Executive Summary

Q3 2024 delivered a sharp inflection: collaboration revenue rose to $71.7M with positive EPS of $0.21 and net income of $20.2M, driven by Roche/Astellas milestones and R&D reimbursements .
The company extended cash runway guidance to early 2026 on $230.9M cash/short-term investments and continued near-term milestones from Roche; cash flow positive for the first nine months of 2024 .
Clinical momentum: P-BCMA-ALLO1 showed 91% ORR (100% in BCMA‑naïve; 86% in BCMA/GPRC5D‑exposed) with differentiated safety; program received FDA RMAT designation and advanced into Phase 1b under Roche .
Strategic updates: Roche expanded the CAR‑T collaboration (third program nominated) and Astellas nominated a second solid tumor target; PSTX introduced wholly-owned P‑BCMACD19‑ALLO1 targeting autoimmune/hematologic indications .
Near‑term catalysts: November R&D Day and December ASH presentations on allogeneic CAR‑T programs are positioned as stock drivers; formal Q3 earnings call transcript was not available, so call commentary reflects the Sept. 28 special clinical data call .

What Went Well and What Went Wrong

What Went Well

Strong execution on partnerships with Roche and Astellas delivered $130M in non‑dilutive milestones/upfronts YTD and $49M in R&D reimbursements, supporting cash flow positivity for the first nine months of 2024 .
P‑BCMA‑ALLO1 demonstrated 91% ORR with favorable safety (no DLTs, low CRS/ICANS, no GvHD/Parkinsonism), and FDA granted RMAT designation; Phase 1b launched using optimized lymphodepletion .
Management tone confident: “Poseida continues to make excellent progress… we have generated $130 million in non-dilutive, partnership related milestones and payments… cash flow positive… extended our cash runway,” (Kristin Yarema, Ph.D., CEO) .

What Went Wrong

Operating expenses remain elevated: R&D rose to $41.9M (+12% YoY) and G&A to $10.1M (+25% YoY), reflecting expanded clinical activity and higher professional/personnel costs .
Competitive landscape: Initial clinical disclosure for P‑CD19CD20‑ALLO1 was deferred to 2025 to enable a more complete dataset amid competition targeting CD19/CD20 .
Estimates comparison unavailable: S&P Global consensus mapping failed for PSTX, limiting explicit beat/miss analysis of Q3 versus Street expectations [SpgiEstimatesError].

Financial Results

Quarterly Trend (Q1 → Q3 2024)

Metric	Q1 2024	Q2 2024	Q3 2024
Revenue ($USD Millions)	$28.142	$25.973	$71.748
R&D Expense ($USD Millions)	$42.921	$45.547	$41.914
G&A Expense ($USD Millions)	$9.798	$12.182	$10.092
Total Operating Expenses ($USD Millions)	$52.719	$57.729	$52.006
Net Income (Loss) ($USD Millions)	$(24.274)	$(31.371)	$20.235
EPS (Basic & Diluted, $)	$(0.25)	$(0.32)	$0.21
Interest Expense ($USD Millions)	$(2.253)	$(2.259)	$(2.295)
Other Income, net ($USD Millions)	$2.556	$2.644	$2.831

YoY Comparison (Q3 2024 vs Q3 2023)

Metric	Q3 2023	Q3 2024
Revenue ($USD Millions)	$9.352	$71.748
R&D Expense ($USD Millions)	$37.482	$41.914
G&A Expense ($USD Millions)	$8.092	$10.092
Net Income (Loss) ($USD Millions)	$(31.778)	$20.235
EPS (Basic & Diluted, $)	$(0.35)	$0.21

Margins (Calculated)

Metric	Q1 2024	Q2 2024	Q3 2024
Net Income Margin %	(86.3%)	(120.8%)	28.2%

Revenue Composition

Metric	Q1 2024	Q2 2024	Q3 2024
Collaboration Revenue ($USD Millions)	$28.142	$25.973	$71.748
Total Revenue ($USD Millions)	$28.142	$25.973	$71.748

KPIs and Balance Sheet

KPI	Q3 2024
Cash, Cash Equivalents & Short‑Term Investments ($USD Millions)	$230.852
Cash Runway Guidance	Into early 2026
Milestones/Upfronts YTD 2024 ($USD Millions)	$130 ($80 Roche YTD incl. Oct.; $50 Astellas)
Milestones/Upfronts 9M 2024 included in cash ($USD Millions)	$115 ($50 Astellas; $65 Roche)
R&D Reimbursements YTD 2024 ($USD Millions)	$49

Notes: $130M reflects full-year-to-date including October; $115M reflects receipts in first nine months included in quarter-end cash .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Sufficient to fund operations into 2H 2025 (Q2 disclosure)	Sufficient to fund operations into early 2026 (Q3 disclosure)	Raised runway by ~6–9 months
Near‑term Milestones	2024	Additional Roche milestones anticipated in 2H 2024	Continued Roche milestones including Phase 1b initiation (Q3) and Oct candidate nomination	Maintained/Executing
Program Updates	2H 2024	Multiple data readouts expected across BCMA, CD19CD20, MUC1‑C	Updates across allo CAR‑T pipeline before year‑end; ASH presentations in Dec; R&D Day Nov 14	Maintained with timing specificity

Earnings Call Themes & Trends

(Using Q1 and Q2 press releases; Q3 special clinical data call in lieu of formal earnings call transcript.)

Topic	Previous Mentions (Q1 2024)	Previous Mentions (Q2 2024)	Current Period (Q3 2024)	Trend
Roche Collaboration	$45M milestones H1; alignment on Phase 1b P‑BCMA‑ALLO1	Phase 1b initiation anticipated; additional milestones	Expanded collab; $80M Roche milestones YTD; Phase 1b initiated; new dual CAR‑T candidate nominated	Strengthening
Astellas Collaboration	$50M upfront; convertibleCAR partnership; gene therapy scope	Formal nomination of first solid tumor target; momentum	Formal nomination of second solid tumor target	Expanding
Autoimmune Strategy	Platform potential; exploring opportunities	Actively working to identify optimal opportunity	Introduced P‑BCMACD19‑ALLO1 for autoimmune/hematologic; IND‑enabling	Advancing
P‑BCMA‑ALLO1 Clinical	AACR data; orphan drug designation	IMS data planned for Sept	91% ORR; 100% ORR in BCMA‑naïve; 86% ORR in BCMA/GPRC5D‑exposed; RMAT designation	Positive efficacy/safety
Manufacturing & Outpatient	In‑house GMP scale; booster molecule	Platform/analytics enhancements	Outpatient feasibility discussed; safety manageable; inventory on demand	Operational readiness
Genetic Medicines (P‑KLKB1‑101, P‑FVIII‑101)	ASGCT preclinical NHP/rodent data; INTERACT granted	ASGCT data highlights; INTERACT scheduled Sept	ACAAI data: high‑fidelity editing; successful INTERACT for FVIII	Continued progress
Competitive/Regulatory	Orphan for BCMA; regulatory engagements	Interims planned; competitive awareness	RMAT for BCMA; defer CD19CD20 interim to 2025 for fuller dataset	Balanced prudence

Management Commentary

“Poseida continues to make excellent progress… we have generated $130 million in non‑dilutive… payments… cash flow positive… extended our cash runway… We look forward to sharing updates on our CAR‑T programs…” — Kristin Yarema, Ph.D., President & CEO .
“P‑BCMA‑ALLO1… 91% ORR… differentiated safety… no dose‑limiting toxicities… low CRS/ICANS… no graft vs. host disease or Parkinsonism… average time from treatment decision to clinical response of only 3.5 weeks (median 16 days)” .
On outpatient and safety: lower infection rates and manageable CRS/ICANS were highlighted, supporting outpatient feasibility .

Q&A Highlights

Outpatient administration: Investigators report most patients treated outpatient; CRS/ICANS rates/severity lower and manageable with tocilizumab; no ICU/pressors needed .
Efficacy durability: Expectation for response deepening over time; MRD assessments ongoing and to be shared at future venue .
Retreatment and access: 5 retreatments to date (77 infusions in 72 unique patients), underscoring allo on‑demand availability and logistical advantages versus autologous .
Dose optimization: Phase 1b exploring higher cell doses; current cohort shows potent efficacy with attractive safety .
Portfolio focus: Roche remains aligned and supportive on P‑BCMA‑ALLO1 Phase 1b; BCMA+CD19 program returned to PSTX at IND‑enabling stage to pursue heme/autoimmune opportunities .

Estimates Context

S&P Global consensus EPS and revenue estimates for Q3 2024 were unavailable due to missing CIQ mapping for PSTX in our SPGI data connector, so a formal beat/miss versus Street is not provided [SpgiEstimatesError].
Given the magnitude of the revenue upside and swing to profitability, Street estimates likely require upward revision to collaboration revenue trajectories and cash runway assumptions; investors should watch for consensus updates following Roche/Astellas milestone disclosures .

Key Takeaways for Investors

The Q3 print marks a fundamental pivot: significant collaboration revenue and positive EPS indicate the model can deliver profitability in milestone‑rich periods .
Clinical validation strengthens: P‑BCMA‑ALLO1’s high ORR and safety plus RMAT designation de‑risk development and support Phase 1b expansion; upcoming ASH data could be a catalyst .
Partnerships are accretive: Roche collaboration expansion and Astellas target nominations underpin non‑dilutive funding and broaden optionality .
Cash runway extended into early 2026, aided by $230.9M cash at quarter‑end and expected near‑term Roche payments—reduces financing risk in the medium term .
Operating spend remains elevated with multiple trials advancing; monitor R&D intensity versus milestone cadence to assess sustainability of profitability .
Allo CAR‑T outpatient potential and on‑demand availability are differentiated commercial levers versus autologous/bispecific standards, with retreatment optionality noted by clinicians .
Near‑term trading lens: watch R&D Day (Nov. 14) and ASH (Dec.) for data updates, Roche milestone disclosures, and any autoimmune program progress—each a potential stock mover .

Notes:
- Formal Q3 2024 earnings call transcript for PSTX was not available in our document system; call commentary reflects the Sept. 28 special clinical data call transcript **[1661460_PSTX_3402449_0]**–**[1661460_PSTX_3402449_18]**.  
- All figures reflect GAAP as disclosed; no non‑GAAP adjustments were presented in the press release **[1661460_0000950170-24-123306_pstx-ex99_1.htm:6]**.

Poseida Therapeutics, Inc. (PSTX)·Q3 2024 Earnings Summary