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Capricor Therapeutics (CAPR) investor relations material

Capricor Therapeutics Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary10 Nov, 2025

Executive summary

  • Topline HOPE-3 Phase 3 results for Deramiocel in Duchenne muscular dystrophy are expected in Q4 2025, with commercial launch preparations and manufacturing readiness established for a potential 2026 approval.

  • Deramiocel targets DMD-associated cardiomyopathy, an area with no approved therapies, and the company operates as a single segment focused on cell and exosome-based therapeutics.

  • The FDA issued a Complete Response Letter in July 2025 requesting additional clinical and CMC data; HOPE-3 results will be submitted as a formal response.

  • The StealthX exosome platform is advancing with a Phase 1 trial for a COVID-19 vaccine, with initial data expected in Q1 2026 and government funding support.

  • Exclusive commercialization and distribution agreements are in place for the US and Japan, with negotiations ongoing for Europe.

Financial highlights

  • Cash, cash equivalents, and marketable securities totaled $98.6 million as of September 30, 2025, down from $151.5 million at December 31, 2024, expected to fund operations into Q4 2026.

  • Q3 2025 revenue was zero, compared to $2.3 million in Q3 2024; YTD 2025 revenue was zero, compared to $11.1 million in YTD 2024, due to full recognition of prior milestone payments.

  • Q3 2025 net loss was $24.6 million ($0.54/share), up from $12.6 million ($0.38/share) in Q3 2024; YTD 2025 net loss was $74.9 million ($1.64/share), up from $33.4 million ($1.04/share) in YTD 2024.

  • Operating expenses rose to $26.3 million in Q3 2025 from $15.3 million in Q3 2024; R&D expenses increased to $20.4 million and G&A to $5.9 million in Q3 2025.

  • Accumulated deficit reached $274.7 million as of September 30, 2025.

Outlook and guidance

  • Cash resources are expected to fund operations into Q4 2026, but substantial doubt exists about the ability to continue as a going concern without additional capital.

  • Topline HOPE-3 data and potential BLA resubmission are key near-term milestones, with a possible six-month FDA review period and 2026 approval.

  • Eligible for $80 million milestone payment and a priority review voucher upon approval, which would extend the financial runway into 2027 and beyond.

  • Expects to spend $50–55 million in 2025 on Deramiocel and $7–9 million on exosome platform development.

  • Plans to seek further financing through equity, debt, licensing, or grants.

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Q4 202527 Feb, 2026
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Capricor Therapeutics, Inc., a clinical-stage biotechnology company, focuses on the development of transformative cell and exosome-based therapeutics for the treatment and prevention of spectrum of diseases and disorders.

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