Amylyx Pharmaceuticals reported a Q3 2025 net loss of $34.4 million, or $0.37 per share, a dramatic improvement from the $72.7 million loss ($1.07 per share) recorded in the same quarter a year earlier. The company’s earnings per share beat the consensus estimate of $‑0.46 by $0.09, driven largely by disciplined cost management that offset the absence of product revenue, which remained at $0 million in line with analyst expectations.
Research and development spending fell to $19.9 million from $21.2 million year‑over‑year, reflecting a strategic pause in the AMX0114 ALS program and reduced consulting fees. Selling, general and administrative costs also declined to $16.2 million from $17.8 million, as the company scaled back non‑core professional services and streamlined its corporate functions. The combined effect of lower R&D and SG&A expenses helped narrow the loss margin despite the company’s continued investment in its pipeline.
Cash, cash equivalents and marketable securities climbed to $344 million at September 30, 2025, up from $180.8 million at June 30, 2025. The increase is largely attributable to a $191 million public offering completed in September, which has extended the company’s cash runway through 2028. The extended runway provides a financial cushion for the upcoming Phase 3 LUCIDITY trial of avexitide and other pipeline candidates.
Avexitide, a first‑in‑class GLP‑1 receptor antagonist for post‑bariatric hypoglycemia, remains the company’s flagship asset. Management highlighted that recruitment for the pivotal LUCIDITY trial is on track, with completion expected in Q1 2026 and topline data anticipated in Q3 2026. The company’s focus on avexitide, coupled with the withdrawal of its ALS therapy Relyvrio, signals a strategic shift toward high‑potential, early‑stage therapeutics.
In its outlook, Amylyx reiterated that the cash runway will support its clinical milestones through 2028 and that it remains committed to advancing avexitide and other pipeline programs. While the company did not provide new revenue or EPS guidance for the next quarter, it emphasized continued cost discipline and a cautious approach to capital allocation. The muted market reaction—characterized by limited pre‑market movement—suggests investors are prioritizing the company’s extended runway and pipeline progress over the quarterly loss figures.
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