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Sep 30, 2025
Capricor Q3 2025 Earnings Report
Capricor reported a larger net loss as revenue fell to zero in Q3 2025.
Key Takeaways
Capricor Therapeutics posted a net loss of $24.6 million in Q3 2025 with no reported revenue, while operating expenses rose sharply year-over-year. The company ended the quarter with $98.6 million in cash, projecting sufficient funds through Q4 2026.
Revenue fell to $0 in Q3 2025, compared to $2.26 million in Q3 2024.
Net loss widened to $24.6 million, or $0.54 per share.
Total operating expenses increased to $26.3 million, driven by higher R&D spend.
Cash and equivalents were $98.6 million as of quarter-end, expected to last through Q4 2026.
Forward Guidance
Capricor expects its current cash position to fund operations into Q4 2026, excluding potential milestone payments or additional capital use.
Positive Outlook
- Topline data from pivotal HOPE-3 Phase 3 trial expected in Q4 2025.
- Pending BLA resubmission supported by FDA feedback from Type A meeting.
- Commercial manufacturing facility successfully passed FDA Pre-License Inspection.
- StealthX™ exosome-based vaccine trial advancing with Phase 1 data expected Q1 2026.
- Cash reserves expected to support operations into late 2026.
Challenges Ahead
- Q3 revenue dropped to zero as milestone revenue was fully recognized in 2024.
- Net loss widened year-over-year, reflecting increased R&D spend.
- No near-term revenue sources identified beyond milestone-based income.
- Deramiocel remains unapproved and in late-stage clinical development.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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