Total License & Collaboration Revenue

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

A marginal YoY increase is observed as current research activities under existing collaboration agreements (e.g., Pfizer, Apellis, and Orbital) slightly boosted revenue, while the previous period’s large revenue from the Lilly Agreement was not a recurring factor. " " "

Total Assets

+7.9% increase (from $1,359.80 million in Q1 2024 to $1,466.92 million in Q1 2025)

Total assets grew primarily due to a significant boost in cash and marketable securities, fueled by financing activities such as the public offering, which raised around $471 million; this contrasts with previous periods where such financing inflows were absent or lower. " "

Total Liabilities

23% decrease (from $446.31 million in Q1 2024 to $343.78 million in Q1 2025)

Total liabilities decreased sharply, driven by reductions in deferred revenue, accrued expenses, and contingent liabilities, reflecting prior period settlements and reduced operating obligations, which improved the company’s balance sheet. " "

Stockholders’ Equity

23% increase (from $913.49 million in Q1 2024 to $1,123.14 million in Q1 2025)

The equity increase was primarily due to the large influx of capital from the public offering, in addition to supportive impacts from stock-based compensation and option exercises, which more than offset the impact of ongoing net losses compared to the previous period. " "

Net Loss

$109.27 million in Q1 2025

The net loss remained significant as continued investments in R&D and operating expenses persist despite improved financing; while the loss level reflects the firm's pre-commercialization stage, it is contextualized by better liquidity from financing in contrast to past periods. " "

Cash Flow Dynamics

Change from –$150.31 million (Q1 2024) to +$244.41 million (Q1 2025)

Improved cash flow dynamics are primarily attributable to the massive financing inflow from the public offering, which transformed overall cash dynamics despite ongoing operating losses and investing outflows; this marks a favorable shift compared to the previous period’s negative net cash change. " "

Proceeds from Issuance of Common Shares

New inflow of $471.16 million in Q1 2025 (none in Q1 2024)

A major public offering in Q1 2025, involving the issuance of 16,151,686 common shares and pre-funded warrants, generated significant proceeds that bolstered cash reserves and overall equity, a stark contrast to the absence of such equity financing in the previous period. " "