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.
CABOMETYX net product revenues were $518 million with approximately $600,000 in clinical trial sales, significantly lower than $12 million in Q1 2025.
Cash and marketable securities totaled approximately $1.4 billion at quarter end.
Exelixis reported total revenues of approximately $568 million for Q2 2025, including cabozantinib franchise net product revenues of $520 million.
GAAP net income was approximately $184.8 million or $0.68 per share basic and $0.65 diluted; non-GAAP net income was $212.6 million or $0.78 basic and $0.75 diluted.
Gross to net deductions for cabozantinib were 30.2%, higher than Q1 2025, primarily due to increased 340B volume now over 24% of total volume.
The company repurchased approximately $302 million of shares in Q2 2025, retiring about 7.5 million shares at an average price of $40.10.
Total operating expenses were $355 million, down from $369 million in Q1 2025, driven by lower manufacturing, clinical trial, and general administrative costs.
Adjusted diluted net earnings per share were $1.80, up approximately 5% year-over-year.
Adjusted operating profit margin was 27.3%, flat year-over-year, driven by volume leverage, product mix, and cost management.
Biotechnology segment core revenue increased 6%, led by high single-digit growth in bioprocessing and a slight decline in discovery and medical.
Cepheid's non-respiratory molecular diagnostics grew double digits, driven by sexual health, virology, and hospital-acquired infections assays.
Diagnostics segment core revenue increased 2%, with strong growth outside China, especially in clinical diagnostics and molecular diagnostics non-respiratory revenue.
Free cash flow was $1.1 billion in the quarter and $2.2 billion in the first half, with a 143% free cash flow to net income conversion ratio year-to-date.
Life sciences segment core revenue declined 2.5%, impacted by weak academic and government demand and lower genomics consumables sales.
Second quarter sales were $5.9 billion with 1.5% core revenue growth year-over-year.
Dafinchi