Executive Summary

Q4 2023 revenue was $7.02M and GAAP EPS was -$0.73; net loss narrowed sharply YoY to $3.9M on reduced R&D and G&A expense .
Bristol-Myers Squibb notified MTEM on March 13, 2024 it will terminate the collaboration effective June 13, 2024; MTEM plans to reduce costs associated with the agreement, a significant strategic and stock-reaction catalyst .
Liquidity improved via a $9.5M private placement closed on March 28, 2024, extending cash runway guidance from “into Q2 2024” to “end of Q4 2024” post-financing .
Clinical updates were positive: durable monotherapy activity in PD-L1 ETB MT-6402 and Treg depletion/IL-2 increases with CTLA-4 ETB MT-8421, reinforcing differentiated IO mechanisms of action .

What Went Well and What Went Wrong

Durable single-agent activity observed with MT-6402 in heavily pre-treated HNSCC, including a confirmed PR with 70% tumor reduction at cycle 18 and an unconfirmed PR with 37% reduction at cycle 8; “We are very excited to see objective responses... in patients refractory to checkpoint therapy” — Eric Poma, PhD .
MT-8421 demonstrated “potent Treg clearance and IL-2 increases” with two of three patients in the first cohort remaining on study in cycle 5, supporting the TME-remodeling thesis .
Operating discipline: Q4 R&D expense fell to $8.8M (from $17.6M) and G&A to $3.6M (from $6.1M) YoY, materially compressing net loss to $3.9M from $22.0M YoY .

Bristol-Myers Squibb announced termination of the collaboration following its portfolio prioritization; MTEM will reduce related costs, but this removes an external R&D funding pathway and could pressure future revenue cadence .
MT-0169 phase 1 in myeloma closed in Dec 2023 due to slow enrollment despite a stringent CR case; program evaluation pivoting toward CD38+ AML via a potential investigator-sponsored study .
Cash at year-end was $11.5M with runway “into Q2 2024” pre-financing, underscoring liquidity constraints and dependency on capital markets; extension to “end of Q4 2024” hinges on recent private placement .

Metric	Q2 2023	Q3 2023	Q4 2023
Revenue ($USD Millions)	$6.865	$6.796	$7.016
Net Loss ($USD Millions)	$10.868	$4.153	$3.948
GAAP Diluted EPS	-$0.19	-$0.82	-$0.73
R&D Expense ($USD Millions)	$13.413	$7.624	$8.796
G&A Expense ($USD Millions)	$5.195	$4.309	$3.591
Total Operating Expenses ($USD Millions)	$18.608	$11.933	$12.387
Cash & Equivalents ($USD Millions)	$4.952	$15.811	$11.523

Note: Q3/Q4 EPS reflect post–reverse split shares; Q2 EPS reflects pre–reverse split presentation .

Segment revenue breakdown:

Revenue Components ($USD Millions)	Q2 2023	Q3 2023	Q4 2023
Research & Development Revenue	$6.627	$5.732	$6.639
Grant Revenue	$0.238	$1.064	$0.377
Total Revenue	$6.865	$6.796	$7.016

Key performance indicators:

KPI	Q2 2023	Q3 2023	Q4 2023
Cash & Equivalents ($USD Millions)	$4.952	$15.811	$11.523
Cash Runway Guidance	To Q3 2024	To end of Q2 2024	Into Q2 2024; post private placement to end of Q4 2024

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	FY 2024	To Q3 2024 (Aug 2023)	Into Q2 2024 (Mar 2024)	Lowered
Cash Runway (post-financing)	FY 2024	Into Q2 2024 (pre-financing)	End of Q4 2024 (after $9.5M second tranche)	Raised
Collaboration Status (BMS)	2024	Active multi-target discovery	Termination effective June 13, 2024; cost reductions planned	Terminated

No revenue/EPS/margin tax rate or segment-specific financial guidance was provided in Q4 materials .

Topic	Previous Mentions (Q2 2023)	Previous Mentions (Q3 2023)	Current Period (Q4 2023)	Trend
MT-6402 (PD-L1 ETB) efficacy	PD effects and monotherapy activity; PR confirmed in nasopharyngeal carcinoma; broad dose escalation	Part A completed; partial responses and stable disease in HNSCC; expansion underway	Durable monotherapy responses at 63/83 mcg/kg in R/R HNSCC; confirmed PR 70% reduction; uPR 37%	Strengthening efficacy signals
MT-8421 (CTLA-4 ETB)	First-in-human Phase 1 to begin in 3Q 2023	First patient dosed; enrollment commenced	Treg depletion and IL-2 increases; two of three patients in cycle 5	Advancing dose escalation
MT-0169 (CD38 ETB)	Partial clinical hold lifted; stringent CR at 5 mcg/kg; ongoing enrollment	Patient remains in response through cycle 16; no ≥G3 AEs	MM study closed due to slow enrollment; exploring CD38+ AML via investigator-sponsored study	Program pivot
BMS Collaboration	Active; $70M upfront; progressing across targets	Continued progress	Termination notice received; effective June 13, 2024	Negative inflection
Financing/Liquidity	Up to $40M private placement initial tranche closed; runway to Q3 2024	Runway to end of Q2 2024	$9.5M second tranche; runway extended to end of Q4 2024	Improved near-term visibility

Note: No Q4 earnings call transcript was found in the document catalog; themes derived from Q4 press release -.

“We are very excited to see objective responses in heavily pre-treated, checkpoint-experienced head and neck cancer patients... We believe these data demonstrate a new and potentially best-in-class approach to targeting the PD-1-PD-L1 axis.” — Eric Poma, PhD, CEO/CSO .
“MT-8421 is currently in dose escalation... demonstrating potent Treg clearance and IL-2 increases observed in patients.” — Eric Poma, PhD .
“Bristol-Myers Squibb... does not intend to continue the research collaboration... [termination] effective on June 13, 2024... MTEM plans to reduce costs related to the Collaboration Agreement.” .

An earnings call transcript for Q4 2023 was not available in the document catalog; no Q&A highlights to report [functions.ListDocuments: earnings-call-transcript returned 0].

S&P Global Wall Street consensus estimates were unavailable due to missing CIQ mapping; comparisons to S&P consensus cannot be provided at this time.
Third-party automated coverage indicated EPS of -$0.73 vs a consensus of -$0.97 (beat) and revenue of $7.02M vs $7.77M (miss), but this is not S&P Global data and should be treated as indicative only .

Near-term clinical catalysts remain constructive: durable monotherapy responses with MT-6402 and clear pharmacodynamic activity with MT-8421 support differentiated IO mechanisms and could drive incremental clinical momentum .
The BMS collaboration termination is a material strategic negative; expect revenue headwinds and increased funding needs, partially mitigated by planned cost reductions and recent $9.5M financing extending runway to end of Q4 2024 .
Operating discipline is evident: substantial YoY reductions in R&D and G&A drove a significantly narrower net loss in Q4; maintaining expense control will be critical post-BMS .
Liquidity remains the key watch-item; runway extension through Q4 2024 provides time for clinical readouts, but additional capital or partnering may be necessary depending on data cadence and cash burn .
Trading implication: headlines around BMS termination and financing likely dominate near-term stock moves; clinical updates (e.g., AACR poster on MT-6402) are potential upside catalysts if data continue to show durable monotherapy activity .
Medium-term thesis hinges on validating ETB platform across PD-L1 and CTLA-4 programs and reconstituting external funding sources post-BMS; pivot of MT-0169 to AML may unlock new optionality if early signals materialize .
Absent S&P Global consensus data, monitor sell-side revisions and independent aggregator signals cautiously; expect revenue re-basing and potential EPS estimate volatility following BMS termination .