Poseida Therapeutics, a biotechnology company focused on developing gene therapies for cancer and other genetic diseases, reported disappointing Q4 2022 results on Thursday. The company’s Q4 GAAP earnings per share (EPS) came in at -$0.39, missing expectations by $0.56. Meanwhile, revenue for the quarter was $10.05 million, down 67.8% year-over-year and missing estimates by $21.7 million.
The significant revenue decline was primarily due to a decrease in collaboration and license revenue. Poseida Therapeutics attributed this decline to a delay in the initiation of its clinical trial of P-BCMA-ALLO1, its allogeneic CAR-T cell therapy for multiple myeloma. The trial was initially planned to start in late 2021, but regulatory delays pushed it back to early 2023.
Despite the disappointing results, Poseida Therapeutics remains optimistic about its pipeline and upcoming milestones. The company’s lead candidate, P-PSMA-101, is currently in Phase 2 clinical trials for the treatment of metastatic castration-resistant prostate cancer. Poseida also plans to initiate a Phase 1 clinical trial of P-OTC, a gene therapy for the treatment of ornithine transcarbamylase (OTC) deficiency, a rare genetic disorder.
“We continue to be excited about the potential of our gene therapies and the progress we are making across our pipeline,” said Eric Ostertag, MD, PhD, CEO of Poseida Therapeutics. “We remain committed to advancing our programs and achieving important milestones in 2023 and beyond.”
In addition to its clinical programs, Poseida Therapeutics also recently announced a collaboration with TScan Therapeutics to develop T cell receptor (TCR) therapies for solid tumors. The partnership will leverage Poseida’s gene editing technology and TScan’s TCR discovery platform to identify and develop new cancer therapies.
Following the release of the earnings report, shares of Poseida Therapeutics fell over 10% in after-hours trading.