Cash and marketable securities stood at approximately $433 million as of June 30, 2025, down from $503 million at the end of 2024.
Geron reported Q2 2025 net product revenue of $49 million, a 24% increase over Q1 driven by increased demand from new patient starts.
Gross to net deductions remained in the mid-teens percent range, consistent with prior guidance.
Research and development expenses decreased to $22 million in Q2 2025 from $31 million in Q2 2024, primarily due to lower clinical trial costs post FDA approval of RYTELO.
Selling, general and administrative expenses remained steady at $39 million compared to the prior year period.
G&A expenses rose to $40.6 million in Q2 2025 from $21.7 million in Q2 2024 due to increased personnel and commercial preparation activities.
Net loss for Q2 2025 was $247.8 million, up from $133.2 million in Q2 2024, mainly due to higher operating expenses.
R&D expenses increased to $224.1 million in Q2 2025 from $134.9 million in Q2 2024, driven by clinical trial and manufacturing costs, primarily for daraxonrasib.
Revolution Medicines ended Q2 2025 with $2.1 billion in cash and investments, including a $250 million royalty monetization tranche from Royalty Pharma.
The Royalty Pharma transaction was accounted for as a liability, with $900,000 noncash interest expense recognized in Q2 2025.
Updated 2025 GAAP net loss guidance is between $1.03 billion and $1.09 billion, reflecting increased expenses from global development and commercialization plans.
Cash flow from operations was $234 million, capital expenditures were $30 million, and free cash flow was $204 million.
Greater China revenue was $63 million, slightly ahead of expectations but down $12 million year-over-year due to export restrictions.
Illumina repurchased approximately 4.5 million shares for $380 million during Q2, with about $800 million authorization remaining.
In Q2 2025, Illumina reported revenue of approximately $1.06 billion, down about 3% year-over-year on both constant currency and reported basis.
Non-GAAP gross margin was 69.4%, up 200 basis points quarter-over-quarter and stable year-over-year, aided by favorable product mix and operating excellence initiatives.
Non-GAAP operating expenses were $484 million, down 6% year-over-year reflecting cost discipline and prioritization of growth investments.
Non-GAAP operating margin was 23.8%, up 160 basis points year-over-year, with non-GAAP EPS of $1.19, a 9% increase year-over-year and above guidance.
Sequencing consumables revenue was approximately flat year-over-year at $740 million and up about 6% sequentially.
Sequencing instruments revenue was $96 million, down approximately 18% year-over-year due to constrained budgets in research customers.
The recent equity raise and strong sales from ARIKAYCE have resulted in a cash position of approximately $1.9 billion, the strongest in company history.
Operational expenses increased due to launch preparations and pipeline investments, but cash burn is expected to decrease as revenue from brensocatib begins.
Insmed anticipates up to 10 key milestones in the next 12 months, with a focus on maximizing value through strategic capital deployment and pipeline execution.
Dafinchi