Cash, cash equivalents, and marketable securities totaled $214.2 million as of June 30, 2025, with an additional $50 million raised in a July registered direct offering.
Dividend and interest income declined to $2.3 million in Q2 2025 from $2.9 million in Q2 2024, reflecting lower interest rates and invested balances.
GAAP total operating expenses for Q2 2025 were $30.5 million, up from $26.8 million in Q2 2024; adjusted operating expenses were $23.8 million, slightly down from $24.4 million.
Gross profit for Q2 2025 was $351,000 with a gross margin of 59%, including a 13% benefit from low or no value inventory utilization.
Q2 2025 revenue was $591,000, primarily from Platinum instruments, consumable kits, and related services, below expectations due to capital sales headwinds.
The company expects runway into Q2 2028 based on current cash and capital raise.
Cash, cash equivalents, and restricted cash totaled $253.4 million as of June 30, 2025, with a cash runway extended into 2028.
General and administrative expenses decreased to $10.3 million in Q2 2025 from $12.3 million in Q2 2024, due to reduced share-based compensation and headcount.
Net loss for Q2 2025 was approximately $9.2 million or $0.34 per diluted share, improved from a net loss of $17.2 million or $0.64 per diluted share in Q2 2024.
Research and development expenses decreased to $29.6 million in Q2 2025 from $58.7 million in Q2 2024, reflecting lower manufacturing and clinical costs for COVID, flu, and OTC programs, partially offset by higher clinical costs for cystic fibrosis.
Revenue for Q2 2025 was $28 million, down $22 million year-over-year, primarily due to lower revenues from the CSL collaboration and amortization of upfront payments as CoStave progresses toward commercialization.
Total operating expenses for Q2 2025 were $40 million, down from $71 million in Q2 2024, driven by reduced manufacturing costs, clinical trial expenses, payroll, and employee benefits.
Adjusted EBITDA loss was approximately $3 million, slightly worse than the $2.9 million loss in Q1.
Cash and equivalents totaled approximately $777.5 million at quarter end, with expected year-end cash around $770 million after planned expenditures.
GAAP operating expenses rose to $54.1 million from $48.1 million in Q1, including a $9.9 million noncash impairment charge.
Non-GAAP gross margin was 44.2%, GAAP gross margin was 42.1%, both improved year-over-year and sequentially due to operational efficiencies and one-time adjustments.
Non-GAAP income was approximately $2.1 million or $0.07 per share on 30.7 million diluted shares.
Non-GAAP operating expenses increased to $43.9 million from $37.4 million in Q1, driven by R&D and sales/marketing investments.
Revenue in Q2 2025 was $81.8 million, up from $73.5 million in Q1 2025, with core business revenue at $81.7 million excluding COVID-19 testing.
The company repurchased 130,000 shares for $2.2 million in Q2, with $139.6 million remaining in the repurchase program.
Biogen delivered 7% revenue growth in Q2 2025 driven by strong commercial execution from four launch products generating $252 million and the U.S. MS business.
Contract manufacturing revenue increased due to accelerated batch releases ahead of planned Q4 plant maintenance.
Ex-U.S. MS business faced expected generic and biosimilar pressures, particularly for TECFIDERA in Europe.
Free cash flow was $134 million in Q2, with $745 million in cash tax payments concentrated in the quarter.
Issued $1.75 billion of new debt to redeem senior notes due in September, resulting in $15-20 million incremental interest expense in H2 2025.
Launch products grew 26% quarter-over-quarter and 91% year-over-year, offsetting MS portfolio declines.
LEQEMBI global end market sales were approximately $160 million, including a $35 million favorable shipment timing impact to China.
Non-GAAP core operating expenses decreased 2% year-over-year due to R&D prioritization and Fit for Growth initiatives.
Non-GAAP diluted EPS grew 4% in the quarter; excluding $0.26 impact from acquired IPR&D expenses, EPS would have been $5.73, up 9%.
Non-GAAP operating income included $47 million of acquired IPR&D charges related to City Therapeutics and felzartamab milestones.
SKYCLARYS revenue grew 5% globally compared to last quarter, with U.S. growth offsetting Medicare discount impacts.
SPINRAZA demand remained consistent globally, with expected inventory drawdown continuing into Q3.
U.S. MS franchise revenue was $657 million, supported by favorable inventory dynamics and gross to net adjustments.
ZURZUVAE revenue was $46 million, up 213% year-over-year and 68% quarter-over-quarter, with 50% profit sharing recognized.
Dafinchi