Camp4 Therapeutics (CAMP) Q3 2025 earnings summary

Executive summary

• Focused on RNA-targeting therapeutics, prioritizing SYNGAP1 program advancement and pausing new investment in the UCD program.

• Completed Phase 1 trial for CMP-001 in urea cycle disorders and initiated GLP toxicology studies for CMP-002 targeting SYNGAP1-related disorders, supporting a planned Phase 1/2 clinical trial in the second half of 2026.

• Entered strategic collaborations with BioMarin and Fulcrum, generating milestone and collaboration revenue.

• Strengthened balance sheet with a private placement of up to $100 million to advance CMP-002 for SYNGAP1-related disorders.

• Completed analysis of CMP-001 Phase 1 MAD trial, showing favorable safety and pharmacokinetics; pursuing partnerships for further development.

Financial highlights

• Revenue for the nine months ended September 30, 2025 was $3.2 million, up from $0 in the prior year, driven by BioMarin and Fulcrum agreements.

• Cash, cash equivalents, and marketable securities were $75.3 million as of September 30, 2025.

• Net loss for the nine months ended September 30, 2025 was $40.1 million, compared to $38.5 million in the prior year.

• Net loss for Q3 2025 was $15.1 million, compared to $13.5 million in Q3 2024.

• Operating expenses increased to $42.9 million from $39.1 million year-over-year, with R&D at $29.8 million and G&A at $12.6 million.

Outlook and guidance

• Cash and cash equivalents expected to fund operations into 2027 based on current operating plan and private placement proceeds.

• Plans to initiate a global Phase 1/2 clinical trial for SYNGAP1-related disorders as early as the second half of 2026, pending successful toxicology studies and regulatory clearance.

• Strategic focus on SYNGAP1 program, with CMP-001 development to continue via partnerships.