Total Revenue

Increased from $0.083 million in Q1 2024 to $211.246 million in Q1 2025

Total Revenue surged by over 2,500x, driven almost entirely by the Takeda Agreement, which generated $195.355 million in license revenue. This dramatic shift builds on previous periods where such a revenue stream was not present, marking a major business development. " "

Net Loss

Widened significantly from $43,114 thousand in Q1 2024 to $148,451 thousand in Q1 2025

Despite the revenue jump, operating expenses and cost allocations associated with the Takeda Agreement increased substantially, leading to a much larger loss. The worsening loss reflects the higher operating costs expected with the new revenue recognition model compared to previous periods. " "

Total Assets

Increased from $615,886 thousand at the end of Q4 2024 to $784,561 thousand in Q1 2025

Total Assets grew notably, mainly due to higher cash, cash equivalents and a significant increase in accounts receivable stemming from the Takeda Agreement. This reflects the impact of the newly recognized revenue and related billing on the balance sheet as compared to the prior period. " "

Stockholders’ Equity

Rose from $571,553 thousand at Q4 2024 to $728,871 thousand in Q1 2025

The improvement in equity is primarily attributed to the strong revenue performance and the corresponding positive cash flows, which helped offset previous losses. The increase builds on prior year equity figures as the balance sheet benefits from operational performance under the Takeda Agreement. " "

Accounts Receivable

Increased from $2,742 thousand at Q4 2024 to $17,291 thousand in Q1 2025

Accounts Receivable surged sharply, reflecting the billing of performance obligations under the Takeda Agreement. The marked increase from prior periods indicates that a significant amount of revenue is now being recognized on account, consistent with the new terms of the agreement. " "

Cash, Cash Equivalents and Restricted Cash

Increased by approximately 28% from $561,380 thousand at Q4 2024 to $721,990 thousand in Q1 2025

The liquidity boost, with cash rising nearly 28%, is predominantly due to strong cash flows from operating activities driven by the Takeda Agreement. This improvement in the cash position contrasts with previous periods where cash growth was more modest, underscoring the operational and financing impacts of the license agreement. " "