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.
Adjusted operating expenses were slightly down from the prior quarter.
Cash balance was $963 million at the end of June, increasing to approximately $1 billion by end of July after follow-on offering proceeds and Gilead upfront payment.
Cash runway extended into the second half of 2028.
G&A expenses were $17.6 million, with $7.4 million non-cash stock-based compensation; adjusted cash G&A increased 6% sequentially.
Kymera reported Q2 2025 revenue of $11.5 million, all from the Sanofi collaboration.
R&D expenses were $78.4 million, including $8 million of non-cash stock-based compensation, reflecting a 3% decrease in adjusted cash R&D spend from Q1 2025.