Poseida Rises After Reporting Smaller-Than-Seen Loss, Partnership Progress

By Mark R. Long

Poseida Therapeutics rose after the biopharmaceutical company posted a smaller-than-expected loss in the second quarter and reported progress in its partnerships with Roche Holding and Astellas Pharma.

Shares of the San Diego company were up 13.6% at $3.42 in after-hours trading Monday. Poseida reported a second-quarter net loss of $31.4 million, or 32 cents. Analysts polled by FactSet had forecast a net loss of $40.7 million, and a per-share loss of 41 cents.

The developer of cell therapies and genetic medicines said it secured $45 million from milestone execution in its partnership with Roche in the first half of the year, with additional milestones expected in the second half. The companies aligned on the design of a Phase 1b trial of the P-BCMA-ALLO1 candidate for treating multiple myeloma.

Poseida also said it made progress in its collaboration with Astellas' Xyphos Biosciences unit, with the nomination of the first high-potential program target. In the second quarter Poseida got a $50 million upfront payment related to the initiation of this agreement.

Write to Mark R. Long at mark.long@wsj.com

(END) Dow Jones Newswires

August 05, 2024 18:43 ET (22:43 GMT)

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