Avidity Biosciences(RNA) - 2024 Q4 - Annual Results

Financial Performance - Avidity reported approximately $1.5 billion in cash, cash equivalents, and marketable securities as of December 31, 2024[13]. - Collaboration revenue for Q4 2024 reached $2,973 million, up 35.5% from $2,193 million in Q4 2023[18]. - Total operating expenses increased to $123,963 million in Q4 2024, compared to $68,936 million in Q4 2023, representing an increase of 80%[18]. - Net loss for Q4 2024 was $102,257 million, compared to a net loss of $60,443 million in Q4 2023, indicating a 69.5% increase in losses[18]. - Cash, cash equivalents, and marketable securities rose significantly to $1,501,497 million in 2024 from $595,351 million in 2023, showing a growth of 152.5%[18]. - Total assets increased to $1,563,895 million in 2024, up from $628,555 million in 2023, marking a growth of 149.5%[18]. - Stockholders' equity surged to $1,424,959 million in 2024, compared to $500,764 million in 2023, reflecting a 184.5% increase[18]. - The net loss per share for Q4 2024 was $0.80, slightly up from $0.79 in Q4 2023[18]. - Total current liabilities increased to $98,018 million in 2024 from $80,680 million in 2023, an increase of 21.4%[18]. Research and Development - Research and Development (R&D) expenses increased to $95.6 million for Q4 2024, up from $52.8 million in Q4 2023, and totaled $303.6 million for the year ended 2024 compared to $191.0 million for 2023[13]. - Research and development expenses for the year totaled $303,593 million, up from $190,968 million in 2023, an increase of 59%[18]. - The Phase 1/2 EXPLORE44 trial for del-zota demonstrated an unprecedented unadjusted increase of 25% in delivery to skeletal muscle[4]. - Enrollment in the EXPLORE44 Open-label Extension (OLE) study is complete, supporting the BLA submission anticipated at year-end 2025[3]. - Avidity achieved positive long-term data from the MARINA-OLE study for del-desiran, showing reversal of disease progression across multiple endpoints[10]. - Avidity is preparing for three potential successive product launches for DMD, DM1, and FSHD starting in 2026[1]. - The global Phase 3 HARBOR trial for del-desiran is ongoing and on track for completion in mid-2025[10]. - Avidity is expanding its pipeline into precision cardiology, including candidates for PRKAG2 syndrome and PLN cardiomyopathy[10]. General and Administrative Expenses - General and Administrative (G&A) expenses rose to $28.3 million for Q4 2024, compared to $16.1 million in Q4 2023, and reached $86.2 million for the year ended 2024, up from $54.2 million in 2023[13]. - General and administrative expenses rose to $86,240 million in 2024 from $54,190 million in 2023, representing a 59.3% increase[18]. Future Plans - Avidity plans to submit its first Biologics License Application (BLA) for del-zota by year-end 2025, with the FDA confirming an accelerated approval path[5].