Cash used in operations for Q2 2025 was $6.4 million, a significant decrease from $13.3 million in Q2 2024.
General and administrative expenses decreased slightly to $7.4 million from $8.1 million year-over-year.
Net loss for Q2 2025 was $9.9 million or $0.30 per share, improved from a net loss of $17.8 million or $0.59 per share in Q2 2024.
R&D expenses decreased to $2.8 million in Q2 2025 from $10.7 million in Q2 2024, primarily due to winding down REL-1017 trials, partially offset by ramp-up costs for NDV-01 and sepranolone.
Relmada reported a cash balance of $20.6 million as of June 30, 2025, down from $44.9 million at the end of 2024.
Adjusted EBITDA grew 9% year-over-year to $105.1 million, while GAAP net income was $12 million compared to $19.6 million in the prior year period.
Collegium Pharmaceuticals reported record quarterly revenue of $188 million, a 29% increase year-over-year, driven by strong performance across its portfolio including Jornay PM and the pain portfolio.
GAAP operating expenses increased 69% year-over-year, and non-GAAP adjusted operating expenses increased 104%, reflecting investments in Jornay commercialization.
Jornay PM generated record quarterly revenues of $32.6 million with prescriptions growing 23% year-over-year.
Operating cash flow was strong at $72.4 million, with $222 million in cash and equivalents at quarter-end.
The pain portfolio achieved record quarterly revenue of $155.4 million, up 7% year-over-year, with all three core pain medicines showing growth.
Adjusted EBITDA was $15.4 million, nearly doubling from $7.8 million in Q2 2024, and adjusted loss per share improved to $0.02 from $0.17.
AtriCure reported total revenue of $136.1 million in Q2 2025, a 17.1% year-over-year increase on a reported basis and 16.5% on a constant currency basis.
Cash and investments ended at $117.8 million, with $17.9 million generated in cash during the quarter including the milestone payment.
Gross margin was 74.5%, a 15 basis point decrease from Q2 2024, primarily due to less favorable geographic and product mix internationally.
International revenue grew 23.3% reported and 19.9% constant currency to $25.6 million, driven broadly across franchises and major markets.
Operating expenses increased 14.5% to $107.7 million, including a $5 million milestone payment under the PFA co-development agreement.
U.S. revenue was $110.6 million, up 15.7% from Q2 2024, with open ablation sales up 18.6%, appendage management up 18.9%, and Pain Management up 41.1%.
Dafinchi