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Checkpoint Therapeutics Reports First Quarter Financial Results and Recent Corporate Updates
UNLOXCYT™ (cosibelimab-ipdl) approved by U.S. FDA in December 2024 as first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma
About this update from Fortress Biotech, Inc.
[{"type":"text","content":"UNLOXCYT™ (cosibelimab-ipdl) approved by U.S. FDA in December 2024 as first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma Special meeting of stockholders to vote on Merger to take place on May 28, 2025 WALTHAM, Mass., May 13, 2025 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (Nasdaq: CKPT), a commercial-stage immunotherapy and targeted oncology company, today announced financial results for the first quarter ended March 31, 2025, and recent corporate updates. Recent Corporate Updates: In December 2024, Checkpoint announced that the U.S. Food and Drug Administration (“FDA”) approved UNLOXCYT™ (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (“cSCC”) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. UNLOXCYT is the first and only programmed death ligand-1 (“PD-L1”) blocking antibody to receive FDA marketing approval for this indication.In March 2025, Checkpoint announced that it entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sun Pharmaceutical Industries, Inc. (“Sun Pharma”), and a wholly owned subsidiary of Sun Pharma, with Checkpoint continuing as the surviving corporation of the transaction and a wholly owned subsidiary of Sun Pharma (the “Merger”). The total transaction value of the Merger, including the upfront cash payment and the maximum value of the contingent value right (“CVR”), is up to approximately $416 million, and the Merger is expected to be completed in the second quarter of 2025. The transaction is subject to customary closing conditions, including required regulatory approvals and approval by the requisite majorities of Checkpoint’s stockholders. In April 2025, the Merger Agreement was amended.Also in April 2025, Checkpoint filed the definitive proxy statement relating to the Merger. The special meeting of Checkpoint stockholders to vote on the Merger will be held on May 28, 2025. Financial Results: Cash Position: As of March 31, 2025, Checkpoint’s cash and cash equivalents totaled $33.0 million, compared to $6.6 million at December 31, 2024, an increase of $26.4 million.R&D Expenses: Research and development expenses for the first quarter of 2025 were $3.8 million, compared to $8.5 million for the first quarter of 2024, a decrease of $4.7 millio...