REGENXBIO Inc., a clinical-stage biotechnology company specializing in gene therapy, reported its financial results for the third quarter and nine months ended September 30, 2024. The company experienced a decline in total revenues, which amounted to $24.2 million for Q3 2024, down from $28.9 million in Q3 2023. For the nine months ended September 30, 2024, total revenues were $62.1 million, compared to $68.0 million for the same period in the previous year. The decrease in revenue was primarily attributed to a reduction in license and royalty revenue, particularly from Zolgensma royalties, which fell from $28.4 million in Q3 2023 to $23.9 million in Q3 2024.
Operating expenses also decreased, totaling $86.3 million in Q3 2024, down from $93.9 million in Q3 2023. For the nine-month period, operating expenses were $244.1 million, compared to $272.3 million in the prior year. The reduction in expenses was driven by lower research and development costs, which decreased from $58.2 million in Q3 2023 to $54.4 million in Q3 2024, and from $176.6 million to $158.1 million for the nine-month periods. The company noted significant reductions in personnel-related costs and preclinical activities as key factors for the decrease.
Despite the reduction in expenses, REGENXBIO reported a net loss of $59.6 million for Q3 2024, slightly improved from a net loss of $61.9 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $175.9 million, compared to $200.6 million in the same period of 2023. The basic and diluted net loss per share for Q3 2024 was $(1.17), compared to $(1.41) in Q3 2023.
The company’s cash position improved, with cash and cash equivalents totaling $56.6 million as of September 30, 2024, up from $34.5 million at the end of 2023. Total current assets decreased to $313.4 million from $335.0 million, while total liabilities also declined to $217.7 million from $262.2 million. The accumulated deficit increased to $881.0 million as of September 30, 2024, from $705.0 million at the end of 2023.
Strategically, REGENXBIO implemented a corporate restructuring in late 2023, resulting in a workforce reduction of approximately 15% to streamline operations and focus on key product candidates, including ABBV-RGX-314, RGX-202, and RGX-121. The restructuring incurred costs of $3.7 million, which have been fully paid as of September 30, 2024. The company also completed a public offering in March 2024, raising net proceeds of $131.1 million, which bolstered its financial position.
About REGENXBIO Inc.
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