Avidity Biosciences (RNA) Q4 2025 earnings summary

Executive summary

• Focused on RNA therapeutics via Antibody Oligonucleotide Conjugates (AOCs) with three clinical programs: del-zota (DMD44), del-desiran (DM1), and del-brax (FSHD).

• Entered into a merger agreement with Novartis; transaction expected to close in H1 2026, with a pre-closing reorganization and SpinCo distribution.

• Announced significant clinical milestones, including positive data for del-zota and del-brax, and full enrollment in the Phase 3 HARBOR trial for del-desiran.

Financial highlights

• Revenue for 2025 was $18.8 million, up from $10.9 million in 2024, mainly from collaboration milestones.

• Net loss for 2025 was $684.6 million, compared to $322.3 million in 2024, driven by increased R&D and G&A expenses.

• R&D expenses rose to $559.2 million (from $303.6 million), and G&A expenses increased to $205.5 million (from $86.2 million).

• Cash, cash equivalents, and marketable securities totaled $1.7 billion at year-end 2025.

• Raised $836.9 million in net proceeds from public offerings and $185.5 million from at-the-market sales in 2025.

Outlook and guidance

• Existing cash resources expected to fund operations for at least 12 months from the filing date.

• BLA submission for del-zota planned for 2026; topline data for del-desiran and del-brax expected in 2026 and 2028, respectively.

• Merger with Novartis and SpinCo distribution anticipated to close in H1 2026, subject to customary conditions.