SAN DIEGO - Poseida Therapeutics, Inc. (NASDAQ: PSTX), a biopharmaceutical company specializing in cell therapies and genetic medicines, has announced the nomination of a new CAR-T therapy development candidate. This development, part of their collaboration with Roche, has triggered a $15 million milestone payment to Poseida, bolstering its financial position into early 2026.
The candidate is an allogeneic, dual CAR-T therapy designed to target antigens found in hematologic malignancies, including multiple myeloma. The therapy leverages Poseida's non-viral transposon-based DNA delivery system, which allows the insertion of two chimeric antigen receptors into T stem cell memory cells.
Kristin Yarema, Ph.D., CEO of Poseida Therapeutics, expressed optimism about the potential of this new therapy to address the needs of multiple myeloma patients, a disease for which there is significant demand for novel and effective treatments.
The collaboration with Roche, initiated in August 2022, now includes three programs aimed at developing allogeneic CAR-T therapies for blood cancers. The lead program, P-BCMA-ALLO1, targets BCMA and is in Phase 1b clinical trials for patients with relapsed/refractory multiple myeloma. The second program, P-CD19CD20-ALLO1, is in Phase 1 development for B-cell malignancies.
Poseida plans to host a Cell Therapy R&D Day on November 14, 2024, to provide updates on their CAR-T programs and pipeline. The event will be available virtually, with a webcast accessible to the public.
As of June 30, 2024, Poseida reported a cash balance of $237.8 million. The additional funds from Roche are anticipated to extend the company's operational capacity into early 2026, with the possibility of further extensions based on progress in the Roche collaboration or other business developments.
Poseida's pipeline includes investigational allogeneic CAR-T cell therapies for various cancers and autoimmune diseases, as well as in vivo genetic medicines. The company's strategic collaborations aim to expand the reach of these therapies to patients in need.
This article is based on a press release statement from Poseida Therapeutics, Inc.
In other recent news, Poseida Therapeutics has been the focus of several analyst notes and positive study results. H.C. Wainwright reiterated a Buy rating with a $20.00 price target, while both Piper Sandler and BTIG maintained positive ratings on the company. This follows successful results from an ongoing study with Roche, evaluating P-BCMA-ALLO1 for the treatment of relapsed and refractory multiple myeloma (r/r MM). The study reported an overall response rate of 91% in 23 evaluable patients, with no dose-limiting toxicities observed.
In addition to the analyst endorsements, Poseida Therapeutics also revealed promising results from its Phase 1 trial of P-BCMA-ALLO1, an allogeneic CAR-T cell therapy for relapsed/refractory multiple myeloma. The trial demonstrated a 91% overall response rate, with no reported cases of severe cytokine release syndrome or neurotoxicity. The U.S. Food and Drug Administration granted Poseida's P-BCMA-ALLO1 Regenerative Medicine Advanced Therapy designation, highlighting its potential to address unmet medical needs in the multiple myeloma patient population.
In other company news, Poseida Therapeutics concluded the second quarter of 2024 with $238 million in cash, anticipated to fund operations into the second half of 2025. On a separate note, Cynthia Collins, a biotech veteran with extensive experience in cell therapy and genetic medicine, has joined the board of directors of MaxCyte Inc., another company of interest in the biotech sector. These are among the recent developments in Poseida Therapeutics' mission to advance allogeneic cell therapies and genetic medicines.
InvestingPro Insights
Poseida Therapeutics' recent milestone achievement with Roche aligns with several key financial indicators from InvestingPro. The company's market capitalization stands at $246.69 million, reflecting its position in the biotech sector. Despite the positive news, InvestingPro data shows that Poseida's revenue growth has declined by 43.55% over the last twelve months as of Q2 2024, which may explain why the $15 million milestone payment is significant for the company's financial outlook.
InvestingPro Tips highlight that Poseida holds more cash than debt on its balance sheet, which is crucial for a biotech company investing heavily in research and development. This aligns with the company's statement about extending its operational capacity into early 2026. Additionally, the tip indicating that liquid assets exceed short-term obligations further supports Poseida's financial stability as it pursues its CAR-T therapy development.
However, investors should note that Poseida is not currently profitable, with a negative P/E ratio of -2.19 and an operating income margin of -133.92% over the last twelve months. This is not uncommon for biotech companies in the development stage, but it underscores the importance of milestone payments and collaborations like the one with Roche.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips that could provide further insights into Poseida's financial health and market position. These additional tips could be particularly valuable for investors looking to understand the full picture of Poseida's potential in the competitive biotech landscape.
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