Agios Pharmaceuticals Inc (NASDAQ:AGIO) has reported an increase in revenue for Q3 2023, despite a net loss. The company’s net revenue for the quarter was $7.4 million, up from $3.5 million in Q3 2022. This boost was largely driven by U.S. sales of PYRUKYND (mitapivat). However, the company also reported a net loss of $91.3 million.
The company’s total assets stood at over $1 billion, with cash and equivalents at $872.4 million as of September 30, 2023. Stockholders’ equity was reported at $886,843,000.
Despite the net loss, Agios managed to reduce its SG&A expenses to $25.8 million from $29.1 million in Q3 2022. On the other hand, research and development (R&D) expenses increased to $81.8 million from $65.0 million in the same period last year.
In terms of clinical trials, Agios made significant progress this quarter. The first patient was dosed in the pivotal Phase 3 RISE UP study of mitapivat in sickle cell disease. Additionally, more than half of the enrollment goal was achieved in the Phase 3 ACTIVATE-KidsT study in PK Deficiency.
Looking ahead, Agios anticipates data readouts next year from two Phase 3 mitapivat trials in Thalassemia and topline data for AG-946 in LR-MDS by the end of 2023.
Given its current financial position and upcoming vorasidenib milestone, Agios expects to maintain financial sustainability until 2026.
Agios Pharmaceuticals has a market cap of $1180M and a P/E ratio of -5.59. Over the last twelve months as of Q2 2023, the company has reported a revenue of $20.15M USD, indicating a significant growth of 214.11%.
Agios holds more cash than debt on its balance sheet and its liquid assets exceed short term obligations, indicating a strong financial position. However, it’s also noteworthy that analysts do not anticipate the company to be profitable this year and it has been quickly burning through cash. The stock generally trades with low price volatility and is currently trading near its 52-week low.
