Poseida Therapeutics, Inc. (PSTX)·Q2 2024 Earnings Summary

Executive Summary

• Q2 2024 revenue was $26.0M vs $20.0M in Q2 2023, driven by Roche milestone recognition and reimbursed R&D, while net loss was $(31.4)M and diluted EPS $(0.32); cash, cash equivalents and short-term investments ended Q2 at $237.8M with runway into H2 2025 .
• Operational highlights: agreement with Roche to initiate the Phase 1b portion of the P-BCMA-ALLO1 trial (funded by Roche); Astellas collaboration advanced with formal nomination of the first solid tumor CAR-T target .
• Pending catalysts in H2 2024: new P-BCMA-ALLO1 data at the International Myeloma Society meeting (Sep 25–28), additional clinical updates across BCMA, CD19CD20 and MUC1-C programs (subject to Roche coordination), and FDA INTERACT meeting for P-FVIII-101 in September .
• Management tone: confident about broad pipeline progress and partnership momentum; “strong progress across our pipeline… setting the stage for significant potential catalysts in the second half of the year,” said CEO Kristin Yarema, Ph.D. .

What Went Well and What Went Wrong

• What Went Well

  • Secured $95M year-to-date partner funding ($50M upfront from Astellas in Q2; $45M Roche milestones in H1), strengthening liquidity and extending runway into H2 2025 .
  • Roche alignment to start Phase 1b P-BCMA-ALLO1 with process improvements; Roche funds the expanded Phase 1/1b trial while Poseida retains operational responsibility .
  • FDA granted an INTERACT meeting for P-FVIII-101 in September, enabling early dialogue on non-viral gene insertion for Hemophilia A .
  • CEO quote underscores execution and catalysts: “strong progress… significant potential catalysts in the second half of the year” .

• What Went Wrong

  • Net loss widened sequentially to $(31.4)M in Q2 from $(24.3)M in Q1, as total operating expenses rose to $57.7M (R&D $45.5M; G&A $12.2M), reflecting higher clinical activity and one-time stock-based comp tied to succession .
  • Increased reliance on milestone timing for revenue (collaboration revenue $26.0M) creates quarter-to-quarter variability; increases were “primarily due to milestone recognition” under Roche and Astellas agreements .
  • No earnings call transcript was available in the document set for Q2 2024, limiting visibility into real-time analyst Q&A themes and any intra-quarter guidance clarifications [ListDocuments result: 0 earnings-call-transcript for Jul–Sep 2024].

Financial Results

Income statement summary (USD Millions except EPS)

Operating expense detail (USD Millions)

Balance sheet KPIs (USD Millions)

Key drivers and YoY/QoQ context:

• Revenue increased vs Q2 2023 ($26.0M vs $20.0M), “primarily due to milestone recognition and reimbursed R&D under the Roche agreement, and revenue recognized from the Astellas Strategic Agreements” .
• QoQ, revenue was lower ($26.0M vs $28.1M), while operating expenses and net loss increased, reflecting clinical program ramp-up and G&A one-time stock comp .
• Positive operating cash flows of $23.3M in H1 2024, largely from deferred revenue inflows tied to Astellas upfront and Roche milestones .

Guidance Changes

Earnings Call Themes & Trends

(Transcript for Q2 2024 not available in system; themes derived from 8-Ks/press releases)

Management Commentary

• CEO prepared remarks (Q2 press release): “Poseida has delivered strong progress across our pipeline… significant potential catalysts in the second half of the year… multiple clinical data readouts across our BCMA, CD19CD20 and MUC1-C programs before year-end… ongoing advancement of our partnerships with Roche and Astellas… progress on… allogeneic platform for autoimmune disease… new data from our genetic medicine programs that… support IND filings and potential business development opportunities” .
• Program execution highlights: Roche agreement to initiate P-BCMA-ALLO1 Phase 1b; Astellas nomination of first solid tumor target; ASGCT data underscoring fidelity of Cas-CLOVER and sustained FVIII expression in preclinical models .
• CMO perspective (AACR press release): subgroup data in BCMA-experienced patients showed clinical responses with P-BCMA-ALLO1 and favorable tolerability; learnings applied to solid tumor lymphodepletion in P-MUC1C-ALLO1 .

Q&A Highlights

• An earnings call transcript for Q2 2024 was not found in the available documents; Q&A themes and any verbal guidance clarifications are unavailable in this dataset [ListDocuments result: 0 earnings-call-transcript for 2024-07-01 to 2024-09-30].

Estimates Context

• S&P Global consensus estimates for PSTX (EPS and revenue) were unavailable due to missing mapping in the Capital IQ company table; as a result, vs-estimate comparisons cannot be provided for Q2 2024. Values would normally be retrieved from S&P Global, but were not accessible for PSTX in this instance (tool error: Missing CIQ mapping).
• Given collaboration-driven revenue and milestone timing, analysts typically adjust models around expected Roche/Astellas achievement schedules and reimbursed R&D activity; the company did not issue formal financial guidance for revenue, margins, OpEx, OI&E, or tax rate .

Key Takeaways for Investors

• Collaboration-driven revenue model continued to work in Q2 (Roche milestones and Astellas), lifting revenue to $26.0M vs $20.0M YoY; expect near-term variability tethered to milestone timing and reimbursed R&D activity .
• Near-term clinical catalysts: P-BCMA-ALLO1 IMS presentation in late September, plus H2 2024 updates across BCMA, CD19CD20 and MUC1-C; Roche-funded Phase 1b P-BCMA-ALLO1 initiation adds scope and resources .
• Liquidity strengthened: $237.8M cash/short-term investments and runway into H2 2025; potential further extension with anticipated Roche milestones and business development .
• OpEx trending up with clinical ramp: R&D rose to $45.5M; G&A increased to $12.2M (includes one-time stock comp) — monitor spend trajectory vs expected partner reimbursements .
• Genetic medicines platform progressing: FDA INTERACT meeting for P-FVIII-101 (Sep) and high-fidelity Cas-CLOVER data support non-viral strategies; could enable future INDs and partnership optionality .
• Manufacturing and analytical enhancements may improve donor selection and product characterization ahead of Phase 1b; operational refinements are a recurring theme .
• Risk monitor: milestone/reimbursement timing, reliance on collaborators, and trial execution/tolerability; these are explicitly highlighted in forward-looking statements and risk disclosures .

Appendix: Additional Program/Press Release Context

• Astellas collaboration details (May 1): $50M upfront, up to $550M milestones/contingency; convertibleCAR® approach leveraging Poseida’s allogeneic CAR-T platform; Astellas reimburses agreed costs; low double-digit tiered royalties .
• AACR posters (Apr 8): P-BCMA-ALLO1 subgroup in BCMA-experienced RRMM showed 60% ORR with VGPR responses and favorable safety; analysis indicated need for higher cyclophosphamide doses to achieve adequate lymphodepletion in solid tumors vs myeloma .
• Gene Therapy R&D Day (Apr 17): detailed non-viral insertion/editing platform advances for P-FVIII-101 and P-KLKB1-101; durability in mouse models and fidelity data; broader toolkit and regulatory context discussed .