Checkpoint Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ended September 30, 2024. The company recorded no revenue for the three months ended September 30, 2024, a decline from $31,000 in the same period in 2023. For the nine months ended September 30, 2024, revenue totaled $41,000, down from $97,000 in the prior year. This decrease is attributed to the absence of revenue from collaboration agreements, particularly following the termination of its collaboration with TG Therapeutics, Inc. in September 2023.

Total operating expenses for the third quarter of 2024 increased to $9.7 million, compared to $7.7 million in the same quarter of 2023. For the nine-month period, operating expenses decreased to $27.4 million from $42.1 million in 2023, reflecting reduced research and development costs. The net loss for the third quarter of 2024 was $9.7 million, compared to a loss of $5.7 million in the same quarter of 2023. However, the net loss for the nine months ended September 30, 2024, improved to $27.3 million from $32.7 million in the previous year.

As of September 30, 2024, Checkpoint's total assets were $5.2 million, with total current liabilities of $17.8 million, resulting in a stockholders' equity deficit of $12.6 million. The company’s accumulated deficit reached $341.7 million. Cash and cash equivalents decreased slightly to $4.7 million from $4.9 million at the end of 2023, with projections indicating that current cash reserves will fund operations only into the first quarter of 2025.

Checkpoint Therapeutics has engaged in several financing activities, raising approximately $23.7 million from registered direct offerings in the nine months ended September 30, 2024, compared to $30.5 million in the same period of 2023. The company issued 1.2 million common shares in July 2024, contributing to its capital resources.

The company is focused on the development of its lead product candidate, cosibelimab, an anti-PD-L1 antibody, which is currently undergoing a Phase 1 clinical trial. Following a Complete Response Letter from the FDA in December 2023, Checkpoint resubmitted its Biologics License Application in July 2024, with a PDUFA goal date set for December 28, 2024. The company faces ongoing challenges, including the need for additional funding and the uncertainty of achieving profitability, as it has not yet generated revenue from product sales.