0001193125-26-115928
SEC filingSolid 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.
Solid Biosciences reported FY2025 net loss of $174.3M, up 39.8% from $124.7M in FY2024, with loss per share -$2 (basic/diluted, 87.5M weighted shares). Operating expenses totaled $179.2M (+38.1% YoY), driven by R&D $140.3M (+45.5%) and G&A $38.9M (+16.8%). No revenue, as pre-commercial. Other income net $4.9M included $9.9M interest income, -$6.0M derivative fair value change. Total assets $232.5M, equity $180.0M, liabilities $52.5M. Cash burn reflects pipeline advancement in gene therapies.
No revenue generated in FY2025 or FY2024, consistent with clinical-stage biotech focus on R&D for SGT-003 (Duchenne), SGT-212 (FA), SGT-501 (CPVT). Expenses allocated: SGT-003 $59.0M (+288% YoY), SGT-601 $7.8M (+182%), unallocated personnel $35.4M (+41%). Growth tied to trials like INSPIRE DUCHENNE (41 dosed) and upcoming IMPACT DUCHENNE Phase 3.
N/A - no revenue, gross margins inapplicable. Operating loss -$179.2M reflects 100% expense-to-no-revenue ratio. Cost increases from manufacturing/clinical for SGT-003 ($43.8M YoY), personnel. Equity comp $16.9M non-cash. Path to profitability years away, pending approvals.
Operating cash use $156.3M (vs $100.0M FY2024), investing -$58.5M (securities net buy), financing +$194.4M (public offerings). Net cash decrease $20.3M. Ending cash/securities $187.9M (cash $59.9M, AFS $128.0M), restricted cash $2.0M. No debt. Liquidity supports ops into H1 2028 per management.
Cash funds into H1 2028 for INSPIRE/IMPACT DUCHENNE, FALCON, ARTEMIS trials, preclinical. Plans: SGT-003 potency assay alignment, Phase 3 dosing Apr 2026, FDA meetings H1 2026 for accelerated path. Risks: trial delays, funding needs, no profitability soon. Monitor trade/tariffs for supply chain.