Camp4 Therapeutics (CAMP) Q4 2025 earnings summary

Executive summary

• Entered a major research, collaboration, and license agreement with GlaxoSmithKline (GSK) in December 2025, granting GSK exclusive global rights to develop and commercialize antisense oligonucleotide (ASO) therapeutics targeting regRNAs for neurodegenerative and kidney diseases.

• GSK paid a $17.5 million upfront fee, with up to $440 million in potential milestone payments and tiered royalties on net sales.

• CAMP4 retains rights to its platform for non-collaboration targets and internal research.

Financial highlights

• $17.5 million non-refundable upfront payment received from GSK in December 2025.

• Eligible for up to $440 million in development and commercial milestones, plus low- to mid-single digit tiered royalties on net sales.

• No collaboration revenue recognized from the GSK agreement in 2025; deferred revenue of $17.5 million recorded.

Outlook and guidance

• Collaboration with GSK expected to accelerate development of ASO therapeutics for neurodegenerative and kidney diseases.

• Revenue recognition from the GSK agreement will occur as research and development activities are performed over time.