CAMP4 Reports Third Quarter 2026 Financial Results and Corporate Highlights

Quarterly loss per share narrowed despite a larger net loss, while research and development spending increased.

Rhea-AI Summary

CAMP4 Therapeutics (Nasdaq: CAMP) reported a wider third-quarter net loss while expanding regulatory clearance for its first-in-human CMP-002 trial. Net loss was $28.956 million, versus $15.099 million a year earlier, primarily reflecting increased non-cash expense from revaluing a financing-related liability. Research and collaboration revenue rose to $1.899 million from $795,000.

UK and EU authorizations added to Australian and Argentine clearances for ASCEND, a Phase 1/2 trial in SYNGAP1-related disorder. Trial activities have begun, and CAMP4 expects first-patient dosing by year-end 2026. An August private-placement closing raised $50.1 million gross. Cash totaled $124.522 million at September 30, versus $109.517 million at year-end 2025; CAMP4 expects funding through the end of 2028. The company also plans a SHANK3-targeting program for Phelan-McDermid syndrome, with a development candidate expected in 2027.

15 points · 1 major

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1 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointPrivate placement’s second closing provided $50.1 million in gross proceeds in August 2026. 21% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.CAMP4 expects current cash to fund planned activities through the end of 2028.
• Moderate pointCMP-002 trial received UK and EU authorizations, adding to Australian and Argentine clearances.
• Moderate point. Forward-looking: it has not happened yet and may not happen.ASCEND trial activities began; CAMP4 remains on track for first-patient dosing by year-end 2026.
• Moderate pointThird-quarter research and collaboration revenue increased to $1.899 million from $795,000 a year earlier.
• Moderate pointThird-quarter loss per share narrowed to $0.37 from $0.55 a year earlier, basic and diluted.

9 minor points

• Minor pointCash increased to $124.522 million at September 30, 2026, from $109.517 million at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.SHANK3 program for Phelan-McDermid syndrome has a development candidate expected in 2027.
• Minor pointNine-month research and collaboration revenue increased to $4.972 million from $3.150 million a year earlier.
• Minor pointThird-quarter general and administrative expenses decreased to $4.494 million from $4.596 million a year earlier.
• Minor pointNine-month loss per share narrowed to $1.24 from $1.78 a year earlier, basic and diluted.
• Minor pointThird-quarter interest income increased to $984,000 from $423,000 a year earlier.
• Minor pointNine-month interest income increased to $2.701 million from $1.464 million a year earlier.
• Minor pointWorking capital rose to $107.672 million at September 30, 2026, from $98.581 million at year-end 2025.
• Minor pointTotal liabilities fell to $26.919 million at September 30, 2026, from $70.104 million at year-end 2025.

Negative

• Major pointThird-quarter weighted-average common shares increased to 78,945,521 from 27,274,721 a year earlier.
• Moderate pointThird-quarter net loss widened to $28.956 million from $15.099 million a year earlier.
• Minor pointNine-month net loss widened to $80.817 million from $40.119 million a year earlier.
• Minor pointThird-quarter non-cash financing-liability revaluation loss increased to $15.812 million from $1.800 million a year earlier.
• Minor pointNine-month financing-liability revaluation loss increased to $42.930 million from $1.800 million a year earlier.

6 minor points

• Minor pointThird-quarter research and development expenses increased to $11.434 million from $9.850 million a year earlier.
• Minor pointNine-month research and development expenses increased to $32.411 million from $30.339 million a year earlier.
• Minor pointNine-month general and administrative expenses increased to $13.041 million from $12.590 million a year earlier.
• Minor pointThird-quarter operating loss widened to $14.029 million from $13.651 million a year earlier.
• Minor pointNine-month operating loss widened to $40.480 million from $39.779 million a year earlier.
• Minor pointNine-month weighted-average common shares increased to 65,009,956 from 22,554,427 a year earlier.

Key Figures

Cash and cash equivalents: $124.5 million Cash runway: Through the end of 2028 Second private placement closing: $50.1 million gross proceeds +5 more

Cash and cash equivalents

$124.5 million

As of September 30, 2026; compared with $109.5 million at December 31, 2025

Cash runway

Through the end of 2028

Company expectation based on current cash and cash equivalents

Second private placement closing

$50.1 million gross proceeds

Received in August 2026

Research and collaboration revenue

$1,899 thousand vs. $795 thousand

Three months ended September 30, 2026 vs. 2025

Research and development expenses

$11.4 million vs. $9.9 million

Third quarter 2026 vs. third quarter 2025

Net loss

$29.0 million vs. $15.1 million

Third quarter 2026 vs. third quarter 2025

First-patient dosing target

By year-end 2026

CMP-002 ASCEND Phase 1/2 trial

Development candidate expected

2027

SHANK3 regulatory RNA program

Previous Earnings Reports

1 past event · Latest: Aug 13

Same Type 1 event

1. Aug 13

   Earnings report

   24h Move

   +20.9%

   Earlier results recorded the same $50.1 million placement closing and runway through 2028.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

first-in-human, private placement, derivative tranche liability, stock-based compensation, +1 more

5 terms

first-in-human medical

"global first-in-human ASCEND Phase 1/2 clinical trial"

A first-in-human study is the initial test of a new drug, medical device, or therapy in people to check safety, side effects and appropriate dosing. It matters to investors because it marks a major development milestone: successful early human testing can reduce scientific and regulatory uncertainty, much like moving a prototype from the workshop to a real-world test drive, and often affects a company’s valuation and funding prospects.

private placement financial

"Received $50.1 million from second closing of private placement"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

derivative tranche liability financial

"change in fair value of the derivative tranche liability"

A derivative tranche liability is an obligation on a company’s balance sheet that represents amounts it must pay under a derivative contract that has been split into separate risk/priority layers, or “tranches.” Each tranche carries its own payment rules and loss‑absorption order, so the liability recorded for a particular tranche reflects the tranche's contractual payoff profile and priority (for example senior vs. subordinated) and is typically measured at fair value under accounting rules for derivatives. The phrase is used broadly — in securitizations, structured notes or bespoke derivative deals — to describe a tranche‑specific claim created by a derivative, and its exact legal and accounting treatment depends on the contract language and applicable accounting standards.

stock-based compensation financial

"an increase in stock-based compensation expense"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

clinical trial application regulatory

"clearance of the CMP-002 clinical trial application in Australia"

An application submitted to a regulatory authority requesting formal permission to begin testing a new drug, medical device, or treatment in humans. Like asking for a building permit before construction, it summarizes safety data, plans for how the study will be run, and monitoring procedures; investors watch these filings closely because approval lets a program move from lab research to clinical testing, reducing uncertainty and creating value-driving milestones.

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Received authorization in the United Kingdom and European Union to expand global first-in-human ASCEND Phase 1/2 clinical trial of CMP-002 in patients with SYNGAP1-related disorder, adding to clearances in Australia and Argentina 

Company remains on track to dose first patient by year-end 2026

Hosted Virtual Analyst Day highlighting the unmet need in SYNGAP1-related disorder and the design of the ASCEND Phase 1/2 clinical; announced SHANK3 for Phelan-McDermid syndrome as next pipeline program

Received $50.1 million from second closing of private placement; cash and cash equivalents of $124.5 million as of September 30, 2026, with cash runway expected through the end of 2028

WATERTOWN, Mass., Nov. 05, 2026 (GLOBE NEWSWIRE) -- CAMP4 Therapeutics Corporation (“CAMP4” or “the Company”) (Nasdaq: CAMP), a clinical-stage biopharmaceutical company developing a pipeline of regulatory RNA-targeting therapeutics designed to upregulate gene expression with the goal of restoring healthy protein levels to treat a broad range of genetic diseases, today announced financial results for the third quarter ended September 30, 2026, and provided recent corporate highlights.

“The third quarter was one of continued execution for CAMP4. With regulatory clearances now in place in Australia, Argentina, the United Kingdom, and the European Union, we have launched our first-in-human ASCEND Phase 1/2 clinical trial of CMP-002 in patients with SYNGAP1-related disorder,” said Josh Mandel-Brehm, President and Chief Executive Officer of CAMP4. “There are no approved disease-modifying treatments for SYNGAP1, and we are committed to rapidly advancing the development of CMP-002 globally in the hopes of offering SYNGAP1 patients and families a potentially transformative solution that could one day dramatically improve their lives.”

Recent Corporate Highlights:

• Expanded regulatory approvals for global ASCEND Phase 1/2 clinical trial. Received authorization from the United Kingdom’s Medicines and Healthcare products Regulatory Agency (MHRA) in September 2026 and received authorization from multiple EU regulators and ethics committees in October 2026 to include UK and EU sites in the global ASCEND Phase 1/2 clinical trial of CMP-002, building on clearances received in July 2026 from Australia’s Therapeutic Goods Administration (TGA) and a local Human Research Ethics Committee (HREC), and from Argentina’s National Administration of Drugs, Food and Medical Technology (ANMAT).
• Initiated clinical trial activities across multiple sites. The Company has initiated the ASCEND Phase 1/2 clinical trial of CMP-002 and remains on track to dose the first patient by year-end 2026.
• Hosted Virtual Analyst Day on CMP-002. On September 28, 2026, CAMP4 hosted a Virtual Analyst Day featuring key opinion leader Stéphane Auvin, MD, Ph.D., of Robert Debré University Hospital and Université Paris Cité, as well as patient advocates and members of the CAMP4 leadership team. The program reviewed the unmet need in SYNGAP1-related disorder and the design of the ASCEND clinical trial of CMP-002. The Company also provided an update on its early discovery pipeline, including plans to advance a program targeting SHANK3 regulatory RNA for the potential treatment of Phelan-McDermid syndrome, with a development candidate expected in 2027.
• Completed second closing of private placement. In August 2026, CAMP4 received $50.1 million in gross proceeds from the fully subscribed second closing of its private placement initially announced in September 2025. The second closing was triggered by the regulatory clearance of the CMP-002 clinical trial application in Australia.

Upcoming Investor Conferences

• Guggenheim 3rd Annual Healthcare Innovation Conference, November 9^th, Boston, MA.
• Stifel 2026 Healthcare Conference, November 10^th, New York, NY.
• Piper Sandler 2026 Healthcare Conference, December 2^nd, New York, NY.
  
  

Third Quarter 2026 Financial Results

Cash and cash equivalents as of September 30, 2026 were $124.5 million, compared to $109.5 million as of December 31, 2025. Cash and cash equivalents as of September 30, 2026 reflect the receipt in August 2026 of $50.1 million in gross proceeds from the second closing of the Company’s private placement initially announced in September 2025. The Company believes that its current cash and cash equivalents will be sufficient to fund its planned activities through the end of 2028.

R&D Expenses: Research and development expenses for the quarter ended September 30, 2026 were $11.4 million, compared to $9.9 million for the quarter ended September 30, 2025. The increase was primarily driven by clinical and preclinical study costs, including activities to support initiation of the Phase 1/2 ASCEND clinical trial of CMP-002.

G&A Expenses: General and administrative expenses were $4.5 million for the quarter ended September 30, 2026, compared to $4.6 million for the quarter ended September 30, 2025. The decrease was primarily driven by a decrease in professional fees and overhead, partially offset by an increase in stock-based compensation expense.

Net Loss: Net loss for the quarter ended September 30, 2026 was $29.0 million, compared to $15.1 million for the quarter ended September 30, 2025. The increase in net loss was primarily driven by a $14.0 million increase in non-cash loss recognized due to a change in fair value of the derivative tranche liability related to the Company’s September 2025 private placement.

About CAMP4 Therapeutics
CAMP4 is developing disease-modifying treatments for a broad range of genetic diseases where amplifying healthy protein may offer therapeutic benefits. Our approach amplifies mRNA by harnessing a fundamental mechanism of how genes are controlled. To amplify mRNA, our therapeutic ASO drug candidates target regulatory RNAs (regRNAs), which act locally on transcription factors and are the master regulators of gene expression. CAMP4’s proprietary RAP Platform® enables the mapping of regRNAs and generation of therapeutic candidates designed to target the regRNAs associated with genes underlying haploinsufficient and recessive partial loss-of-function disorders, of which there are more than 1,200, in which a modest increase in protein expression may have the potential to be clinically meaningful. For more information, visit camp4tx.com.

Forward-Looking Statements
This press release contains forward-looking statements which involve risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning the initiation of the ASCEND Phase 1/2 clinical trial of CMP-002; the potential of the Company’s platform technology; the Company’s strategy, goals, business plans and focus; the therapeutic potential of the Company’s product candidates; the Company’s plans for its early discovery pipeline, including its SHANK3 program, and the Company’s cash runway guidance. The forward-looking statements in this press release speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially from those anticipated in the forward-looking statements, including, but not limited to: the Company’s limited operating history, incurrence of substantial losses since the Company’s inception and anticipation of incurring substantial and increasing losses for the foreseeable future; the Company’s need for substantial additional financing to achieve the Company’s goals; the uncertainty of clinical development, which is lengthy and expensive, and characterized by uncertain outcomes, and risks related to additional costs or delays in completing, or failing to complete, the development and commercialization of the Company’s current product candidates or any future product candidates; delays or difficulties in the enrollment and dosing of patients in clinical trials; the impact of any significant adverse events or undesirable side effects caused by the Company’s product candidates; potential competition, including from large and specialty pharmaceutical and biotechnology companies; the Company’s ability to realize the benefits of the Company’s current or future collaborations or licensing arrangements and ability to successfully consummate future partnerships; the Company’s ability to obtain regulatory approval to commercialize any product candidate in the United States or any other jurisdiction, and the risk that any such approval may be for a more narrow indication than the Company seeks; the Company’s dependence on the services of the Company’s senior management and other clinical and scientific personnel, and the Company’s ability to retain these individuals or recruit additional management or clinical and scientific personnel; the Company’s ability to grow the Company’s organization, and manage the Company’s growth and expansion of the Company’s operations; risks related to the manufacturing of the Company’s product candidates, which is complex, and the risk that the Company’s third-party manufacturers may encounter difficulties in production; the Company’s ability to obtain and maintain sufficient intellectual property protection for the Company’s product candidates or any future product candidates the Company may develop; the Company’s reliance on third parties to conduct the Company’s preclinical studies and clinical trials; the Company’s compliance with the Company’s obligations under the licenses granted to the Company by others, for the rights to develop and commercialize the Company’s product candidates; risks related to the operations of the Company’s suppliers; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as well as other information the Company files with the Securities and Exchange Commission. The forward-looking statements in this press release are inherently uncertain and are not guarantees of future events. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, you should not unduly rely on these forward-looking statements. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. Except as required by applicable law, the Company does not undertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contacts

Investor Relations:
Sara Michelmore
Milestone Advisors
sara@milestone-advisorsllc.com

Media:
Sofia Bermudez
LifeSci Communications
sbermudez@lifescicomms.com

CAMP4 Therapeutics Corporation Unaudited Consolidated Statements of Operations (In thousands, except for share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Research and collaboration revenue	$	1,899			$	795			$	4,972			$	3,150
Operating Expenses:
Research and development		11,434				9,850				32,411				30,339
General and administrative		4,494				4,596				13,041				12,590
Total operating expenses		15,928				14,446				45,452				42,929
Loss from operations		(14,029	)			(13,651	)			(40,480	)			(39,779	)
Other (expense) income, net:
Interest income		984				423				2,701				1,464
Change in fair value of derivative tranche liability		(15,812	)			(1,800	)			(42,930	)			(1,800	)
Other (expense) income		(99	)			(71	)			(108	)			(4	)
Total other (expense) income, net		(14,927	)			(1,448	)			(40,337	)			(340	)
Net loss	$	(28,956	)		$	(15,099	)		$	(80,817	)		$	(40,119	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.37	)		$	(0.55	)		$	(1.24	)		$	(1.78	)
Weighted-average shares of common stock outstanding, basic and diluted		78,945,521				27,274,721				65,009,956				22,554,427

​Unaudited Condensed Balance Sheet Data		September 30, 2026			December 31, 2025
(in thousands)		​			​
Cash and cash equivalents	$	124,522			$	109,517
Working capital(1)		​107,672				​98,581
Total assets		134,013				117,808
Total liabilities		26,919				70,104
Accumulated deficit		(372,973	)			(292,156	)
Total stockholders' (deficit) equity		107,094				47,704

(1) Working capital is defined as total current assets less total current liabilities. See our unaudited condensed consolidated financial statements and the related notes thereto included in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2026 for further details regarding our current assets and current liabilities.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does CAMP4 expect to dose the first patient in the CMP-002 ASCEND trial?

CAMP4 expects to dose the first patient by year-end 2026. Activities have begun for the first-in-human Phase 1/2 ASCEND trial in patients with SYNGAP1-related disorder, with regulatory clearances in Australia, Argentina, the United Kingdom and the European Union.

How long does CAMP4 expect its third-quarter 2026 cash balance to last?

CAMP4 expects its current cash and cash equivalents to fund planned activities through the end of 2028. Cash and cash equivalents totaled $124.522 million at September 30, 2026, following receipt of $50.1 million in gross private-placement proceeds in August.

What triggered the second closing of CAMP4's private placement?

The second closing was triggered by Australian regulatory clearance of the CMP-002 clinical trial application. The fully subscribed closing occurred in August 2026 and provided $50.1 million in gross proceeds from the private placement initially announced in September 2025.