- Cash and equivalents stood at $462 million as of June 30, 2025.
- Drug discovery revenue increased 19% year-over-year to $14.2 million, reflecting recognition of a $150 million upfront payment from the Novartis collaboration.
- Net loss narrowed to $43 million ($0.59 per share) from $54 million ($0.74 per share) in Q2 2024.
- R&D expenses decreased over 15% to $43.1 million, driven by expense shifts and cost reduction initiatives.
- Sales and marketing expenses increased 11% to $10.7 million, while G&A expenses rose 7% to $25.2 million.
- Software gross margin declined to 68% from 80% in Q2 2024 due to revenue mix changes and investments in the predictive toxicology initiative.
- Software revenue grew 15% year-over-year to $40.5 million, driven by hosted contracts and Gates Foundation grant contributions.
- Total operating expenses decreased 6% to $79 million compared to Q2 2024.
- Total revenue for Q2 2025 was $54.8 million, a 16% increase year-over-year.
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