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available; therefore, Q&A themes, clarifications, and tone shifts cannot be assessed for this period.

Estimates Context

  • Q4 2024 revenue beat: $0.652M actual vs $0.146M consensus*, driven by higher research/collaboration revenue; CAMP remains pre‑commercial with modest top line*.
  • Q4 2024 EPS beat: $-0.77 actual vs $-0.823 estimate*, with sequential OpEx increase partially offset by interest income*.
  • Estimate implications: With consolidated SAD+MAD readout pushed to Q4 2025 and Phase 1b initiation in Q2 2025, Street models likely shift milestone‑driven timelines, OpEx cadence, and potential collaboration revenue recognition windows *.
  • Values retrieved from S&P Global.

Key Takeaways for Investors

  • The program remains on track with favorable Phase 1 safety, but consolidated SAD+MAD data in Q4 2025 delays clinical visibility; near‑term trading likely anchored on regulatory progress and Phase 1b initiation .
  • Cash runway into Q2 2026 mitigates financing overhang and supports execution through key readouts, a positive medium‑term setup .
  • Pipeline optionality expands with CMP‑SYNGAP‑01; 2025 GLP tox initiation adds a second potential clinical path, increasing platform value .
  • Collaboration strategy (e.g., BioMarin) validates RAP Platform™ and could supplement non‑dilutive funding; monitor additional partnership announcements .
  • Near-term catalysts: Phase 1b start in Q2 2025 for female OTC heterozygotes; regulatory clearances in EU for site addition; continued MAD dosing progress .
  • Risk monitor: timelines have slipped vs prior quarter guidance; watch enrollment/dosing pace, biomarker efficacy signals, and OpEx trends .
  • Estimate revisions: expect models to push out clinical readout timing and adjust OpEx profile; current quarter showed revenue/EPS beats vs consensus*, but fundamental valuation remains event‑driven*.