CAPRICOR THERAPEUTICS Business Summary

Capricor Therapeutics, Inc. (CAPR) is a clinical-stage biotechnology company that generates revenue through a hybrid model of strategic licensing, milestone-based collaborations, and capital market transactions. The company’s primary business segments are its allogeneic cell therapy program, led by deramiocel (CAP-1002), and its proprietary StealthX™ exosome platform, which is being leveraged for vaccines and targeted drug delivery. As of February 2026, Capricor is transitioning toward commercialization following positive Phase 3 HOPE-3 trial results for deramiocel in Duchenne muscular dystrophy (DMD) cardiomyopathy. The company maintains a lucrative U.S. and Japanese distribution partnership with Nippon Shinyaku, providing access to up to $605 million in potential milestones and significant revenue sharing. Capricor competes with Sarepta Therapeutics, REGENXBIO, Avidity Biosciences, and Dyne Therapeutics; however, it occupies a unique market niche as a first-in-class treatment for the cardiac complications of DMD, making its therapy complementary rather than directly competitive with existing dystrophin-restoration gene therapies. Capricor was founded in 2005 based on the pioneering cardiac research of Eduardo Marbán, M.D., Ph.D., a world-renowned cardiologist and Director of the Smidt Heart Institute at Cedars-Sinai. The leadership team is headed by Co-founder, President, and CEO Linda Marbán, Ph.D., who has led the company since 2010 and possesses over two decades of experience in product development and biotech operations. Key executives include Chief Financial Officer Anthony (AJ) Bergmann, who has managed the company’s capital strategy since 2011, and Chief Operating and Science Officer Kristi A. H. Elliott, Ph.D., who oversees the clinical pipeline and CMC operations. The board is chaired by Frank Litvack, M.D., a prominent cardiologist and medical technology entrepreneur. Notable institutional backing includes Nippon Shinyaku (the company's largest shareholder), Farallon Capital Management, and RA Capital Management, reflecting strong investor confidence in the company’s late-stage regulatory path.