Poseida Therapeutics Q3 2024 Updates and Financial Results

Poseida Therapeutics, Inc., a clinical-stage biopharmaceutical company based in San Diego, announced significant updates and financial results for the third quarter ending September 30, 2024. The company specializes in allogeneic cell therapies and genetic medicines aimed at treating cancer, autoimmune, and rare diseases. Poseida has seen considerable progress in its operations, driven by robust data from its non-viral allogeneic cell therapy programs, expanding partnerships, and strategic advancements.

Key achievements include the expansion of Poseida's collaboration with Roche and the nomination of a new dual CAR-T development candidate. This new candidate targets known antigens expressed in hematologic cancers, such as multiple myeloma. Currently, Poseida and Roche collaborate on three programs, including P-BCMA-ALLO1 for multiple myeloma and P-CD19CD20-ALLO1 for B-cell malignancies. Roche retains the option to nominate additional candidates in the future.

The company's P-BCMA-ALLO1 therapy continues to show promise. Interim Phase 1 data presented at the International Myeloma Society annual meeting indicated a 91% overall response rate in an optimized lymphodepletion arm, with 100% response in BCMA-naïve patients and 86% in those with prior treatments. The therapy demonstrated a differentiated safety profile with no dose-limiting toxicities, low rates of cytokine release syndrome, and immune effector cell neurotoxicity syndrome, all graded 2 or lower. No cases of graft-vs-host disease or Parkinsonism were observed.

The progress of the P-BCMA-ALLO1 therapy has been acknowledged by the U.S. FDA, granting it Regenerative Medicine Advanced Therapy designation for relapsed/refractory multiple myeloma. Poseida has also received substantial milestone payments from Roche, notably for the initiation of the P-BCMA-ALLO1 Phase 1b trial.

In collaboration with Astellas' subsidiary Xyphos Biosciences, Poseida has formally nominated a second target within their strategic research collaboration. This target is focused on solid tumors, reinforcing the partnership's potential in this domain.

Poseida has introduced P-BCMACD19-ALLO1 as its first candidate for treating autoimmune diseases. This allogeneic dual CAR-T therapy targets BCMA and CD19, offering a potentially comprehensive immune cell depletion and addressing autoantibodies from plasma cells, which are significant in many autoimmune diseases. The program is currently in IND-enabling studies.

The company has also made strides in the field of genetic medicines. At the American College of Allergy, Asthma & Immunology's 2024 Scientific Meeting, Poseida presented data on P-KLKB1-101, a non-viral, liver-directed genetic medicine using its Cas-CLOVER™ system. This data showed successful gene editing for hereditary angioedema, with favorable results.

Financially, Poseida's revenue for the third quarter of 2024 was $71.7 million, a significant increase from the $9.4 million in the same period in 2023. The nine-month revenue totaled $125.9 million, compared to $39.7 million in the previous year. The increase was attributed to milestone recognitions and reimbursed R&D expenses under the Roche collaboration, along with revenue from agreements with Astellas.

Research and development expenses rose to $41.9 million for the third quarter, primarily due to increased enrollment in allogeneic clinical programs and initiation of new trials. General and administrative expenses also saw an uptick due to higher professional fees and personnel costs. Despite these increases, Poseida achieved a net income of $20.2 million for the third quarter and reduced its net loss for the first nine months of 2024 to $35.4 million.

Poseida ended the third quarter with $230.9 million in cash and short-term investments. This financial stability is bolstered by $115 million generated from milestone and upfront payments in 2024. The company anticipates that its financial resources, combined with future milestones and payments, will support operations into early 2026.

Overall, Poseida Therapeutics is advancing its innovative therapies and strengthening its financial position, positioning itself as a leader in the field of allogeneic cell therapies and genetic medicines.