Solid Biosciences Inc.

Solid Biosciences Inc. (SLDB) reported a net loss of $174.3 million for FY 2025, up 39.8% from $124.7 million in FY 2024, driven by higher operating expenses of $179.2 million versus $129.7 million prior year. Research and development expenses rose 45.5% to $140.3 million, primarily from $43.8 million increase in SGT-003 costs for manufacturing and clinical trials, plus personnel growth. General and administrative expenses increased 16.8% to $38.9 million. No revenue was generated, consistent with pre-commercial biotech stage. Loss from operations widened to $179.2 million. Other income, net was $4.9 million, including $9.9 million interest income offset by $6.0 million change in derivative liabilities fair value. Balance sheet shows total assets $232.5 million, with cash/cash equivalents $59.9 million and available-for-sale securities $128.0 million (total liquidity ~$187.9 million). Stockholders' equity $180.0 million. Cash used in operations $156.3 million, offset by $194.4 million financing inflows. Management states cash into first half of 2028, supporting ongoing trials like INSPIRE DUCHENNE (41 dosed), IMPACT DUCHENNE, FALCON, ARTEMIS. Focus on gene therapies for Duchenne, FA, CPVT amid high R&D burn.

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