Total Revenue (License & Collaboration)

~+1% increase from $7.40 million in Q1 2024 to $7.47 million in Q1 2025

Stabilization of recurring revenue after the anomalous FY2023 spike driven by a one-time $216.4 million upfront payment from the Lilly Agreement and subsequent dramatic drop in FY2024. The Q1 2025 revenue is now normalized, reflecting sustainable collaboration activities. " " " "

Operating Expenses

~31% decrease compared to Q4 2023’s $183.33 million to $126.76 million in Q1 2025

Lower spending in both R&D and general administrative functions drove the cost reduction. Q1 2025 R&D expenses were $98.82 million and G&A costs were $27.94 million, likely reflecting streamlined external R&D spending, carefully prioritized lab supplies, and optimized operational costs following higher investments in prior periods. " "

Operating Loss

Remains high at $119.29 million in Q1 2025

Despite the reduced operating expenses, the operating loss remains substantial due to ongoing high-cost investments in clinical trials and development activities. This continued imbalance between relatively modest revenue and significant operating expenditures is consistent with prior periods’ trends. "

Net Loss

Net loss of $109.27 million, or -$1.24 per share in Q1 2025

The persistent net loss reflects the challenge of offsetting heavy, ongoing R&D and commercialization investments with low recurring revenue. Even with cost reductions compared to previous peaks, the net expense levels continue to pressure profitability, echoing patterns from prior FY2024 losses. "

Total Assets

Increase from $1,103.82 million at FY2024 end to $1,466.92 million in Q1 2025

Total assets rebounded significantly, driven by a strong increase in cash, cash equivalents, and marketable securities—from $850.74 million at December 31, 2024, to $1,219.95 million by March 31, 2025. This recovery suggests improved liquidity compared to the cash outflows experienced in FY2024. "

Liabilities

Decrease from $370.28 million at FY2024 end to $343.78 million in Q1 2025

Liabilities were reduced by approximately $26.50 million, reflecting continued efforts to deleverage. Reductions in deferred revenue, accrued expenses, and similar obligations have contributed to a leaner balance sheet compared to the previous fiscal year. "

Stockholders’ Equity

Increase from $733.5 million at FY2024 end to $1,123.14 million in Q1 2025

The significant boost in equity is attributable to the increase in total assets (notably cash and marketable securities) paired with a reduction in liabilities. Despite ongoing net losses, additional capital inflows and equity-raising activities have strengthened the balance sheet relative to prior periods. "