0001193125-26-206364
SEC filingFirst commercial sales of MYQORZO drove revenue to $19.4M, but operating losses widened to $183.6M as SG&A surged for the U.S. launch.
Revenue for the first quarter of 2026 was $19.4 million, compared to $1.6 million in the same period of 2025, driven by initial sales of MYQORZO and milestone payments from Bayer. This marks a transformative quarter as the company transitions from a development-stage to a commercial-stage biopharmaceutical company.
Operating loss widened to $183.6 million from $155.6 million in the prior year period, primarily due to a significant increase in selling, general and administrative expenses as the company invested in the U.S. commercial launch of MYQORZO. The increase in SG&A was partially offset by higher revenue. Research and development expenses decreased due to lower clinical trial activity as pivotal trials completed, partially offset by higher personnel-related costs.
Net cash used in operating activities was $145.5 million for the three months ended March 31, 2026, compared to $131.6 million in the prior year period, reflecting increased spending on commercial activities. Capital expenditures were $5.9 million, resulting in negative free cash flow of $151.4 million. Net cash provided by investing activities was $145.5 million, primarily due to maturities of investments offset by purchases of investments and property, plant and equipment. The company's liquidity position is supported by its cash and investments, though management notes that liquidity will be impaired if sufficient additional capital is not available on acceptable terms.