Camp4 Therapeutics Corp. reported a net loss of $80.4 million for the year ended December 31, 2025, compared to a net loss of $51.8 million for the previous year. The company's research and collaboration revenue increased significantly to $3.5 million in 2025 from $0.7 million in 2024, primarily driven by increased activities under the BioMarin Agreement and a milestone payment received under the Fulcrum Agreement. However, operating expenses also rose, with research and development expenses at $38.2 million and general and administrative expenses at $17.4 million.
The increase in general and administrative expenses was largely due to professional fees associated with the September 2025 private placement. A significant factor impacting the financial results was a $29.8 million expense related to the change in fair value of the derivative tranche liability associated with the private placement. As of December 31, 2025, Camp4 Therapeutics held $109.5 million in cash and cash equivalents, which the company believes will be sufficient to fund operations into 2028.
Strategic developments for Camp4 Therapeutics in 2025 included a Research, Collaboration and License Agreement with GlaxoSmithKline (GSK) for up to $440 million in potential milestone payments, in addition to tiered royalties. The company also continued to advance its lead product candidate, CMP-002, towards a Phase 1/2 clinical trial for SYNGAP1-related disorder, planned for the second half of 2026. However, BioMarin terminated their Collaboration and License Agreement, effective in February 2026.
Operationally, Camp4 Therapeutics focused on clinical readiness activities for CMP-002, including identifying global centers of excellence and engaging with patient advocacy organizations. As of December 31, 2025, the company had 48 full-time employees, with a majority dedicated to research and development. The company is prioritizing the development of its SYNGAP1 program and intends to pursue partnership opportunities for its Urea-Cycle Disorders program.
About Camp4 Therapeutics Corp
CAMP4 Therapeutics is a biopharmaceutical company developing RNA-based therapeutics to upregulate gene expression and treat genetic diseases. Its proprietary RAP Platform identifies regulatory RNAs to create antisense oligonucleotides that modulate gene activity. Focused on metabolic and neurological disorders, the company aims to deliver targeted, disease-modifying treatments with broad applicability across haploinsufficient and loss-of-function conditions.
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