Rocket Pharmaceuticals, Inc., a biotechnology company focused on developing gene therapies for rare diseases, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company had cash and cash equivalents of $65.6 million, an increase from $55.9 million at the end of 2023. However, total current assets decreased to $241.8 million from $378.2 million, primarily due to a reduction in investments, which fell to $170.1 million from $317.3 million.

The company reported a net loss of $66.7 million for the third quarter of 2024, compared to a loss of $61.9 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $198.4 million, up from $185.9 million year-over-year. The increase in losses was attributed to rising general and administrative expenses, which surged to $27.1 million in Q3 2024 from $18.6 million in Q3 2023, reflecting costs associated with commercial preparation and legal expenses.

Research and development (R&D) expenses for the third quarter decreased to $42.3 million from $46.8 million in the prior year, while total operating expenses rose to $69.4 million from $65.4 million. For the nine-month period, R&D expenses also declined to $133.9 million from $144.6 million, indicating a strategic focus on managing costs amid ongoing clinical trials.

The company’s accumulated deficit increased to $1.16 billion as of September 30, 2024, compared to $959.4 million at the end of 2023. Despite these losses, Rocket Pharmaceuticals has raised approximately $1.0 billion from equity and convertible debt financing since inception, with no revenue generated from product sales to date.

In terms of strategic developments, Rocket Pharmaceuticals is advancing several clinical programs, including the RP-L102 for Fanconi Anemia, which has completed Phase 2 studies, and the RP-L201 for Leukocyte Adhesion Deficiency-I, which received a Complete Response Letter from the FDA in June 2024. The company also initiated a Biologics License Application (BLA) submission for RP-L102 in September 2024.

The company’s financial position remains robust, with total assets of $393.7 million as of September 30, 2024, down from $566.3 million at the end of 2023. The company anticipates that its current resources will be sufficient to fund operations into 2026, although it continues to face challenges related to drug development and regulatory approvals.