Capricor Therapeutics Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
Capricor Therapeutics Reports Second Quarter 2024 Financial Results
SAN DIEGO, Aug 07, 2024 (GLOBE NEWSWIRE) -- Capricor Therapeutics (NASDAQ:CAPR), a biotechnology company developing transformative cell and exosome-based therapeutics for the treatment of rare diseases, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate (Q2 2024) | QoQ Change (Q1 2024) |
|---|---|---|---|---|---|
| Total Revenue | $4.0 million | $3.9 million | +2.56% | $3.66 million | +14.29% |
| Earnings Per Share (EPS) | $-0.35 | $-0.29 | -20.69% | $-0.36 | +2.78% |
| Net Loss | $11.0 million | $7.4 million | -48.65% |
Interpretation : Capricor's total revenue for Q2 2024 was $4.0 million, surpassing the consensus estimate of $3.66 million and demonstrating a 2.56% year-over-year increase from $3.9 million in Q2 2023. The earnings per share (EPS) of $-0.35 slightly beat the consensus estimate of $-0.36 but reflects a larger net loss compared to $-0.29 in Q2 2023. This suggests that while revenue performance was strong, increasing expenses impacted net earnings.
Segment Revenue Performance:
| Segment | Q2 2024 | Q2 2023 | YoY Change | Previous Guidance |
|---|---|---|---|---|
| U.S. Commercialization | $4.0 million | $3.9 million | +2.56% | Undisclosed |
Interpretation : The primary source of revenue was derived from the U.S. Commercialization segment, showing a modest year-over-year growth of 2.56%.
Operational Data:
| Financial Data | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Cash Position | $29.5 million | $39.5 million | -25.32% |
| Total Operating Expenses | $15.6 million | $11.7 million | +33.33% |
| Total Net Loss | $11.0 million | $7.4 million | +48.65% |
Comments from Company Officers: Dr. Linda Marbán, CEO of Capricor, highlighted significant progress in their pipeline, aiming for the Biologics License Application (BLA) of their lead asset, deramiocel, for DMD treatment. She also pointed to the potential partnership in Europe to bolster their balance sheet and emphasized the evolution of their StealthX™ platform for broader therapeutic applications.
Dividends or Share Repo Program: No information provided.
Forward Guidance: Capricor forecasts their current cash and marketable securities to be sufficient to cover anticipated expenses and capital requirements into Q1 2025, excluding additional potential milestone payments and strategic uses not in their base-case planning.
Stock Price Movement: After the earnings release, Capricor's stock price dropped by -8.95%.
This comprehensive summary puts Capricor's latest financial performance in perspective, emphasizing key metrics, revenue breakdowns, operational updates, and forward expectations.
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