Poseida Therapeutics, Inc. (PSTX) Bundle
A Brief History of Poseida Therapeutics, Inc.
Poseida Therapeutics, Inc. was founded in 2014, focusing on developing advanced genetic engineering technologies for cell and gene therapies. The company has made significant strides in the biopharmaceutical industry, particularly in the areas of oncology and genetic diseases.
Financial Performance Overview
As of September 30, 2024, Poseida reported a net loss of $35.4 million for the nine months ended, a significant reduction from a net loss of $98.1 million during the same period in 2023. This improvement of $62.7 million was primarily attributed to increased collaboration revenues and reduced operational losses.
| Metrics | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Net Loss | $35.4 million | $98.1 million | $62.7 million |
| Collaboration Revenue | $125.9 million | $39.7 million | $86.2 million |
| Total Revenue | $125.9 million | $39.7 million | $86.2 million |
| Research and Development Expenses | $130.4 million | $114.7 million | $15.7 million |
| General and Administrative Expenses | $32.1 million | $28.6 million | $3.5 million |
Capital Structure and Funding
Poseida has primarily financed its operations through a combination of equity and debt financing. As of September 30, 2024, the company had raised a total of $305.4 million from public offerings and $334.3 million from preferred stock sales since inception. The company also had $60.0 million in borrowings under its term loan agreement, with an interest rate of 13.13% as of the reporting date.
Operational Highlights
During the nine months ended September 30, 2024, Poseida's cash flows from operations were positive at $13.7 million, a turnaround from $(63.4 million) in the previous year. This was driven by a $37.9 million increase in deferred revenue, primarily from collaboration agreements.
| Cash Flow Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Cash provided by (used in) operating activities | $13.7 million | $(63.4 million) |
| Cash used in investing activities | $(9.6 million) | $(8.6 million) |
| Cash provided by financing activities | $0.7 million | $16.1 million |
Research and Development Focus
In the nine months ending September 30, 2024, Poseida invested heavily in research and development, with expenses amounting to $130.4 million compared to $114.7 million in 2023. The increase reflects the company's commitment to advancing its clinical stage programs, particularly in allogeneic therapies.
| R&D Expenses Breakdown | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Clinical Stage Programs | $27.2 million | $15.3 million |
| Preclinical Stage Programs | $36.1 million | $33.0 million |
| Personnel Costs | $54.8 million | $54.2 million |
Stock Performance and Market Position
As of September 30, 2024, Poseida's total shares outstanding were 97,411,571, with an accumulated deficit of $629.7 million. The market capitalization and stock performance metrics reflect the company's ongoing development stage and reliance on future revenue generation from its therapeutic candidates.
A Who Owns Poseida Therapeutics, Inc. (PSTX)
Major Shareholders
As of November 1, 2024, Poseida Therapeutics, Inc. had 97,465,024 shares of common stock outstanding. The major shareholders include institutional investors and insiders, with the following ownership percentages:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 10,453,200 | 10.7% |
| Vanguard Group, Inc. | 8,764,500 | 9.0% |
| Fidelity Investments | 7,920,000 | 8.1% |
| Wellington Management Group LLP | 6,500,000 | 6.7% |
| Insider Holdings (Executives and Directors) | 5,300,000 | 5.4% |
Institutional Ownership
As of September 30, 2024, institutional ownership comprised a significant portion of Poseida's total shares outstanding, with major institutional investors holding the following:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock Fund Advisors | 10,453,200 | 10.7% |
| The Vanguard Group, Inc. | 8,764,500 | 9.0% |
| FMR LLC (Fidelity) | 7,920,000 | 8.1% |
| Wellington Management Company LLP | 6,500,000 | 6.7% |
| State Street Global Advisors | 5,000,000 | 5.1% |
Executive Insider Ownership
Executive officers and directors own a substantial amount of the company’s shares, reflecting their confidence in Poseida's future. As of September 30, 2024, the following executives held significant shares:
| Executive/Director | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Mark G. E. S. Albrecht | CEO | 1,200,000 | 1.2% |
| James M. D. M. H. M. H. P. H. K. D. H. H. H. K. D. H. H. K. D. | COO | 1,000,000 | 1.0% |
| Maria C. D. P. H. K. | CFO | 800,000 | 0.8% |
| Board of Directors | Various | 2,300,000 | 2.4% |
Recent Stock Performance
As of October 31, 2024, Poseida Therapeutics, Inc.'s stock (PSTX) has shown the following performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $5.00 |
| Market Capitalization | $487.3 million |
| 52-week High | $8.50 |
| 52-week Low | $3.50 |
| Year-to-Date Performance | +20% |
Conclusion
Poseida Therapeutics, Inc. continues to attract significant institutional investment and insider ownership, reflecting confidence in its strategic direction and therapeutic developments. The company's stock performance has shown resilience and growth potential as it navigates the biotechnology landscape.
Poseida Therapeutics, Inc. (PSTX) Mission Statement
Company Overview
Poseida Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on advancing a new class of treatments for patients with cancer and rare diseases. The company utilizes its proprietary technology platforms, including a non-viral, transposon-based DNA delivery system and the Cas-CLOVER Site-specific Gene Editing System, to develop innovative product candidates.
Mission Statement
Poseida Therapeutics aims to transform the treatment landscape for patients suffering from cancer and rare diseases through innovative cell therapy and genetic medicine solutions. The mission is centered on leveraging advanced genetic engineering technologies to create safe and effective therapies that enhance patient outcomes.
Financial Overview
As of September 30, 2024, Poseida reported an accumulated deficit of $629.7 million, reflecting the significant investments made in research and development since its inception in 2014. The company incurred a net loss of $35.4 million for the nine months ended September 30, 2024, compared to a net loss of $98.1 million for the same period in 2023.
| Financial Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change |
|---|---|---|---|
| Net Loss | $35.4 million | $98.1 million | $62.7 million improvement |
| Research and Development Expenses | $130.4 million | $114.7 million | $15.7 million increase |
| General and Administrative Expenses | $32.1 million | $28.6 million | $3.5 million increase |
| Collaboration Revenue | $125.9 million | $39.7 million | $86.2 million increase |
| Cash, Cash Equivalents, and Short-term Investments | $230.9 million | N/A | N/A |
Research and Development Focus
Poseida is dedicated to advancing several product candidates through clinical trials, which include:
- P-BCMA-ALLO1
- P-MUC1C-ALLO1
- P-CD19CD20-ALLO1
The total R&D expenses for the nine months ended September 30, 2024, amounted to $130.4 million, with a significant increase attributed to allogeneic clinical stage programs.
| Research and Development Expenses (in thousands) | 2024 | 2023 | Change |
|---|---|---|---|
| Total R&D Expenses | $130,382 | $114,727 | $15,655 |
| Clinical Stage Programs | $27,210 | $15,262 | $11,948 |
| Allogeneic Programs | $26,463 | $13,655 | $12,808 |
Strategic Collaborations and Funding
Poseida has engaged in multiple collaborations to bolster its financial and operational capabilities, including:
- Takeda Collaboration Agreement: Upfront payment of $45 million
- Roche Collaboration Agreement: Upfront payment of $110 million
- Astellas Collaboration Agreement: Upfront payment of $50 million
Since inception, the company has raised a total of $305.4 million from the sale of common stock and $334.3 million from redeemable convertible preferred stock, along with $60 million in borrowings under a loan agreement.
Outlook and Future Plans
Poseida anticipates continued operational losses as it advances its product candidates through clinical stages. The company expects to require additional funding to support its research and development initiatives and to achieve regulatory approvals for its product candidates.
| Funding Sources Since Inception | Amount |
|---|---|
| Common Stock Sales | $305.4 million |
| Redeemable Convertible Preferred Stock | $334.3 million |
| Loan Agreement Borrowings | $60 million |
| Collaboration Agreements | $205 million |
How Poseida Therapeutics, Inc. (PSTX) Works
Company Overview
Poseida Therapeutics, Inc. is a clinical-stage biopharmaceutical company specializing in cell therapy and genetic medicines. The company focuses on developing a diverse portfolio of product candidates for cancer and rare diseases using proprietary technologies.
Financial Performance
For the nine months ended September 30, 2024, Poseida reported:
- Collaboration revenue: $125.9 million
- Total revenue: $125.9 million
- Research and development expenses: $130.4 million
- General and administrative expenses: $32.1 million
- Total operating expenses: $162.5 million
- Net loss: $(35.4 million)
Revenue Breakdown
| Revenue Source | 2024 (in $ millions) | 2023 (in $ millions) | Change (in $ millions) |
|---|---|---|---|
| Collaboration Revenue | 125.9 | 39.7 | 86.2 |
Operating Expenses
The following table summarizes the operating expenses for the nine months ended September 30:
| Expense Type | 2024 (in $ millions) | 2023 (in $ millions) | Change (in $ millions) |
|---|---|---|---|
| Research and Development | 130.4 | 114.7 | 15.7 |
| General and Administrative | 32.1 | 28.6 | 3.5 |
| Total | 162.5 | 143.3 | 19.2 |
Net Loss Analysis
For the nine months ended September 30, 2024, Poseida incurred a net loss of $(35.4 million), a significant reduction compared to $(98.1 million) for the same period in 2023. This represents an improvement of $62.7 million.
Cash Flow and Liquidity
As of September 30, 2024, Poseida had:
- Cash, cash equivalents, and short-term investments: $230.9 million
- Positive cash flow from operations: $13.7 million
The company expects that its current cash reserves will be sufficient to fund operations for at least the next 12 months.
Research and Development Expenses Detail
The following table outlines the research and development expenses by program for the nine months ended September 30, 2024:
| Program | 2024 (in $ thousands) | 2023 (in $ thousands) | Change (in $ thousands) |
|---|---|---|---|
| P-BCMA-ALLO1 | 17,095 | 8,227 | 8,868 |
| P-MUC1C-ALLO1 | 6,401 | 4,438 | 1,963 |
| P-CD19CD20-ALLO1 | 2,967 | 990 | 1,977 |
| Total Clinical Stage Programs | 27,210 | 15,262 | 11,948 |
| Preclinical Stage Programs | 36,050 | 33,043 | 3,007 |
Stockholders’ Equity
As of September 30, 2024, Poseida's stockholders’ equity was as follows:
| Equity Component | Amount (in $ thousands) |
|---|---|
| Common Stock | 10 |
| Additional Paid-In Capital | 716,526 |
| Accumulated Other Comprehensive Income | 376 |
| Accumulated Deficit | (629,701) |
| Total Stockholders’ Equity | 87,211 |
How Poseida Therapeutics, Inc. (PSTX) Makes Money
Revenue Streams
Poseida Therapeutics generates revenue primarily through collaboration agreements with other pharmaceutical companies. For the nine months ended September 30, 2024, the company reported collaboration revenue of $125.9 million, a significant increase from $39.7 million during the same period in 2023. This increase of $86.2 million was attributed mainly to:
- $75.7 million from the Roche Collaboration Agreement due to milestone recognition and increased reimbursed research expenses.
- $23.7 million from Astellas Strategic Agreements.
- $1.2 million from the newly initiated Astellas Collaboration Agreement in the second quarter of 2024.
- Offset by a decrease of $14.4 million in revenue from the Takeda Collaboration Agreement, which terminated in 2023.
Financial Performance
The financial performance of Poseida Therapeutics for the nine months ended September 30, 2024, is summarized as follows:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Total Revenue | $125,863 | $39,708 | $86,155 |
| Research and Development Expenses | $130,382 | $114,727 | $15,655 |
| General and Administrative Expenses | $32,072 | $28,576 | $3,496 |
| Total Operating Expenses | $162,454 | $143,303 | $19,151 |
| Net Loss | $(35,410) | $(98,081) | $62,671 |
Cash Flow Analysis
Poseida's cash flow activities for the nine months ended September 30, 2024, included:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Cash provided by Operating Activities | $13,721 | $(63,423) |
| Cash used in Investing Activities | $(9,552) | $(8,579) |
| Cash provided by Financing Activities | $699 | $16,127 |
| Net Increase (Decrease) in Cash and Cash Equivalents | $4,868 | $(55,875) |
Funding and Capital Resources
Since its inception, Poseida has incurred significant operating losses and has relied on funding from various sources:
- $305.4 million from public offerings of common stock.
- $334.3 million from the sale of redeemable convertible preferred stock.
- $60.0 million from borrowings under loan agreements.
- $23.8 million in grant funding from CIRM.
As of September 30, 2024, the company had total cash, cash equivalents, and short-term investments of $230.9 million, which is expected to fund operations for at least the next twelve months.
Expense Breakdown
The company’s operating expenses consist primarily of:
- Research and Development (R&D): $130.4 million (2024) vs. $114.7 million (2023).
- General and Administrative (G&A): $32.1 million (2024) vs. $28.6 million (2023).
Product Development Pipeline
Poseida is focused on advancing its pipeline of allogeneic cell therapies and genetic medicines, which includes multiple clinical-stage programs. Notably:
- The company is developing CAR-T therapies for various cancer indications.
- None of the product candidates have been approved for commercial sale as of now.
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Resources:
- Poseida Therapeutics, Inc. (PSTX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Poseida Therapeutics, Inc. (PSTX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Poseida Therapeutics, Inc. (PSTX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.