BioCardia Inc. is advancing its cardiac cell therapy program toward regulatory submissions in both the United States and Japan, despite facing challenges with its primary endpoint in previous trials. The company reported positive safety data and meaningful clinical benefits from their CardiAMP therapy for heart failure patients during their Q1 2025 earnings call.
Regulatory Strategy and Timeline
The biotechnology company is pursuing a dual-track regulatory approach, engaging with both the FDA and Japan's Pharmaceuticals and Medical Devices Agency (PMDA) to establish clear pathways for approval. According to CEO Peter Altman, the process in Japan mirrors the FDA's Biologics License Application (BLA) acceptance, with Japan's PMDA maintaining rigorous standards.
"We expect clarity on approval submission within six months," Altman stated during the earnings call. "Japan's PMDA is rigorous, and approval would provide clarity for distribution partners and help us prepare for commercial launch."
The company's extensive clinical data and minimally invasive delivery method position it favorably compared to peers in the Japanese market, according to management.
Clinical Trial Progress and Strategy
Despite the Cardiac Heart Failure trial not hitting its primary endpoint, BioCardia is advancing with a confirmatory study. The Cardiac Heart Failure 2 trial is currently enrolling patients and aims to confirm previous results while enhancing enrollment capabilities.
The new trial incorporates several strategic improvements, including a focus on the greatest responders and the integration of BioCardia's new Morph DNA platform. Additionally, the study features a revised endpoint designed to enhance trial power and improve the likelihood of meeting primary objectives.
A significant advantage of the confirmatory trial is its reimbursement by Medicare, which reduces operational costs for the company. "We believe in our therapy and are continuously developing evidence," Altman explained. "The new trial focuses on the greatest responders and includes improvements like using our new Morph DNA platform."
Helix Delivery System Development
Parallel to the cell therapy program, BioCardia is preparing its Helix biotherapeutic delivery system for regulatory submission. If approved, this system would become the first approved transendocardial biotherapeutic delivery system in the United States, representing a significant milestone for the company and the broader cardiac therapeutics field.
The Helix platform is part of BioCardia's broader technology portfolio, which includes four main platforms: CardiAM, Cardiello, Helix, and Morph DNA.
Financial Position and Challenges
The company reported a net loss of $2.7 million in Q1 2025, compared to $2.3 million in Q1 2024. Total expenses increased by $396,000 quarter over quarter, primarily driven by research and development costs related to cardiac heart failure trials.
Cash and cash equivalents stood at $949,000 at the end of the quarter, necessitating additional financing to support ongoing operations. CFO David McClung noted that the company continues to manage capital carefully while advancing its clinical programs.
Partnership and Business Development
BioCardia maintains an active business development strategy across its technology platforms. The company has several ongoing discussions with large-cap strategic partners, particularly around its Morph Axis pro product family, which is already approved and in commercial use.
"We have several active discussions with large-cap strategics," Altman reported. "The cardiac electrophysiology market is growing rapidly, and our technology can help access this market."
For the Helix platform, the company is engaged in discussions with potential partners for biotherapeutic delivery applications. The Cardialo cell therapy program has demonstrated safety profiles that make it attractive for partnerships in other clinical indications beyond heart failure.
