Revenue was $99.6M (-6.5%) Gross Profit was $61.3M (-9.9%) Operating Income was -$69.4M (-23.2%) Net Income was -$51.0M (-5.3%)
Key takeaways
Gross profit was $61.3M (-9.9%), with gross margin at 61.5%, as cost of product revenue remained flat despite lower sales and a shift in product mix.
Operating income was -$69.4M (-23.2%), driven by higher R&D expenses and the absence of material offsetting gains, resulting in an operating margin of -69.7%.
Net income was -$51.0M (-5.3%), with diluted EPS of -$0.05 (-25.0%), consistent with the broader trend of prioritizing pipeline advancement over near-term profitability.
Net cash used in operating activities improved to -$11.9M (vs -$61.7M in Q1 2025), reflecting favorable working capital dynamics, though free cash flow remained negative at -$13.1M.