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Poseida Therapeutics (Nasdaq: PSTX) announced financial results and updates for Q1 2024. Key achievements include a new research collaboration with Astellas, generating $95 million in milestone and upfront payments. Revenues for Q1 2024 were $28.1 million, a significant increase from $10.3 million in Q1 2023. Research and development expenses rose to $42.9 million due to increased allogeneic clinical program activity, while general and administrative expenses dropped to $9.8 million. The net loss decreased to $24.3 million from $38.8 million in Q1 2023. The company's cash position is strengthened at $198.6 million, expected to fund operations into the second half of 2025.
Strategic collaborations with Roche and Astellas have been instrumental, with P-BCMA-ALLO1 showing promising clinical responses and non-human primate data supporting the safety of P-KLKB1-101. Poseida's pipeline focuses on non-viral gene therapies targeting cancer and rare diseases.
Poseida Therapeutics, Inc. (Nasdaq: PSTX) presents promising data on its non-viral genetic medicine programs at the ASGCT 2024 Annual Meeting. Notable advancements include successful liver gene editing for Hereditary Angioedema and Hemophilia A, with a focus on safety and tolerability. The Company's proprietary technologies enable precise tuning of Factor VIII levels and provide a potentially superior treatment profile. Ongoing developments include dose-finding studies, CMC manufacturing, and additional preparations for IND-enabling studies.
Astellas Pharma Inc. and Poseida Therapeutics, Inc. have entered into a research collaboration and license agreement to develop novel allogeneic CAR-T cell therapies in oncology. The partnership will leverage Poseida's proprietary allogeneic CAR-T platform and Xyphos' ACCELTM technology to create innovative convertibleCAR® programs targeting solid tumors. Under the agreement, Xyphos will reimburse Poseida for research costs and be responsible for product development and commercialization. Poseida will receive an upfront payment of US $50 million, with potential milestone and contingency payments totaling up to US $550 million, along with tiered royalties. The collaboration aims to address unmet medical needs in oncology and expand Astellas' portfolio with cutting-edge CAR-T cell therapies.