0001671927-26-000009
SEC filingRevenue grew 13.6% to $106.7M, driving profitability improvements with operating income turning positive, though cash flow from operations was negative due to working capital timing.
Revenue from sales of KIMMTRAK increased 13.6% to $106.7 million for the three months ended March 31, 2026, compared to $93.9 million in the prior year period. This growth was driven by increased sales volume in the United States and Europe, as well as global country expansion. Cost of revenue remained low, resulting in a gross profit of $106.2 million and a gross margin of 99.6%.
Operating income swung to a profit of $7.3 million from a loss of $3.6 million in the prior year period, reflecting the revenue growth and disciplined cost management. Net income more than doubled to $13.0 million, with diluted earnings per share increasing to $0.25 from $0.10. The operating margin improved to 6.8% from negative territory, demonstrating the company's progress toward sustainable profitability.
Selling, general and administrative expenses decreased, primarily due to lower internal costs following increases in share-based compensation forfeitures, partially offset by increased costs related to business support functions to support the growing pipeline and global commercial expansion.