Camp4 Therapeutics reported FY 2025 research and collaboration revenue of USD 3.5 million (+USD 2.8 million YoY), with R&D expense of USD 38.2 million and G&A expense of USD 17.4 million. Loss from operations was USD 52.6 million, and net loss was USD 80.4 million for FY 2025. Other (expense) income, net was an expense of USD 27.8 million in FY 2025, primarily reflecting a USD 29.8 million non-cash loss from the change in fair value of a derivative tranche liability tied to the conditional second tranche of its September 2025 private placement. Cash and cash equivalents were USD 109.5 million as of Dec. 31, 2025, and net cash used in operating activities was USD 29.6 million in FY 2025. On the business side, Camp4 said it initiated GLP toxicology studies for lead SYNGAP1 program CMP-002 and, pending successful completion and regulatory clearance, plans to start a global Phase 1/2 trial as early as H2 2026. The company also highlighted a December 2025 research, collaboration and license agreement with GSK that included a USD 17.5 million one-time upfront payment and eligibility for up to USD 440.0 million in development and commercial milestones plus tiered royalties; it said no collaboration revenue was recognized under the GSK agreement in FY 2025. Camp4 also noted BioMarin elected to terminate their collaboration agreement in November 2025 (effective February 2026), and that it recorded a USD 0.5 million impairment charge in FY 2025 related to its Boulder, Colorado lease right-of-use asset after vacating the site and pursuing sublease opportunities.

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