Sign in

You're signed outSign in or to get full access.

PT

Poseida Therapeutics, Inc. (PSTX)·Q4 2023 Earnings Summary

Executive Summary

  • Q4 2023 revenue rose 148% YoY to $25.0M driven by a Roche milestone and higher collaboration activity, while GAAP net loss narrowed to $25.3M (EPS $(0.27)), reflecting higher “other income” and lower YoY operating loss; no non-GAAP metrics were provided .
  • Management highlighted strong early allogeneic CAR-T signals: P-BCMA-ALLO1 Phase 1 data showed 82% ORR with favorable safety, and the company initiated its first dual allogeneic CAR-T (P‑CD19CD20‑ALLO1) late-2023; additional data updates are slated for AACR (April 2024) and 2H 2024 .
  • Cash, cash equivalents and short-term investments were $212.2M at 12/31/23; Poseida expects runway into 2H 2025, supported by near-term Roche milestones including a $30M payment received in Q1 2024 per updated timing .
  • No Q4 earnings call transcript was available in our source set; catalysts for stock reaction centered on data readouts (AACR) and partnership milestones with Roche/Astellas .

What Went Well and What Went Wrong

What Went Well

  • Meaningful clinical traction in allogeneic BCMA: P‑BCMA‑ALLO1 Phase 1 data at ASH 2023 showed 82% ORR, 100% ORR in BCMA‑naïve patients, low CRS/neurotoxicity (≤ Grade 2), and evidence of persistence, supporting the platform’s TSCM-rich, off‑the‑shelf potential .
  • Pipeline execution and visibility: Initiated P‑CD19CD20‑ALLO1 (first dual allo CAR‑T) in late 2023; AACR presentations in April 2024 for BCMA (BCMA‑experienced subset) and MUC1C (LD regimen learnings) with broader updates in 2H 2024, enhancing catalysts cadence .
  • Strengthened funding outlook: Cash runway into 2H 2025, with accelerated/clearer milestone timing under Roche, including a $30M payment in Q1 2024; Astellas’ $50M investment (Aug-2023) further validates the platform .

What Went Wrong

  • OpEx pressure: R&D rose to $42.0M in Q4 (from $33.9M LY), driven by preclinical programs, headcount, and allogeneic clinical spend, partially offset by lower autologous program costs; operating loss remained sizable at $(25.9)M .
  • Collaboration revenue volatility: YoY revenue growth in Q4 was milestone-driven; Takeda termination reduced revenue contribution, underscoring reliance on partner timing and program progress .
  • Enrollment/timing challenges: Management had previously flagged slower-than-expected enrollment and timing shifts in MUC1C cohorts; although Q4 laid out AACR timing, execution risk remains for broader solid tumor readouts .

Financial Results

MetricQ4 2022Q2 2023Q3 2023Q4 2023
Revenue ($USD Thousands)10,051 20,013 9,352 24,995
Loss from Operations ($USD Thousands)(33,221) (27,855) (36,222) (25,909)
Operating Margin %-330.5% -139.2% -387.3% -103.7%
Net Income (Loss) ($USD Thousands)(33,318) (27,456) (31,778) (25,349)
Net Income Margin %-331.5% -137.2% -339.8% -101.4%
Diluted EPS ($)(0.39) (0.32) (0.35) (0.27)
R&D Expense ($USD Thousands)33,904 39,192 37,482 42,045
G&A Expense ($USD Thousands)9,368 8,676 8,092 8,859
Interest Expense ($USD Thousands)(1,975) (2,141) (2,236) (2,267)
Other Income, net ($USD Thousands)2,170 2,540 6,787 2,827
Weighted Avg Shares (Basic & Diluted)85,953,375 86,794,697 91,898,347 95,623,219

Notes: Margins are calculated from cited income statement figures (loss from operations or net loss divided by revenue); company did not report gross margin or non-GAAP metrics in the release .

Cash and Runway

MetricQ4 2022Q2 2023Q3 2023Q4 2023
Cash, Cash Equivalents & ST Investments ($USD Thousands)282,493 214,606 238,837 212,202
Runway Commentary—Funds operations into early 2025 Funds into 2H 2025 Funds into 2H 2025

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayMulti‑yearInto early 2025 (as of Q2) Into 2H 2025 (as of Q3 and reiterated in Q4) Raised/maintained (extended vs Q2; maintained vs Q3)
Roche milestonesNear termAcceleration/increased certainty of upcoming milestones; timing pulled forward Receipt of $30M payment in Q1 2024; continued acceleration Clarified amount/timing; increased certainty
P‑BCMA‑ALLO1 data1H24 / 2H24Early safety/efficacy at ASH Dec-2023 AACR Apr-8-2024 (BCMA‑experienced subset); additional update 2H24 (with Roche) Maintained cadence; added specificity
P‑CD19CD20‑ALLO12023/2024First dosing in early 2024 Phase 1 initiated late‑2023; interim data 2H 2024 (with Roche) Pulled forward initiation; added 2H24 data timing
P‑MUC1C‑ALLO11H24Interim update at H1 2024 medical meeting Initial clinical findings at AACR Apr‑8‑2024 Maintained with specific venue/timing
Gene therapy R&D Day2024Gene therapy R&D Day planned for April 2024 Gene therapy R&D Day Apr‑17‑2024; cell therapy R&D Day in 2H 2024 Confirmed dates/added cell therapy day

Earnings Call Themes & Trends

Note: No Q4 2023 earnings call transcript was available in our source document set; themes reflect company press releases/8-Ks.

TopicPrevious Mentions (Q2 & Q3)Current Period (Q4)Trend
Roche collaboration & milestonesAnnounced acceleration/increased certainty of milestones; strengthening cash outlook $30M milestone received in Q1 2024; continued protocol expansion and enrollment Positive momentum; clearer timing
Allogeneic BCMA clinical dataPlanned ASH 2023 presentation ASH data: 82% ORR, favorable safety, persistence; AACR update on BCMA‑experienced subset Strengthening efficacy/safety narrative
Dual-target allo CAR‑T (CD19/CD20)First dosing expected early 2024 Phase 1 initiated late‑2023; interim data in 2H 2024 Execution ahead of prior start, clear data timing
Solid tumor (MUC1C)Timing shift to H1 2024 due to cohort/enrollment dynamics AACR Apr‑8‑2024; evaluating higher LD/cell dose/scheduling; LD >300 mg/m2 under assessment Lessons applied; path to better expansion
Gene therapy portfolioReturn of Hemophilia A/PKU from Takeda; portfolio review underway P‑FVIII‑101 preclinical PoP data (durability, re-dosing); Gene Therapy R&D Day Apr‑17‑2024 Continued validation; investor engagement
Manufacturing platformInternal pilot plant, yield optimization highlighted “Higher and more consistent levels of cell expansion” across programs Ongoing improvements support consistency
Leadership/IRCEO transition set for Jan‑1‑2024 New SVP IR/Corp Comms; COO promotion; President, Gene Therapy departure Team build‑out amid transition

Management Commentary

  • “2024 looks to be a breakout year for Poseida as we build on the recent allogeneic BCMA clinical data presented at ASH… Over the coming months we are planning data readouts for each of our three clinical‑stage CAR‑T programs… and will discuss the latest progress of our gene therapy programs at our R&D Day in April.” — Kristin Yarema, Ph.D., President & CEO .
  • P‑BCMA‑ALLO1 at ASH: 82% ORR, 100% ORR in BCMA‑naïve, low CRS/NT (≤ Grade 2), and signs of marrow trafficking/persistence; 8 of 9 responders in response at data cutoff .
  • Lymphodepletion learning: Higher cyclophosphamide dose correlated with elevated CAR‑T levels; company is applying LD >300 mg/m2 and dose/scheduling optimizations, including in MUC1C .

Q&A Highlights

  • No Q4 2023 earnings call transcript was available in our source set; no Q&A items to summarize. Company disclosures focused on clinical updates, milestone timing, and runway commentary via the 8‑K/press release .

Estimates Context

  • Wall Street consensus (S&P Global) for Q4 2023 revenue/EPS was unavailable for PSTX in our data access at the time of analysis; therefore, we cannot benchmark reported results vs. consensus. Reported Q4 revenue was $25.0M and GAAP EPS was $(0.27) .
  • Given milestone-driven collaboration revenue variability and evolving clinical timelines, we would expect sell-side models to update for the $30M Roche milestone timing and AACR/2H24 readout cadence .

Key Takeaways for Investors

  • Positive clinical signal in allogeneic BCMA with supportive safety/persistence underpins platform differentiation; near-term AACR and 2H24 updates are key catalysts .
  • Revenue is milestone-driven and lumpy; Q4 benefited from a Roche milestone, but investors should model volatile collaboration revenue alongside sustained R&D investment .
  • Cash runway into 2H 2025 appears adequate through multiple clinical inflections; $30M Roche milestone in Q1 2024 provides additional near-term liquidity .
  • Watch lymphodepletion and manufacturing refinements: higher LD and process improvements aim to enhance expansion/persistence and may drive better solid tumor outcomes (MUC1C) .
  • Program timing improved for dual CD19/CD20 (initiated late‑2023), with interim data in 2H 2024—portfolio breadth in heme malignancies increases option value with Roche .
  • Leadership build-out (IR/COO) during transition suggests focus on execution and investor engagement into a data-rich 2024 .
  • Trading setup: Near-term data/event cadence (AACR Apr‑8 and Apr‑17 R&D Day) and clarity on further Roche milestones are likely to drive stock moves; downside risks include enrollment/timing variability and dependency on partner milestones .