Cash, cash equivalents, and restricted cash totaled $253.4 million as of June 30, 2025, with a cash runway extended into 2028.
General and administrative expenses decreased to $10.3 million in Q2 2025 from $12.3 million in Q2 2024, due to reduced share-based compensation and headcount.
Net loss for Q2 2025 was approximately $9.2 million or $0.34 per diluted share, improved from a net loss of $17.2 million or $0.64 per diluted share in Q2 2024.
Research and development expenses decreased to $29.6 million in Q2 2025 from $58.7 million in Q2 2024, reflecting lower manufacturing and clinical costs for COVID, flu, and OTC programs, partially offset by higher clinical costs for cystic fibrosis.
Revenue for Q2 2025 was $28 million, down $22 million year-over-year, primarily due to lower revenues from the CSL collaboration and amortization of upfront payments as CoStave progresses toward commercialization.
Total operating expenses for Q2 2025 were $40 million, down from $71 million in Q2 2024, driven by reduced manufacturing costs, clinical trial expenses, payroll, and employee benefits.
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.
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.
Adjusted operating expenses were slightly down from the prior quarter.
Cash balance was $963 million at the end of June, increasing to approximately $1 billion by end of July after follow-on offering proceeds and Gilead upfront payment.
Cash runway extended into the second half of 2028.
G&A expenses were $17.6 million, with $7.4 million non-cash stock-based compensation; adjusted cash G&A increased 6% sequentially.
Kymera reported Q2 2025 revenue of $11.5 million, all from the Sanofi collaboration.
R&D expenses were $78.4 million, including $8 million of non-cash stock-based compensation, reflecting a 3% decrease in adjusted cash R&D spend from Q1 2025.
Adjusted free cash flow was $2.5 billion for the year, $500 million above expectations.
Cardinal Health grew operating earnings by 19% in Q4 and 15% for fiscal year 2025, with EPS growth of 13% in Q4 and over 9% for the year.
Fiscal year 2025 revenue decreased 2% to $223 billion due to contract expiration but increased 18% excluding it; operating earnings grew 15% to $2.8 billion.
GMPD segment revenue grew 3% to $3.2 billion with a record Q4 segment profit of $70 million.
Gross profit grew 17% to $2.2 billion in Q4, with a 50 basis point improvement in rate due to favorable product, customer, and business mix.
Other growth businesses saw 37% revenue growth to $1.6 billion and 44% profit growth to $160 million in Q4.
Pharma segment revenue was flat at $55.4 billion in Q4 but increased 22% excluding contract expiration; segment profit grew 11% to $535 million.
SG&A increased 16% to $1.5 billion in Q4, primarily due to acquisitions; on an organic basis, SG&A grew 4%.
Total company revenue was flat at $60.2 billion in Q4, but adjusted for a customer contract expiration, revenue increased 21%.
Dafinchi