Cash, cash equivalents, and marketable securities totaled approximately $630.5 million as of June 30, 2025, down from $861.7 million at the end of 2024.
Collaboration revenue increased to $14.2 million in Q2 2025 from $6.9 million in Q2 2024, driven mainly by cost reimbursements from Regeneron Pharmaceuticals.
G&A expenses declined by $4.6 million to $27.2 million, reflecting lower stock-based compensation but higher commercial infrastructure build-out costs.
R&D expenses decreased by $17.2 million year-over-year to $97 million, primarily due to lower employee-related expenses and stock-based compensation, partially offset by increased advancement of lead programs.
Stock-based compensation expenses were $14.1 million in R&D and $8 million in G&A for the quarter.
The company expects a year-over-year decline in GAAP operating expenses of approximately 10% for 2025 and maintains a cash runway into the first half of 2027.
Dafinchi