Capricor Therapeutics (NASDAQ: CAPR) is a clinical-stage biopharmaceutical company focused on developing cell-based therapies for rare diseases. Its primary revenue has come from government grants and research awards rather than product sales, as no product candidates had received regulatory approval as of the fiscal year ended December 31, 2025. The company's lead candidate, Deramiocel, is a cell therapy targeting Duchenne muscular dystrophy (DMD), including DMD-associated cardiomyopathy. Capricor has a history of net losses and has not yet achieved profitability. Funding sources have included grants such as a $3.4 million award from the California Institute for Regenerative Medicine (CIRM) tied to milestone achievement, along with equity issuances. The company holds an exclusive license from Cedars-Sinai Medical Center covering core technology. Operations to date have been concentrated on clinical development, including the completed Phase I/II HOPE-Duchenne trial and subsequent studies of Deramiocel.

Revenue model

Grant funding tied to milestone achievement (including a $3.4 million CIRM award) and equity issuances. No product revenue as of FY2025; no regulatory approvals obtained as of the 10-K filed March 17, 2026.

Products and services

Deramiocel: a cell therapy candidate for Duchenne muscular dystrophy, including DMD-associated cardiomyopathy. Evaluated in the Phase I/II HOPE-Duchenne trial (last patient infused September 2016; published in Neurology in 2019). No approved products as of filing date.

Customers and end markets

End market: patients with Duchenne muscular dystrophy. No commercial customers as of FY2025; product candidates remain in clinical development.

Value-chain role

Clinical-stage drug developer. Conducts preclinical studies, clinical trials, and manufacturing development. Licenses core technology from Cedars-Sinai Medical Center. Relies on third-party manufacturers and contract research organizations for clinical and manufacturing activities.

Geographic exposure

Principal operations in the United States. Clinical trials conducted at multiple centers. International regulatory and manufacturing activities referenced but not quantified in the excerpts.

Source: SEC 10-K, filed 2026-03-17

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