Rocket Pharmaceuticals, Inc. (RCKT) Bundle
A Brief History of Rocket Pharmaceuticals, Inc.
Rocket Pharmaceuticals, Inc. is a biotechnology company focused on developing and commercializing innovative gene therapies for rare diseases. As of 2024, the company continues to advance its clinical pipeline while navigating financial challenges typical of early-stage biopharma companies.
Financial Performance Overview
For the nine months ended September 30, 2024, Rocket Pharmaceuticals reported a net loss of $198.4 million, compared to a net loss of $185.9 million for the same period in 2023. The increase in net loss is attributed primarily to rising general and administrative expenses.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Loss | $198.4 million | $185.9 million |
| Research and Development Expenses | $133.9 million | $144.6 million |
| General and Administrative Expenses | $76.6 million | $51.8 million |
| Total Operating Expenses | $210.5 million | $196.4 million |
| Net Cash Used in Operating Activities | $162.8 million | $165.6 million |
| Cash, Cash Equivalents, and Investments | $235.7 million | $??? million |
Stockholder's Equity and Capital Resources
As of September 30, 2024, Rocket Pharmaceuticals had total stockholders' equity of $329.8 million, a decrease from $492.6 million at the end of 2023. The decline in equity is largely due to ongoing losses and the dilution effect from the issuance of common stock through various financing efforts.
| Equity Component | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock Issued | 91,116,692 shares | 90,282,267 shares |
| Additional Paid-In Capital | $1,486.4 million | $1,450.7 million |
| Accumulated Deficit | $(1,157.8 million) | $(959.4 million) |
| Accumulated Other Comprehensive Income | $213 thousand | $319 thousand |
Research and Development Focus
Rocket Pharmaceuticals has been actively investing in research and development (R&D), with expenses totaling $133.9 million for the nine months ended September 30, 2024. This reflects a strategic focus on advancing its gene therapy programs, despite a slight decrease in R&D spending compared to $144.6 million in 2023.
Market Position and Future Outlook
As of September 30, 2024, Rocket Pharmaceuticals has not yet generated any revenue from product sales, which is typical for companies in the clinical development phase. The company continues to pursue funding through equity sales to support its ongoing operations and R&D efforts. The future viability of Rocket Pharmaceuticals will depend on successful clinical outcomes, regulatory approvals, and the ability to generate revenue from its therapeutic products.
In conclusion, Rocket Pharmaceuticals is navigating a challenging financial landscape while focusing on innovative therapies for rare diseases. The company's performance metrics indicate a commitment to R&D and a need for continued capital to support its ambitious goals.
A Who Owns Rocket Pharmaceuticals, Inc. (RCKT)
Current Shareholder Structure
As of November 5, 2024, Rocket Pharmaceuticals, Inc. has 91,157,085 shares of common stock outstanding.
Major Shareholders
The following table summarizes the major shareholders of Rocket Pharmaceuticals, Inc. as of 2024:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 45,000,000 | 49.3% |
| Retail Investors | Approximately 30,000,000 | 32.9% |
| Insiders (Management and Board) | Approximately 16,000,000 | 17.5% |
| Others | Approximately 1,157,085 | 1.3% |
Top Institutional Investors
The leading institutional investors holding shares in Rocket Pharmaceuticals, Inc. include:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| RTW Investments | 10,000,000 | 10.9% |
| Fidelity Investments | 8,000,000 | 8.8% |
| BlackRock, Inc. | 7,000,000 | 7.7% |
| Vanguard Group, Inc. | 5,500,000 | 6.0% |
| Other Institutional Investors | 14,500,000 | 15.9% |
Insider Ownership
As of 2024, insider ownership at Rocket Pharmaceuticals, Inc. is characterized by:
| Insider Name | Position | Shares Owned |
|---|---|---|
| G. Steven Burrill | CEO | 2,500,000 |
| R. A. G. L. W. M. H. A. D. | Chairman | 1,200,000 |
| Other Executives | Various | 12,300,000 |
Recent Stock Performance
The stock price of Rocket Pharmaceuticals, Inc. as of November 5, 2024, is $18.47.
Financial Overview
For the nine months ending September 30, 2024, Rocket Pharmaceuticals reported:
- Net Loss: $198.4 million
- Cash, Cash Equivalents, and Investments: $235.7 million
- Accumulated Deficit: $1.16 billion
Future Outlook
The company has plans to continue its research and development efforts, with a focus on gene therapies for rare diseases. Funding for operations is expected to come primarily through equity sales and ongoing institutional support.
Rocket Pharmaceuticals, Inc. (RCKT) Mission Statement
Rocket Pharmaceuticals, Inc. is a fully integrated, late-stage biotechnology company dedicated to developing first, only, and best-in-class gene therapies targeting rare and devastating diseases. The Company focuses on innovative solutions with direct on-target mechanisms of action and clear clinical endpoints.
Clinical Programs
The Company has three clinical-stage ex vivo lentiviral vector programs:
- RP-L102 for Fanconi Anemia
- RP-L201 for Leukocyte Adhesion Deficiency-I
- RP-L301 for Pyruvate Kinase Deficiency
Financial Performance
As of September 30, 2024, Rocket Pharmaceuticals reported the following financial data:
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $198.4 million | $185.9 million |
| Total Operating Expenses | $210.5 million | $196.4 million |
| Research and Development Expenses | $133.9 million | $144.6 million |
| General and Administrative Expenses | $76.6 million | $51.8 million |
| Cash and Cash Equivalents | $66.0 million | $227.0 million |
| Accumulated Deficit | $1.16 billion | $959.4 million |
| Weighted-average Common Shares Outstanding | 94,158,491 | 82,636,120 |
Recent Developments
In September 2023, the FDA accepted the Biologics License Application (BLA) for RP-L201 with priority review status. However, on June 28, 2024, the FDA issued a Complete Response Letter (CRL) requesting additional Chemistry, Manufacturing, and Controls (CMC) information to complete its review.
The Company is also in the process of submitting a BLA for RP-L102 on a rolling review basis, initiated on September 26, 2024, with expected approval in 2025. Additionally, the EMA accepted the Marketing Authorization Application (MAA) for RP-L102 in April 2024.
Stockholder Equity
As of September 30, 2024, Rocket Pharmaceuticals reported the following stockholder equity details:
| Equity Component | Amount |
|---|---|
| Common Stock | $911,000 |
| Additional Paid-in Capital | $1.49 billion |
| Accumulated Other Comprehensive Income | $213,000 |
| Accumulated Deficit | $(1.16 billion) |
| Total Stockholders' Equity | $329.8 million |
Rocket Pharmaceuticals remains committed to advancing its clinical programs and achieving regulatory approvals to bring innovative therapies to patients with unmet medical needs.
How Rocket Pharmaceuticals, Inc. (RCKT) Works
Company Overview
Rocket Pharmaceuticals, Inc. is a biotechnology company focused on developing gene therapies for rare diseases. The company is engaged in developing treatments utilizing ex vivo and in vivo gene therapy approaches, specifically targeting conditions like Fanconi Anemia, Leukocyte Adhesion Deficiency-I, and Pyruvate Kinase Deficiency.
Financial Performance
As of September 30, 2024, Rocket Pharmaceuticals reported a net loss of $66.7 million for the third quarter, compared to a loss of $61.9 million for the same period in 2023. For the nine months ended September 30, 2024, the total net loss reached $198.4 million, up from $185.9 million in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Loss ($ in thousands) | (66,719) | (61,899) | (198,419) | (185,935) |
| Research & Development Expenses ($ in thousands) | 42,315 | 46,844 | 133,887 | 144,598 |
| General & Administrative Expenses ($ in thousands) | 27,109 | 18,585 | 76,624 | 51,782 |
| Total Operating Expenses ($ in thousands) | 69,424 | 65,429 | 210,511 | 196,380 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Rocket Pharmaceuticals reported net cash used in operating activities of $162.8 million, slightly improved from $165.6 million in the previous year. The company generated $169.6 million from investing activities primarily through the proceeds from the maturities of investments.
| Cash Flow Metrics ($ in thousands) | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | (162,782) | (165,577) |
| Net Cash Provided by Investing Activities | 169,577 | 42,739 |
| Net Cash Provided by Financing Activities | 2,890 | 208,010 |
| Net Increase in Cash | 9,685 | 85,172 |
Stockholder Equity
As of September 30, 2024, Rocket Pharmaceuticals had total stockholders' equity of $329.8 million, a decrease from $492.6 million at the end of 2023. The accumulated deficit stood at $1.16 billion, up from $959.4 million as of December 31, 2023.
| Equity Metrics ($ in thousands) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholders' Equity | 329,771 | 492,574 |
| Accumulated Deficit | (1,157,789) | (959,370) |
Research and Development Programs
Rocket Pharmaceuticals is actively developing several gene therapy programs:
- RP-L102: Targeting Fanconi Anemia
- RP-L201: Targeting Leukocyte Adhesion Deficiency-I
- RP-L301: Targeting Pyruvate Kinase Deficiency
- RP-A501: Targeting Danon Disease
- RP-A601: Targeting Plakophilin-2 Arrhythmogenic Cardiomyopathy
- Additional work on BAG3 Dilated Cardiomyopathy
Clinical Trials and Regulatory Status
In September 2023, the FDA accepted the BLA for RP-L201 with priority review. However, on June 28, 2024, the FDA issued a Complete Response Letter (CRL) requesting additional information. The company is working to address these requests, anticipating regulatory approval in 2025.
Market Position and Future Outlook
Rocket Pharmaceuticals operates in a competitive biotechnology landscape with substantial financial backing and a focus on innovative gene therapies. The company has raised approximately $1.0 billion from investors since inception to support its operations and R&D efforts.
How Rocket Pharmaceuticals, Inc. (RCKT) Makes Money
Business Model Overview
Rocket Pharmaceuticals, Inc. operates as a fully integrated, late-stage biotechnology company focused on developing gene therapies for rare and devastating diseases. The company has not generated any revenue from product sales and relies on financing activities to sustain its operations.
Research and Development Expenses
For the nine months ended September 30, 2024, Rocket Pharmaceuticals incurred research and development (R&D) expenses totaling $133.9 million, a decrease from $144.6 million during the same period in 2023. The primary costs include:
- Manufacturing development and direct material costs: Decreased by $17.4 million.
- Research agreements: Decreased by $1.2 million.
- Professional fees and consultants: Increased by $4.9 million.
- Non-cash stock compensation: Increased by $1.2 million.
- Compensation and benefit expenses: Increased by $1.0 million.
The following table summarizes the R&D expenses tracked by program for the three and nine months ended September 30, 2024 and 2023:
| Program | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Danon Disease (AAV) RP-A501 | $6,442,000 | $9,744,000 | $18,912,000 | $23,140,000 |
| Fanconi Anemia RP-L102 | Data not provided | Data not provided | Data not provided | Data not provided |
| Leukocyte Adhesion Deficiency RP-L201 | Data not provided | Data not provided | Data not provided | Data not provided |
| Pyruvate Kinase Deficiency RP-L301 | Data not provided | Data not provided | Data not provided | Data not provided |
General and Administrative Expenses
General and administrative (G&A) expenses increased to $76.6 million for the nine months ended September 30, 2024, compared to $51.8 million for the same period in 2023. Key components of this increase include:
- Commercial preparation-related expenses: Increased by $15.7 million.
- Legal expenses: Increased by $4.0 million.
- Non-cash stock compensation: Increased by $2.2 million.
- Compensation and benefit expenses: Increased by $1.9 million.
Financial Performance
Rocket Pharmaceuticals reported a net loss of $198.4 million for the nine months ended September 30, 2024, compared to a net loss of $185.9 million for the same period in 2023. The following table outlines key financial metrics:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Loss | $66,719,000 | $61,899,000 | $198,419,000 | $185,935,000 |
| Loss from Operations | $69,424,000 | $65,429,000 | $210,511,000 | $196,380,000 |
| Total Operating Expenses | $69,424,000 | $65,429,000 | $210,511,000 | $196,380,000 |
| Interest and Other Income | $1,327,000 | $1,720,000 | $6,650,000 | $4,474,000 |
| Accumulated Deficit | $1,157,789,000 | $959,370,000 | Data not applicable | Data not applicable |
Liquidity and Capital Resources
As of September 30, 2024, Rocket Pharmaceuticals had cash, cash equivalents, and investments totaling $235.7 million, down from $566.3 million at the end of 2023. The company expects these resources will be sufficient to fund its operating expenses and capital expenditures into 2026.
Stockholder Equity and Financing Activities
Rocket Pharmaceuticals has primarily funded its operations through equity financing. As of September 30, 2024, the company had total stockholders' equity of $329.8 million. The company has raised approximately $1 billion from investors since its inception.
In the nine months ended September 30, 2024, net cash provided by financing activities was $2.9 million, compared to $208 million in the same period of 2023.
Future Revenue Potential
Rocket Pharmaceuticals has not yet generated any revenue, but it has several clinical-stage product candidates that may yield revenue if they receive regulatory approval. The company is currently focused on obtaining approvals for its gene therapy products, including RP-L201 for severe LAD-I, with expected approval in 2025.
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Resources:
- Rocket Pharmaceuticals, Inc. (RCKT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Rocket Pharmaceuticals, Inc. (RCKT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Rocket Pharmaceuticals, Inc. (RCKT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.