Revenue remains highly volatile and project-dependent, with the most recent quarter yielding only $1.3M in top-line results against a structural R&D cost base of $9.6M.
| Metric | TTM | Dec'25 | Dec'24 | Nov'23 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Mar'08 | Mar'07 | Feb'06 | Feb'05 | Feb'04 | Mar'03 | Feb'02 | Mar'01 | Feb'00 | Feb'99 | Feb'98 | Mar'97 |
|---|
| Sales/Revenue | 3.93M | 3.5M | 652K | 350K | 0 | 295.84M | 308.59M | 366.11M | 363.8M | 365.91M | 351.1M | 280.72M | 250.61M | 235.9M | 180.58M | 138.73M | 114.33M | 112.11M | 98.37M | 140.91M | 222.34M | 217.49M | 220.03M | 128.62M | 100.04M | 100.72M | 124.98M | 85.63M | 37.1M | 46.9M | 49.3M |
| Revenue Growth % | 160.53% | 436.5% | 86.29% | - | -100% | -4.13% | -15.71% | 0.63% | -0.58% | 4.22% | 25.07% | 12.02% | 6.23% | 30.64% | 30.17% | 21.34% | 1.98% | 13.97% | -30.19% | -36.63% | 2.23% | -1.15% | 71.07% | 28.56% | -0.67% | -19.41% | 45.96% | 130.8% | -20.9% | -4.87% | -19.97% |
| Cost of Goods Sold | 936K | 1.64M | 0 | 0 | 0 | 173.95M | 186.18M | 222.8M | 216.04M | 215.02M | 207.75M | 177.76M | 163.2M | 155.97M | 123.69M | 96.71M | 84.78M | 89.72M | 60.24M | 122.41M | 172.94M | 164.75M | 178.65M | 110.95M | 79.51M | 77.83M | 94.22M | 59.21M | 23.6M | 32.9M | 32.8M |
| COGS % of Revenue | - | 46.86% | - | - | - | 58.8% | 60.33% | 60.86% | 59.38% | 58.76% | 59.17% | 63.32% | 65.12% | 66.12% | 68.49% | 69.71% | 74.15% | 80.03% | 61.24% | 86.87% | 77.78% | 75.75% | 81.19% | 86.26% | 79.48% | 77.28% | 75.39% | 69.14% | 63.61% | 70.15% | 66.53% |
| Gross Profit | 3M | 1.86M | 652K | 350K | 0 | 121.89M | 122.41M | 143.3M | 147.76M | 150.89M | 143.35M | 102.96M | 87.4M | 79.93M | 56.89M | 42.02M | 29.56M | 22.39M | 38.13M | 18.5M | 49.4M | 52.75M | 41.38M | 17.67M | 20.53M | 22.88M | 30.75M | 26.42M | 13.5M | 14M | 16.5M |
| Gross Margin % | 76.21% | 53.14% | 100% | 100% | - | 41.2% | 39.67% | 39.14% | 40.62% | 41.24% | 40.83% | 36.68% | 34.88% | 33.88% | 31.51% | 30.29% | 25.85% | 19.97% | 38.76% | 13.13% | 22.22% | 24.25% | 18.81% | 13.74% | 20.52% | 22.72% | 24.61% | 30.86% | 36.39% | 29.85% | 33.47% |
| Gross Profit Growth % | - | 185.12% | 86.29% | - | -100% | -0.42% | -14.58% | -3.02% | -2.07% | 5.26% | 39.23% | 17.8% | 9.35% | 40.49% | 35.4% | 42.16% | 32.01% | -41.27% | 106.14% | -62.56% | -6.34% | 27.47% | 134.22% | -13.96% | -10.26% | -25.6% | 16.4% | 95.71% | -3.57% | -15.15% | -30.38% |
| Operating Expenses | 55.03M | 53.92M | 53.74M | 52.23M | 45M | 134.76M | 125.87M | 159.96M | 120.05M | 142.94M | 142.01M | 74.87M | 62.46M | 61.59M | 40.91M | 34.65M | 31.62M | 32.38M | 38.37M | 119M | 71.53M | 28.54M | 27.86M | 11.68M | 12.32M | 17.62M | 17.63M | 18.6M | 16.1M | 17.8M | 15.8M |
| OpEx % of Revenue | - | 1541.45% | 8242.33% | 14922.57% | - | 45.55% | 40.79% | 43.69% | 33% | 39.06% | 40.45% | 26.67% | 24.93% | 26.11% | 22.66% | 24.98% | 27.65% | 28.88% | 39.01% | 84.45% | 32.17% | 13.12% | 12.66% | 9.08% | 12.32% | 17.5% | 14.11% | 21.72% | 43.4% | 37.95% | 32.05% |
| Selling, General & Admin | 17.75M | 17.36M | 14.92M | 11.61M | 10.23M | 100.9M | 95.28M | 118.2M | 80.96M | 102.19M | 104.94M | 48.45M | 36.02M | 34.25M | 24.88M | 22.04M | 19.36M | 20.07M | 21.05M | 25.6M | 22.53M | 17.66M | 17.9M | 6.32M | 6.34M | 10.04M | 10.65M | 10.39M | 8.3M | 10M | 8M |
| SG&A % of Revenue | - | 496.2% | 2288.8% | 3318% | - | 34.11% | 30.88% | 32.29% | 22.25% | 27.93% | 29.89% | 17.26% | 14.37% | 14.52% | 13.78% | 15.89% | 16.93% | 17.9% | 21.39% | 18.17% | 10.13% | 8.12% | 8.13% | 4.91% | 6.34% | 9.97% | 8.52% | 12.14% | 22.37% | 21.32% | 16.23% |
| Research & Development | 37.7M | 38.2M | 38.82M | 40.62M | 34.77M | 28.44M | 25.81M | 29.44M | 27.66M | 25.76M | 22M | 19.8M | 19.85M | 21.05M | 14.29M | 11.33M | 11.13M | 10.94M | 12.9M | 15.71M | 15.02M | 9.11M | 8.32M | 5.36M | 5.98M | 7.58M | 6.98M | 5.21M | 4.8M | 4.5M | 5.8M |
| R&D % of Revenue | - | 1092.11% | 5953.53% | 11604.57% | - | 9.61% | 8.36% | 8.04% | 7.6% | 7.04% | 6.27% | 7.05% | 7.92% | 8.92% | 7.91% | 8.17% | 9.73% | 9.76% | 13.11% | 11.15% | 6.75% | 4.19% | 3.78% | 4.17% | 5.98% | 7.53% | 5.58% | 6.09% | 12.94% | 9.59% | 11.76% |
| Other Operating Expenses | -416K | -1.64M | 0 | 0 | 0 | 5.42M | 4.78M | 12.32M | -672K | 445K | -101K | -20K | -68K | -67K | -45K | 1.28M | 1.13M | 1.37M | 4.43M | 77.69M | 33.98M | 1.77M | 1.64M | 0 | 0 | 0 | 0 | 2.99M | 3M | 3.3M | 2M |
| Operating Income | -52.03M | -52.06M | -53.09M | -51.88M | -45M | -15.31M | -3.87M | -16.77M | 19.7M | 7.96M | 1.34M | 28.09M | 24.94M | 18.34M | 15.98M | 7.37M | -2.06M | -9.98M | -44.98M | -100.82M | -28.98M | 23.89M | 13.05M | 5.98M | 8.21M | 5.26M | 8.88M | 7.82M | -2.6M | -3.8M | 700K |
| Operating Margin % | -1322.62% | -1488.31% | -8142.33% | -14822.57% | - | -5.18% | -1.25% | -4.58% | 5.41% | 2.17% | 0.38% | 10% | 9.95% | 7.78% | 8.85% | 5.31% | -1.8% | -8.91% | -45.73% | -71.55% | -13.03% | 10.99% | 5.93% | 4.65% | 8.21% | 5.22% | 7.1% | 9.13% | -7.01% | -8.1% | 1.42% |
| Operating Income Growth % | - | 1.93% | -2.33% | -15.28% | -193.87% | -295.79% | 76.93% | -185.15% | 147.58% | 493.21% | -95.23% | 12.61% | 35.96% | 14.79% | 116.83% | 457.77% | 79.37% | 77.8% | 55.38% | -247.88% | -221.29% | 83.12% | 118.08% | -27.13% | 56.11% | -40.74% | 13.48% | 400.81% | 31.58% | -642.86% | -90.67% |
| EBITDA | -50.29M | -50.42M | -51.39M | -50.2M | -44.12M | 7.49M | 18.13M | 15.22M | 39.71M | 30.91M | 24.81M | 38.29M | 34.33M | 26.45M | 18.74M | 9.82M | 1.02M | -7.46M | -38.44M | -91.14M | -22.06M | 28.27M | 17.39M | 9.38M | 11.88M | 9.58M | 13.13M | 10.81M | 400K | -500K | 2.7M |
| EBITDA Margin % | -1278.44% | -1441.45% | -7882.21% | -14343.14% | - | 2.53% | 5.88% | 4.16% | 10.92% | 8.45% | 7.07% | 13.64% | 13.7% | 11.21% | 10.38% | 7.08% | 0.89% | -6.66% | -39.07% | -64.68% | -9.92% | 13% | 7.9% | 7.3% | 11.87% | 9.51% | 10.5% | 12.63% | 1.08% | -1.07% | 5.48% |
| EBITDA Growth % | 2.59% | 1.89% | -2.37% | -13.78% | -689.01% | -58.69% | 19.16% | -61.68% | 28.46% | 24.59% | -35.21% | 11.56% | 29.79% | 41.1% | 90.93% | 863.4% | 113.65% | 80.58% | 57.83% | -313.11% | -178.05% | 62.55% | 85.31% | -21.01% | 24.05% | -27.04% | 21.4% | 2602.75% | 180% | -118.52% | -73.53% |
| D&A (Non-Cash Add-back) | 1.74M | 1.64M | 1.7M | 1.68M | 878K | 22.8M | 22M | 31.99M | 20.02M | 22.96M | 23.47M | 10.21M | 9.39M | 8.11M | 2.76M | 2.45M | 3.08M | 2.52M | 6.55M | 9.68M | 6.92M | 4.37M | 4.34M | 3.4M | 3.67M | 4.32M | 4.25M | 2.99M | 3M | 3.3M | 2M |
| EBIT | -53.97M | -52.06M | -53.09M | -51.88M | -45M | -15.31M | -3.87M | -16.77M | 0 | 0 | 0 | 28.09M | 24.94M | 18.34M | 15.98M | 7.37M | -2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Interest Income | 2.5M | 2.17M | 1.33M | 2.81M | -6.26M | -15.32M | -15.49M | -20.1M | -16.73M | -10.28M | -9.9M | -7.59M | -72K | -365K | -487K | -1.26M | -1.45M | -940K | -911K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.5M | 2.17M | 1.33M | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 6.26M | 15.32M | 15.49M | 20.1M | 16.73M | 10.28M | 9.9M | 7.59M | 72K | 365K | 487K | 1.26M | 1.45M | 940K | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -34.27M | -28.34M | 1.3M | 2.59M | 809K | -14.75M | -16.73M | -41.55M | 12.87M | 31.03M | 1.59M | 1.85M | -140K | -67K | -45K | -830K | 50K | -2.24M | -44.74M | -72.16M | -35.66M | -331K | -591K | -243K | -215K | -1.08M | -386K | -9.5M | 200K | 200K | 500K |
| Pretax Income | -86.3M | -80.4M | -51.79M | -49.29M | -44.19M | -30.06M | -20.6M | -58.32M | 23.86M | 28.71M | -6.96M | 22.34M | 24.8M | 17.91M | 15.45M | 5.28M | -3.46M | -12.22M | -45.9M | -103.29M | -28.41M | 24.43M | 12.93M | 5.74M | 8M | 4.18M | 8.1M | -2.18M | -2.2M | -4.2M | 1M |
| Pretax Margin % | -2193.72% | -2298.54% | -7943.4% | -14083.14% | - | -10.16% | -6.67% | -15.93% | 6.56% | 7.85% | -1.98% | 7.96% | 9.9% | 7.59% | 8.55% | 3.81% | -3.02% | -10.9% | -46.66% | -73.3% | -12.78% | 11.23% | 5.88% | 4.46% | 7.99% | 4.15% | 6.48% | -2.54% | -5.93% | -8.96% | 2.03% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 1.09M | 561K | 20.45M | -1.33M | 10.68M | -1.1M | 4.57M | 8.29M | 6.11M | -29.18M | 61K | -172K | -1.37M | 3.77M | -20.94M | 2.78M | 9.87M | 4.85M | 26K | 2.83M | 1.31M | 2.89M | -784K | -800K | -1.5M | 400K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -3.62% | -2.72% | -35.07% | -5.58% | 37.2% | 15.76% | 20.46% | 33.44% | 34.1% | -188.88% | 1.16% | 4.98% | 11.24% | -8.21% | 20.27% | -9.79% | 40.39% | 37.53% | 0.45% | 35.46% | 31.26% | 35.68% | 36.01% | 36.36% | 35.71% | 40% |
| Net Income | -86.3M | -80.4M | -51.79M | -49.29M | -44.19M | -31.15M | -21.16M | -78.77M | 18.4M | 16.62M | -7.15M | 16.94M | 16.51M | 11.8M | 44.63M | 5.22M | -3.28M | -10.85M | -49.66M | -84.15M | -31.19M | 14.56M | 8.08M | 5.71M | 5.16M | 4.46M | 5.21M | -1.39M | -1.4M | -2.7M | 600K |
| Net Margin % | -2193.72% | -2298.54% | -7943.4% | -14083.14% | - | -10.53% | -6.86% | -21.52% | 5.06% | 4.54% | -2.04% | 6.03% | 6.59% | 5% | 24.71% | 3.76% | -2.87% | -9.68% | -50.49% | -59.72% | -14.03% | 6.7% | 3.67% | 4.44% | 5.16% | 4.43% | 4.17% | -1.63% | -3.77% | -5.76% | 1.22% |
| Net Income Growth % | -66.69% | -55.25% | -5.07% | -11.54% | -41.88% | -47.22% | 73.14% | -528.17% | 10.72% | 332.37% | -142.21% | 2.62% | 39.86% | -73.55% | 755.23% | 258.94% | 69.74% | 78.15% | 40.98% | -169.81% | -314.17% | 80.31% | 41.34% | 10.74% | 15.59% | -14.3% | 473.94% | 0.5% | 48.15% | -550% | -88% |
| Net Income (Continuing) | -86.3M | -80.4M | -51.79M | -49.29M | -44.19M | -31.15M | -21.16M | -78.77M | - | - | - | - | 16.51M | 11.8M | 44.63M | 5.22M | -3.28M | -10.85M | -49.66M | - | -31.19M | 14.56M | 8.08M | 5.71M | 5.16M | - | 5.21M | -1.39M | -1.4M | -2.7M | 600K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 656K | 342K | 100K | 300K | 0 |
| EPS (Diluted) | -1.49 | -2.65 | -2.66 | -4.07 | -0.90 | -0.88 | -0.62 | -2.34 | 0.52 | 0.46 | -0.20 | 0.46 | 0.45 | 0.33 | 1.49 | 0.18 | -0.12 | -0.43 | -2.01 | -3.52 | -1.34 | 0.62 | 0.36 | 0.37 | 0.35 | 0.32 | 0.37 | -0.12 | -0.12 | -0.23 | 0.05 |
| EPS Growth % | 19.22% | 0.38% | 34.64% | -352.22% | -2.27% | -41.94% | 73.5% | -550% | 13.04% | 330% | -143.48% | 2.22% | 36.36% | -77.85% | 727.78% | 250% | 72.09% | 78.61% | 42.9% | -162.69% | -316.13% | 72.22% | -2.7% | 5.71% | 9.38% | -13.51% | 408.33% | 0% | 47.83% | -560% | -87.8% |
| EPS (Basic) | - | -2.65 | -2.66 | -4.07 | -0.90 | -0.88 | -0.62 | -2.35 | 0.53 | 0.47 | -0.20 | 0.46 | 0.46 | 0.34 | 1.54 | 0.19 | -0.12 | -0.43 | -2.01 | -3.52 | -1.34 | 0.64 | 0.38 | 0.39 | 0.35 | 0.33 | 0.39 | -0.12 | -0.12 | -0.23 | 0.05 |
| Diluted Shares Outstanding | 57.92M | 30.38M | 19.51M | 12.12M | 36.13M | 35.25M | 34.39M | 33.67M | 35.29M | 36.14M | 35.92M | 36.95M | 36.53M | 36.02M | 29.98M | 28.46M | 27.18M | 25.31M | 24.77M | 23.88M | 23.35M | 23.41M | 22.43M | 15.39M | 14.87M | 13.98M | 14.22M | 12.06M | 11.78M | 11.74M | 12M |
| Basic Shares Outstanding | 57.92M | 30.38M | 19.51M | 12.12M | 36.1M | 35.25M | 34.12M | 33.48M | 34.59M | 35.25M | 35.92M | 36.45M | 35.78M | 34.97M | 28.89M | 27.66M | 27.18M | 25.31M | 24.77M | 23.88M | 23.35M | 22.61M | 21.25M | 14.79M | 14.64M | 13.73M | 13.51M | 12.06M | 11.78M | 11.74M | 12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, CAMP's revenue remains highly volatile and project-dependent, with the most recent quarter showing $1.3M in top-line results, which underscores the absence of a recurring commercial model and highlights the firm's reliance on sporadic milestone payments from early-stage research collaborations.
The revenue trajectory is characterized by significant quarter-over-quarter fluctuations, reflecting the non-recurring nature of biotech partnership agreements. Investors should interpret these figures as indicators of platform validation rather than a reliable indicator of future commercial scale.
Based on reported figures, CAMP maintains a rigid cost structure dominated by R&D expenditures, which consistently hover near $9M to $10M per quarter, effectively consuming all gross profit and necessitating a heavy reliance on external capital to sustain ongoing clinical development programs.
The company's expense discipline is secondary to the imperative of advancing its regRNA platform, resulting in operating losses that have remained stubbornly consistent. This cost profile suggests that the firm is prioritizing pipeline progression over near-term operational efficiency, a common but high-risk strategy in the clinical-stage biotech sector.
According to recent SEC filings, the company's net income is consistently negative, with quarterly losses frequently exceeding $12M, while stock-based compensation expenses, such as the $1.2M recorded in 2025Q4, suggest that equity-linked incentives are a primary mechanism for retaining specialized talent in a cash-constrained environment.
The quality of earnings is severely impacted by the lack of commercial revenue and the necessity of non-cash compensation to preserve liquidity. Analysts should monitor the relationship between SBC and cash burn, as excessive reliance on equity incentives may lead to significant dilution for existing shareholders.
While the regRNA platform offers a unique therapeutic approach, the company's extreme operating margin of -1488% warrants further investigation, as the current burn rate may lead to significant shareholder dilution before the lead clinical assets can demonstrate meaningful efficacy in human trials.
Short-term observers may focus on the potential for platform-wide failure, where a negative clinical readout could render the entire research pipeline obsolete. The high cash burn relative to the current revenue base suggests that the company is essentially a binary bet on the success of its lead programs.
Quick answers to the most common questions about buying CAMP stock.
For fiscal year 2025, CAMP4 Therapeutics Corporation (CAMP) reported total revenue of $3.5M. This represents a 92.9% decline compared to $49.3M in 1996.
CAMP4 Therapeutics Corporation (CAMP) reported a net loss of $80.4M for the fiscal year ending 2025.
CAMP4 Therapeutics Corporation (CAMP) reported an operating income of $-52.1M, resulting in an operating profit margin of -1488.3%. This margin reflects the operational efficiency of the business before interest and taxes.
CAMP4 Therapeutics Corporation (CAMP) generated $1.9M in gross profit for the year, representing a gross profit margin of 53.1%. This demonstrates the company's core pricing power and production efficiency.