- Operating loss for Q2 2025 was $13.3 million, nearly half of the $23.8 million loss in Q2 2024.
- Product gross margin improved significantly to 72% in Q2 2025 from 45% in Q2 2024 due to sales shifts to more profitable products.
- Q2 2025 revenue was $15.3 million, up from $8 million in Q2 2024, driven by Pharma Biocatalysis customer manufacturing schedules and clinical trial progression.
- Research and development expenses increased to $13.8 million from $11.4 million, mainly due to higher headcount and reclassification of employees.
- Revenue variability expected to continue short term due to lumpiness in Pharma Biocatalysis orders but will be mitigated as ECO revenues grow.
- Selling, general and administrative expenses decreased to $12.39 million from $15.7 million, driven by lower stock-based compensation, legal expenses, and outside services.
- Strong cash position with $66.3 million in cash, cash equivalents, and investments, expected to fund operations through Q1 2027.
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Dafinchi