10-Q · May 7, 2026
CAMP4 Therapeutics' Q1 2026 results show revenue growth to $1.294 million, surpassing the prior year by 51%. However, this was overshadowed by a significant net loss of $18.3 million, widening from $12.4 million a year…
Earnings analysis · 10-Q
CAMP earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
CAMP4 reported $1.779 million of second-quarter revenue and diluted EPS of $(0.58), with revenue up 19% year over year but net loss reaching $33.530 million, including a $20.930 million non-cash derivative liability…
Read full summary
CAMP4 reported $1.779 million of second-quarter revenue and diluted EPS of $(0.58), with revenue up 19% year over year but net loss reaching $33.530 million, including a $20.930 million non-cash derivative liability loss. The $46.9 million of August financing proceeds, combined with $86.4 million of cash at June 30, 2026, extends management's stated funding runway through the end of 2028, although additional capital will ultimately be required. The principal near-term catalyst is the planned CMP-002 Phase 1/2 trial launch in the fourth quarter of 2026, subject to regulatory and ethics approvals.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.58
What stood out
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Revenue increased year over year
Second-quarter revenue was $1.779 million, up 19% year over year and higher than approximately $1.0 million in the prior quarter. The company remains pre-commercial and has not generated product revenue.
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Financing extends stated runway
Cash and cash equivalents were $86.4 million at June 30, 2026. Including $46.9 million of net proceeds from the August 2026 private-placement second closing, management estimates funding through the end of 2028.
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CMP-002 trial launch remains targeted
CAMP4 received regulatory clearance in Australia and Argentina to initiate the CMP-002 Phase 1/2 trial and expects to begin the trial in the fourth quarter of 2026.
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No control deficiencies reported
Management stated that disclosure controls and procedures were effective at the reasonable-assurance level as of June 30, 2026, with no material changes in internal control during the quarter.
What to watch
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Large derivative-related loss
Net loss was $33.530 million for the quarter, including a $20.930 million non-cash loss from the derivative liability. The large loss increases dependence on future financing despite the stated runway through 2028.
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Continued need for additional capital
The filing states that cash and cash equivalents of $86.4 million plus $46.9 million of August 2026 financing proceeds may fund operations only through the end of 2028, and that additional capital will still be required to advance candidates through development and commercialization.
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Clinical and regulatory execution risk
CMP-002 has not yet entered clinical trials; the company intends to start its Phase 1/2 trial in the fourth quarter of 2026. Regulatory authorities or ethics committees could require additional preclinical work or impose other requirements that delay the trial and increase costs.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that $86.4 million of cash and cash equivalents as of June 30, 2026, together with $46.9 million of net proceeds received in August 2026, is expected to fund operating expenses and capital expenditures through the end of 2028. Management also expects to initiate the CMP-002 Phase 1/2 clinical trial in the fourth quarter of 2026.
Earlier filings 4
10-K · March 5, 2026
CAMP4 positions itself as a platform company building a proprietary RAP Platform to identify regRNAs and create ASO therapeutics (it says it has identified “tens of thousands of regRNA sequences” and can map multiple…
10-Q · August 14, 2025
CAMP4 reported Q2 revenue of $1,497,000 (first revenue vs $0 in Q2 2024) and GAAP diluted EPS of $(0.62). Operating loss was $(13,028,000) (operating margin -870.3%) while cash and cash equivalents declined to…
10-K · March 27, 2025
CAMP4 positions itself as a platform-driven RNA therapeutics company (RAP Platform) aiming to upregulate gene expression with ASO‑based "RNA Actuators," led by clinical‑stage CMP‑CPS‑001 for urea cycle disorders. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.