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.
Commercial Transformation and Sales Process Overhaul
The commercial transformation aims to capitalize on large enterprise and IDN opportunities, with a focus on moving from early-stage to later-stage deals.
The company has retooled its sales team to target hospital CNOs and other key decision-makers, emphasizing change management and clinical benefits.
Progress includes a more disciplined approach to sales forecasting, pipeline management, and deal closure, setting the stage for sustained growth.
Expenses aligned with expectations as the company fully transitioned into commercialization mode.
Liquidia closed Q2 2025 with $173 million in cash and cash equivalents, supporting ongoing commercialization and pipeline investments.
Q2 revenue totaled $8.8 million, including $6.5 million from YUTREPIA product sales and $2.3 million from treprostinil injection promotion services with Sandoz.
R&D expenses are expected to increase in the second half of 2025 due to ongoing label studies and initiation of the pivotal L-606 study.
SG&A expenses, excluding noncash and variable treprostinil costs, are expected to remain flat in upcoming quarters.
Agios ended Q2 with approximately $1.3 billion in cash, cash equivalents, and marketable securities.
Cost of sales for the quarter was $1.7 million.
In Q2 2025, Agios reported net revenue of $12.5 million, a 45% increase compared to $8.6 million in Q2 2024 and a 44% increase compared to Q1 2025.
R&D expenses were $91.9 million, up $14.5 million from Q2 2024, primarily due to a $10 million milestone payment to Alnylam related to AG-236 development.
SG&A expenses were $45.9 million, an increase of $10.4 million year-over-year, driven by investments ahead of the potential PYRUKYND thalassemia launch.
The company expects modest full-year 2025 net revenue growth compared to 2024, with quarter-on-quarter variability due to ordering patterns and a sales force transition to thalassemia.
Strategic Review Concludes with Focus on Portfolio Optimization and Asset Divestitures
The company completed an extended strategic review in June, reaffirming its position as a leading independent short-stay surgical provider.
Management plans to selectively partner or sell facilities to reduce leverage, accelerate cash flow, and focus on core ASC service lines.
Potential divestitures include surgical hospitals and non-core assets, with a focus on markets that can expedite leverage reduction and cash flow growth.
The company is considering partnerships with health systems, including selling stakes in assets to accelerate strategic goals.
Dafinchi