Cytokinetics ended Q2 2025 with approximately $1.04 billion in cash, cash equivalents, and investments, slightly down from $1.09 billion in Q1 2025.
G&A expenses rose to $65.7 million from $50.8 million year-over-year, primarily due to commercial readiness investments and personnel costs.
Net loss narrowed to $134.4 million or $1.12 per share in Q2 2025 compared to $143.3 million or $1.31 per share in Q2 2024.
R&D expenses increased to $112.6 million in Q2 2025 from $79.6 million in Q2 2024, driven by clinical trial advancement and higher personnel and medical affairs costs.
The company exercised its option on the Tranche 4 loan from Royalty Pharma, receiving $75 million, with an option to draw $100 million on Tranche 5 before November 25, 2025.
Cash and equivalents totaled $580 million, with an additional $170 million in committed government funding, providing total available liquidity of around $750 million.
General and administrative expenses were approximately $19 million, down from $20 million, including ongoing intellectual property defense costs.
Net loss for the quarter was roughly $35 million, an improvement from a $37 million loss in Q2 2024.
Research and development expenses were about $39 million, slightly lower than the previous year by $2 million due to timing of program-specific expenses.
Revenue for Q2 2025 was approximately $17 million, up from $7 million in Q2 2024, driven by a $10 million lump sum licensing fee from the Trianni platform.
Sales and marketing expenses decreased slightly to $3 million compared to the prior year.
Adjusted EBITDA was $58 million, down 38% year-over-year and 9% sequentially, with an adjusted EBITDA margin of 8.9%, down 380 basis points year-over-year.
Gross margin was 29.8%, 80 basis points above the high end of guidance, but down 120 basis points year-over-year and up 110 basis points sequentially.
Net loss was $116 million, compared to net income of $16 million in the prior year period; GAAP diluted loss per share was $3.02, adjusted EPS was $0.30.
Nurse and Allied segment revenue was $382 million, down 14% year-over-year and 8% sequentially, with volume down 16% year-over-year.
Physician and Leadership Solutions segment revenue was $175 million, down 6% year-over-year and flat sequentially; locum tenens revenue was flat year-over-year and up 1% sequentially.
Recorded a $110 million goodwill impairment charge related to Physician and Leadership Solutions and an $18 million intangible asset impairment charge related to Nurse and Allied.
Second quarter 2025 consolidated revenue was $658 million, at the high end of guidance but down 11% year-over-year and 5% sequentially.
Technology and Workforce Solutions revenue was $102 million, down 9% year-over-year and flat sequentially; Language Services revenue was $76 million, up 1% year-over-year and sequentially.
Cash, cash equivalents, and investments totaled approximately $892 million at quarter-end, providing runway into mid-2027.
Net cash consumed in Q2 2025 was approximately $127.7 million, including $50.5 million in milestone payments related to ECLIPSE 1 first patient dosed; excluding milestones, net cash consumed was about $77.2 million.
Net loss for Q2 2025 was $111 million, improved from a net loss of $138.4 million in Q2 2024.
R&D expenses for Q2 2025 were $97.5 million, down from $105.1 million in Q2 2024, driven by restructuring cost savings partially offset by clinical and oncology program expenses.
SG&A expenses for Q2 2025 were $22.3 million, down from $30.3 million in Q2 2024, due to headcount reductions and restructuring.
Total operating expenses for Q2 2025 were $119.6 million, a $42.1 million decrease from Q2 2024, reflecting lower R&D, SG&A, and absence of prior restructuring charges.
Adjusted EBITDA was $61.4 million or 18.1% of revenue, up from $13 million or 4.3% in Q2 2024.
Cash, cash equivalents, and marketable securities totaled $424.6 million with no debt, increasing $45.7 million sequentially due to strong operating profitability.
Gross margin was 66%, in line with prior expectations, reflecting an accelerated RUBY XL inventory build; gross margin is expected to exceed 70% by end of 2026.
International revenue decreased 3.2% reported and 5.8% constant currency, primarily due to China, but excluding China, international thrombectomy revenue grew 14.4%.
Operating expenses were $183.2 million or 54% of revenue, with R&D expenses at $23.2 million (6.8% of revenue) and SG&A expenses at $160 million (47.2% of revenue).
Operating income was $40.8 million or 12% of revenue, compared to an operating loss of $1.6 million in Q2 2024, which included a $33.4 million Immersive Healthcare inventory write-off.
Penumbra generated total revenue of $339.5 million in Q2 2025, representing 13.4% year-over-year growth on a reported basis and 12.7% on a constant currency basis.
U.S. thrombectomy revenue increased 22.6% year-over-year to $188.5 million, led by 42% growth in the U.S. VTE franchise.
Dafinchi