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Sep 30
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.
Capricor
Capricor
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.
- Future financial results heavily depend on regulatory outcomes and milestone payments.