Executive Summary

Q1 2024 revenue was $28.1M, up 12.6% sequentially and 172.2% year over year; basic/diluted EPS was $(0.25), improving from $(0.27) in Q4 2023 and $(0.45) in Q1 2023 .
Collaboration momentum: $95M in milestone and upfront payments year-to-date 2024, including $50M from a new Astellas research collaboration and $45M from Roche-related execution; P-BCMA-ALLO1 granted FDA Orphan Drug Designation .
Cash, cash equivalents and short-term investments were $198.6M at March 31; management expects funding runway into 2H 2025, aided by expected $50M Astellas and $15M Roche milestone inflows near term .
Catalysts: additional clinical updates across BCMA, MUC1-C, and CD19CD20 programs in 2H 2024; near-term $15M Roche milestone and broader collaboration expansion could influence sentiment and liquidity .

What Went Well and What Went Wrong

What Went Well

Strategic expansion with Astellas (ACCEL technology + Poseida’s allogeneic CAR-T) brings $50M upfront and up to $550M milestones plus low double digit tiered royalties; “breakout year” positioning from CEO underpins confidence and pipeline breadth .
Clinical signals: P-BCMA-ALLO1 showed responses in 3/5 (60%) BCMA-experienced RRMM patients in Phase 1; continued 100% ORR previously noted in BCMA-naïve cohorts with adequate lymphodepletion; Orphan Drug Designation awarded by FDA .
Roche collaboration execution: $30M milestone received in Q1 and additional $15M anticipated in May; Roche reimbursing expanded Phase 1 trial operational activities for P-BCMA-ALLO1 .

What Went Wrong

The company remains loss-making: Q1 2024 net loss of $(24.3)M despite higher revenues, reflecting continued R&D investment across allogeneic trials (enrollment growth and initiation of third program) .
Cash declined sequentially to $198.6M (from $212.2M in Q4), driven by operations; stockholders’ equity fell to $84.6M from $103.7M at year-end .
Ongoing dependency on partner milestones and reimbursements; forward-looking risks include collaborator control over program advancement and potential early termination .

Financial Results

Quarterly Trend (Q3 2023 → Q4 2023 → Q1 2024)

Metric	Q3 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$9.352	$24.995	$28.142
Net Loss ($USD Millions)	$(31.778)	$(25.349)	$(24.274)
Net Loss Margin (%)	-339.9%	-101.4%	-86.3%
EPS (Basic & Diluted) ($USD)	$(0.35)	$(0.27)	$(0.25)
R&D Expense ($USD Millions)	$37.482	$42.045	$42.921
G&A Expense ($USD Millions)	$8.092	$8.859	$9.798
Cash & ST Investments ($USD Millions)	$238.837	$212.202	$198.646

Note: Net loss margin is calculated as Net loss / Revenue based on cited values .

Year-over-Year (Q1 2023 vs Q1 2024)

Metric	Q1 2023	Q1 2024
Revenue ($USD Millions)	$10.343	$28.142
Net Loss ($USD Millions)	$(38.847)	$(24.274)
Net Loss Margin (%)	-375.5%	-86.3%
EPS (Basic & Diluted) ($USD)	$(0.45)	$(0.25)
R&D Expense ($USD Millions)	$38.052	$42.921
G&A Expense ($USD Millions)	$11.807	$9.798

Note: Net loss margin is calculated as Net loss / Revenue based on cited values .

Segment Breakdown

Not applicable; reported revenue is collaboration revenue and presented on a consolidated basis .

KPIs

KPI	Value	Detail
Milestone & Upfront Payments YTD 2024 ($USD Millions)	$95.0	$50.0 Astellas upfront + $45.0 Roche-related execution
Astellas Collaboration Terms	$50M upfront; up to $550M milestones; low double digit tiered royalties	ACCEL + allogeneic CAR-T for solid tumors
Roche Milestones	$30M received in Q1; $15M anticipated in May	Roche to reimburse expanded Phase 1 operations
P-BCMA-ALLO1 Clinical Activity (BCMA-experienced subset)	60% ORR (3/5)	Phase 1 RRMM patients post prior BCMA therapy
P-BCMA-ALLO1 BCMA-naïve ORR (adequate LD)	100% ORR (ASH 2023)	Adequate lymphodepletion highlighted
Orphan Drug Designation	Granted by FDA	Treatment of multiple myeloma

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Company-level	Into 2H 2025 (Q4 2023)	Into 2H 2025; aided by $50M Astellas + $15M Roche milestones; potential further BD	Maintained; visibility improved via inflows
Roche Milestones	Near-term	$30M expected in Q1 2024	$30M received in Q1 2024; $15M anticipated in May 2024	Achieved + added milestone
Program Updates Timing	2024	AACR (April) + H2 2024 updates (Q4 2023)	AACR presented; clinical updates planned H2 2024 across programs	Executed + affirmed H2 timeline

Earnings Call Themes & Trends

Note: An earnings call transcript for Q1 2024 was not available in our document set. We searched for “earnings-call-transcript” and “other-transcript” for PSTX between 2024-04-01 and 2024-06-30 and found none.

Topic	Previous Mentions (Q3 2023)	Previous Mentions (Q4 2023)	Current Period (Q1 2024)	Trend
Allogeneic BCMA efficacy/safety	ASH poster acceptance; early data forthcoming	ASH 2023: 82% ORR; 100% ORR in BCMA-naïve; favorable safety; LD optimization insights	AACR: 3/5 (60%) responses in BCMA-experienced; FDA Orphan Drug Designation	Strengthening clinical narrative
Lymphodepletion strategy	Emphasis on LD regimen development	Higher cyclophosphamide doses improve expansion; plan to assess >300 mg/m2 in MUC1C	Solid tumors require higher LD; exploring higher LD in P-MUC1C-ALLO1	Consolidating dosing framework
Partnerships (Roche/Astellas)	Astellas $50M strategic investment; accelerated Roche milestones	$25M Astellas equity investment; $30M Roche milestone expected Q1	New Astellas collaboration ($50M upfront); $30M received; $15M anticipated	Expanded optionality and funding
Gene therapy (non-viral)	Portfolio evaluation; business development options	P-FVIII-101 data; R&D Day planned	Focus on fully non-viral programs P-KLKB1-101 and P-FVIII-101; ASGCT data	Increased focus and external validation
Regulatory	N/A	N/A	Orphan Drug Designation (P-BCMA-ALLO1)	Positive regulatory step
R&D execution	Dosing to begin P-CD19CD20-ALLO1 early 2024	Initiated P-CD19CD20-ALLO1; expanded BCMA protocol	Enrollment increasing; third allogeneic trial initiated; CMO appointed	Operational scaling

Management Commentary

“We see 2024 as a breakout year for Poseida as we make great strides across our cell therapy and genetic medicine programs and continue to cultivate and expand high value collaborations that highlight Poseida’s role as the partner of choice in allogeneic CAR-T.” — Kristin Yarema, Ph.D., President & CEO .
“Moving forward, we are focusing our gene therapy pipeline on fully nonviral approaches, highlighted by our lead gene editing and gene insertion programs, P-KLKB1-101 and P-FVIII-101. New preclinical data supporting the advancement of both programs was recently presented at the ASGCT annual meeting, further confirming their potential to address significant unmet patient need.” — Kristin Yarema, Ph.D. .
Leadership: Appointment of Syed Rizvi, M.D., as Chief Medical Officer (ex-Caribou, Legend Biotech, Celgene) adds late-stage clinical development expertise .

Q&A Highlights

No Q1 2024 earnings call transcript was available in our document set. We searched for PSTX transcripts (“earnings-call-transcript”, “other-transcript”) for 2024-04-01 to 2024-06-30, and none were found.

Estimates Context

Wall Street consensus estimates (S&P Global) for Q1 2024 EPS and revenue were unavailable due to missing SPGI/CIQ mapping for PSTX in our environment. As a result, we cannot provide a formal beat/miss comparison at this time.
Given the strong YoY revenue growth driven by Astellas upfront recognition and higher Roche collaboration activity, Street models may need to reflect increased collaboration revenue cadence and milestone timing variability .

Key Takeaways for Investors

Collaboration-driven revenue model is gaining traction: $95M YTD payments (Astellas + Roche) underpin near-term cash runway and de-risk financing needs into 2H 2025 .
Clinical narrative strengthening: BCMA-experienced responses (60%) and FDA Orphan Drug Designation for P-BCMA-ALLO1 broaden the potential treatment population and regulatory positioning ahead of H2 2024 updates .
Lymphodepletion learnings are a strategic lever: higher LD dosing for solid tumors could improve expansion/persistence for P-MUC1C-ALLO1; expect dosing and scheduling refinements to feature in H2 readouts .
Gene therapy pivot to fully non-viral programs (P-KLKB1-101, P-FVIII-101) with supportive ASGCT data may create new optionality (partnering and pipeline prioritization) .
Expense discipline mixed: R&D up YoY on allogeneic trial expansion while G&A declined YoY; operating leverage will depend on milestone timing and development pace .
Near-term catalysts: anticipated $15M Roche milestone in May, plus H2 clinical updates across BCMA, MUC1-C and CD19CD20 programs; partnership news flow could drive trading interest .
Risk monitor: continued reliance on collaborator milestones and reimbursement; partner control and potential early terminations remain key operational risks .

Poseida Therapeutics, Inc. (PSTX)·Q1 2024 Earnings Summary