Avidity Biosciences(RNA) - 2025 Q1 - Quarterly Results

Financial Performance - Avidity reported a cash balance of approximately $1.4 billion as of March 31, 2025, supporting its late-stage clinical programs and commercial launch preparations[5]. - Collaboration revenues for Q1 2025 were$1.6 million, down from $3.5 million in Q1 2024, primarily due to the absence of revenue recognition from a prior year partnership[5]. - The net loss for Q1 2025 was$115.8 million, compared to a net loss of $68.9 million in Q1 2024, with a net loss per share of$0.90[13]. - Total operating expenses for Q1 2025 were $133.1 million, significantly higher than$80.7 million in Q1 2024[13]. Research and Development - Research and development expenses increased to $99.5 million in Q1 2025, compared to$66.8 million in Q1 2024, driven by advancements in del-desiran, del-brax, and del-zota[6]. - Avidity plans to submit its first Biologics License Application (BLA) for del-zota by the end of 2025, following positive topline data from the EXPLORE44 trial[2]. - The company is on track to share key regulatory updates for del-brax in Q2 2025, including a potential accelerated approval path in the U.S.[2]. - Enrollment for the ongoing Phase 3 HARBOR trial for del-desiran is expected to be completed by mid-2025, with marketing application submissions planned starting in 2026[3]. - Avidity completed enrollment for the FORTITUDE biomarker cohort for del-brax with 51 participants, ahead of original guidance[3]. Administrative Expenses - General and administrative expenses rose to $33.6 million in Q1 2025, up from$13.9 million in Q1 2024, mainly due to higher personnel costs[6].