Dafinchi AI

VCYT

Healthcare

1w

Decipher Market Penetration and Growth Drivers

Veracyte delivered approximately 25,500 Decipher tests in Q2, on track to exceed 100,000 tests annually, marking a significant milestone.
Decipher volume grew 28% year-over-year, with 13 consecutive quarters of over 25% growth, driven by strong execution and expanding clinical utility.
The metastatic prostate cancer test launch in June has generated increased physician interest, especially in high-risk NCCN patients, contributing to halo effects and future growth potential.
The company expects Decipher to maintain double-digit growth driven by market share gains, incidence growth, and expanding clinical evidence, including ongoing prospective trials and guideline updates.

Adaptive Biotechnologies Corporation

ADPT

Healthcare

1w

MRD Business Achieves Profitability and Outperforms Expectations

MRD business delivered approximately $2 million in positive adjusted EBITDA, surpassing expectations.
MRD revenue grew 42% year-over-year to $49.9 million, driven by increased clinical volume.
Test volume increased 37% YoY to over 25,300 tests, with multiple myeloma being the largest contributor at 41%.
Blood-based testing now accounts for 44% of MRD tests, up 40% YoY.
The company integrated clonoSEQ into Flatiron's OncoEMR, expanding access in community settings.
Total sequencing gross margin improved by 14 percentage points to 64%.
Cash burn was approximately $11 million, a 36% improvement YoY, with a cash position of $222 million.
Full-year guidance was raised for MRD revenue to $190-$200 million, with expectations of continued volume growth.
The company expects positive adjusted EBITDA to continue into the second half of the year.

Guardant Health, Inc.

GH

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA loss improved by $10 million to a loss of $51.9 million in Q2 2025.
Biopharma business delivered record revenue of $56 million, up 28% year-over-year.
Cash, cash equivalents and restricted cash totaled approximately $735 million at quarter end.
Free cash flow burn reduced to $65.9 million from $99.1 million in the prior year period.
Guardant360 Liquid volume growth accelerated for the fourth consecutive quarter, exceeding 20% growth in Q2.
Guardant360 Tissue ASP reached approximately $2,000 in Q2, achieving the 2028 target three years early.
Non-GAAP gross profit increased 44% year-over-year to $153.8 million with a gross margin of 66%, up from 60% in Q2 2024.
Non-GAAP operating expenses increased 20% to $215.3 million, with sales and marketing expenses up 45% due to screening commercial build-out.
Oncology revenue increased 22% to $159 million with oncology volumes up 30% year-over-year to approximately 64,000 tests.
Q2 revenue grew 31% year-over-year to $232 million with strong performance across oncology, screening, biopharma and data businesses.
Shield testing revenue was $14.8 million in Q2 from approximately 16,000 tests with non-GAAP gross margin improving to 48%.

EXEL

Healthcare

3w

Strong U.S. Cabozantinib Franchise Growth and Net Launch Momentum

U.S. cabozantinib net product revenues increased 19% YoY to $520 million in Q2 2025.
Growth driven solely by commercial demand with negligible clinical trial sales and gross-to-net headwinds.
Rapid uptake in new indications, including neuroendocrine tumors (NET), contributing approximately 4% of total revenue.
Leading market share in second-line plus NET segment with about 35% new patient share in Q2 2025.
European approval for NET indication received by partner Ipsen, expanding royalty streams.
Continued evaluation of revenue guidance as momentum builds in net launch and additional revenue opportunities.

Neurocrine Biosciences, Inc.

NBIX

Healthcare

2w

Financial Performance Summary

CRENESSITY sales grew from $15 million in Q1 2025 to $53 million in Q2 2025, reflecting strong early adoption.
Gross to net was impacted by contracting and co-pay assistance programs, particularly for INGREZZA.
INGREZZA delivered $624 million in Q2 sales, with 15% sequential growth and 8% year-over-year growth.
INGREZZA saw record new patient starts and total prescriptions, with prescription market share gains in the first half of 2025.
Neurocrine Biosciences reported $682 million in net product sales during Q2 2025, representing 17% year-over-year growth.
Over 75% of CRENESSITY dispensed prescriptions were reimbursed in Q2 2025.
There was a $5 million inventory build in the quarter reflecting channel growth for CRENESSITY.

Incyte Corporation

INCY

Healthcare

2w

Strategic Focus on Myeloproliferative Neoplasms (MPNs) as Incyte's Primary Priority

Incyte's leadership emphasizes MPNs as the company's most important therapeutic area, with a potential to transform treatment standards.
The company aims to dominate the MPN space with targeted therapies like 989 and 617, aiming to set a new high watermark in treatment.
Progress with 989 shows promising safety and efficacy, with plans to initiate pivotal trials in ET by early 2026.
The strategic focus on MPNs is driven by the company's asymmetrical advantage and the potential to create a series of innovations in this space.

Neurocrine Biosciences, Inc.

NBIX

Healthcare

2w

Rapid and Early Adoption of CRENESSITY in CAH Patients

CRENESSITY launched in late December 2024 and has already generated $53 million in Q2 2025 sales, more than tripling Q1 sales.
Over 1,000 treatment forms received since launch, with 75% reimbursement rate.
Prescriptions written by diverse providers including multidisciplinary centers, pediatric and adult endocrinologists.
Most prescribers have initiated treatment for only 1-2 patients, indicating early-stage adoption.
Strong presence at ENDO conference with positive clinician feedback and data presentations.

NeoGenomics, Inc.

NEO

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA was $10.7 million, down 2% from prior year, impacted by Pathline acquisition ramp; excluding Pathline, adjusted EBITDA grew 13%.
Adjusted gross profit improved by $4.6 million or 6% over prior year.
Cash flow from operations was positive $20 million, up 44% year-over-year, with cash and marketable securities ending at $164 million.
Clinical revenue grew 16% year-over-year with organic clinical revenue up 13%, driven by a 10% increase in test volumes and a 3% increase in average unit price (AUP).
NeoGenomics reported Q2 2025 revenue of $181 million, representing 10% year-over-year growth but slightly below guidance.
NGS testing accounted for 32% of total clinical revenue and grew 23%, slightly below the 25% target but above market growth rates.
Nonclinical revenue declined 26% year-over-year due to weakness in pharma and biotech customer demand.
The company retired $201 million of convertible notes in Q2, significantly reducing debt.

Mersana Therapeutics, Inc.

MRSN

Healthcare

5d

Emi-Le Clinical Data Highlights and Tumor Response Rates

Mersana reported a 31% objective response rate (ORR) in evaluable patients with B7-H4 high tumor expression at ASCO 2025, with doses ranging from 38 to 67 mg/m².
In adenoid cystic carcinoma type 1 (ACC1), 4 confirmed responses and 1 unconfirmed response were observed among 9 evaluable patients, with a confirmed ORR of 56% after data cutoff.
The company emphasized Emi-Le's potential to address unmet needs in triple-negative breast cancer (TNBC) patients previously treated with topoisomerase 1 inhibitors, highlighting poor outcomes with current standard of care.
Data from the TNBC expansion cohort showed a 29% ORR in B7-H4 high patients, with median PFS of 16 weeks, suggesting promising efficacy beyond standard chemotherapy.
Mersana is progressing with dose expansion in TNBC, enrolling over 45 patients across two dosing regimens, with initial data expected in the second half of 2025.
The company believes the post-topo-1 TNBC opportunity is sizable, with Trodelvy expected to generate about $1 billion in 2025, and Emi-Le could serve as a subsequent line of therapy, especially as treatment landscapes evolve.

Karyopharm Therapeutics Inc.

KPTI

Healthcare

1w

Strategic Focus on Phase III Readouts and Clinical Progress

The company is actively progressing towards multiple pivotal Phase III trials, including in myelofibrosis and endometrial cancer, with top-line data expected in 2026.
There is a strong emphasis on the potential of selinexor in combination with ruxolitinib to redefine the standard of care for myelofibrosis, with an estimated peak revenue potential of up to $1 billion annually in the U.S.
Management highlighted the significance of recent enrollment milestones, such as closing new patient screening for the SENTRY trial in myelofibrosis, which is a key step in their clinical development strategy.
The company is leveraging its clinical data to support regulatory and commercial ambitions, emphasizing the potential for selinexor to address unmet needs in diseases with limited treatment options.

Relmada Therapeutics, Inc.

RLMD

Healthcare

1w

Progress and Milestones for NDV-01 in Bladder Cancer

Relmada reported impressive 6-month follow-up data for NDV-01, with a 91% response rate in high-grade non-muscle invasive bladder cancer (NMIBC).
The 6-month disease-free status was achieved by 90% of evaluable patients, indicating durable efficacy.
NDV-01 is a sustained-release formulation of gemcitabine and docetaxel, designed to improve safety, convenience, and efficacy over traditional therapies.
The company plans to initiate a Phase III trial in the first half of 2026, with preparations underway including FDA interactions and manufacturing scale-up.
The 6-month data showed no treatment-related adverse events greater than grade 3, supporting safety and tolerability.
The focus is on positioning NDV-01 as a potential first-in-class bladder-sparing therapy, especially for BCG-unresponsive patients.