Cambridge biotech tracker · Watertown
Camp4 Therapeutics
Listed on Nasdaq as CAMP, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $86.4M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $7.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.0 yrs
- 3+ years
- Net loss
- $33.5M
- Q2 '26
- R&D expense
- $10.8M
- 71% of opex
- Raised, last 4 qtrs
- +$76.0M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.0 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $2.4M a month.
Management’s own date
Through 2028
Dec 2028
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Based on our current operating plan, we estimate that our cash and cash equivalents as of June 30, 2026, together with the net proceeds of $46.9 million received from the Second Closing under the Purchase Agreement in August 2026, will be sufficient to fund our operating expenses and capital expenditure requirements through the end of 2028.”
Pipeline
1 active trial, through phase 1.
Phase 1 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Study of CMP-CPS-001 in Healthy Volunteers and Participants With Abnormal Heterozygous OTC GenotypeNCT06247670 · Healthy Volunteers, OTC DeficiencyPhase 1Dec 2027est.· not a catalyst | Phase 1 | Active, not recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 3.0 years of runway
Cash and investments of $86.4M at Q2 '26 against an average operating cash burn of $7.1M per quarter over the last four reported quarters runs out around June 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $83.9M since Q3 '24
Net financing inflows of $76.0M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $20.8M above cash burn
The Q2 '26 net loss of $33.5M includes non-cash charges, including $1.9M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 71% of operating expenses
$10.8M of R&D against $15.2M of total operating expenses in Q2 '26, with G&A at $4.3M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $1.8M in Q2 '26
The balance sheet carries $14.5M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Stockholders' deficit of $693K
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Accumulated deficit of $344M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $2.5M | −$9.7M | −$13.5M | $9.7M | $3.8M | $0 | $1.6M | −$386K |
| Q4 '24 · Dec 31, 24 | $64.0M | −$11.3M | −$13.3M | $10.0M | $4.7M | — | $797K | $73.1M |
| Q1 '25 · Mar 31, 25 | $49.3M | −$14.3M | −$12.4M | $10.1M | $3.8M | $858K | $861K | −$151K |
| Q2 '25 · Jun 30, 25 | $39.1M | −$10.3M | −$12.6M | $10.3M | $4.2M | $1.5M | $1.0M | $72K |
| Q3 '25 · Sep 30, 25 | $75.3M | −$11.2M | −$15.1M | $9.4M | $4.6M | $795K | $984K | $47.4M |
| Q4 '25 · Dec 31, 25 | $110M | $6.3M | −$40.3M | $8.4M | $4.8M | — | $1.2M | $28.6M |
| Q1 '26 · Mar 31, 26 | $99.2M | −$11.0M | −$18.3M | $10.2M | $4.2M | $1.3M | $1.5M | $57K |
| Q2 '26 · Jun 30, 26 | $86.4M | −$12.7M | −$33.5M | $10.8M | $4.3M | $1.8M | $1.9M | $4K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.