REGENXBIO Inc. reported a total revenue of $83.3 million for the fiscal year ending December 31, 2024, a decrease of $6.9 million compared to $90.2 million in 2023. This decline was primarily attributed to a reduction in non-recurring development milestone revenue and a slight drop in royalties from Zolgensma, which fell from $85.3 million in 2023 to $81.5 million in 2024. The company noted that Zolgensma, marketed by Novartis, generated $1.21 billion in sales in 2024, consistent with the previous year. Despite the revenue decrease, REGENXBIO's operating expenses also declined, totaling $316.7 million in 2024, down from $358.4 million in 2023, largely due to reduced research and development costs following a corporate restructuring.
The company has made significant strategic developments, including a collaboration with AbbVie for the development of ABBV-RGX-314, a gene therapy for chronic retinal conditions. This partnership has resulted in an upfront payment of $370 million and potential milestone payments totaling up to $1.38 billion. Additionally, REGENXBIO entered into a collaboration with Nippon Shinyaku in January 2025 for the development of RGX-121 and RGX-111, which includes an upfront payment of $110 million and up to $700 million in milestone payments. These collaborations are expected to enhance the company's financial position and support its ongoing clinical trials.
REGENXBIO's operational metrics indicate a focused approach on its lead product candidates, particularly in the areas of retinal diseases, neuromuscular diseases, and neurodegenerative diseases. The company is currently conducting pivotal trials for ABBV-RGX-314, with topline data expected in 2026. The ongoing clinical trials for RGX-202 and RGX-121 are also progressing, with RGX-121's BLA submission anticipated in mid-2026. As of March 2025, the company employed 353 full-time staff, with a significant portion dedicated to research and development.
The company’s financial outlook remains cautious, with expectations of continued operating losses as it invests heavily in research and development. REGENXBIO reported a net loss of $227.1 million for 2024, an improvement from the $263.5 million loss in 2023. The company anticipates that its cash reserves, along with expected payments from collaborations, will be sufficient to fund operations for at least the next 12 months. However, the need for additional financing remains a possibility, which could impact future operations and growth strategies.
In summary, REGENXBIO is navigating a challenging financial landscape while pursuing strategic collaborations and advancing its clinical pipeline. The company’s focus on gene therapies for severe genetic disorders positions it for potential future growth, although it faces significant competition and regulatory hurdles in the biotechnology sector.
About REGENXBIO Inc.
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