Autolus Therapeutics reported third‑quarter 2025 results that showed net product revenue of $21.1 million, a slight 0.6 % increase from the $20.9 million recorded in Q2 2025 but still $0.21 million below the consensus estimate of $21.31 million. The company’s operating loss widened to $71.6 million from $67.9 million in Q3 2024, and the net loss expanded to $79.1 million from $82.1 million a year earlier, reflecting higher operating expenses and a continued investment‑heavy strategy. The earnings per share of $(0.30) fell short of the consensus of $‑0.23, a miss of $0.07, underscoring the company’s ongoing cash burn despite incremental revenue growth.
The cost of sales for the quarter rose to $28.6 million, driven by the high cost of delivering personalized CAR‑T products and the reclassification of manufacturing‑related expenses from research and development to cost of sales. Selling, general and administrative costs increased to $36.3 million from $27.3 million in Q3 2024, largely due to expanded headcount supporting the U.S. launch of the company’s lead product, AUCATZYL. In contrast, research and development expenses fell to $27.9 million from $40.3 million a year earlier, as the company shifted a portion of its manufacturing investment to the cost‑of‑sales line item and reduced spending on early‑stage pipeline projects.
Cash, cash equivalents and marketable securities declined to $367.4 million at the end of September 2025 from $588.0 million at the end of 2024. The $220.6 million reduction reflects operating cash outflows and a delayed receipt of a $20.1 million R&D tax credit from the UK, which postponed a significant cash inflow that would have bolstered liquidity. The company remains well‑capitalized to support the commercial launch of AUCATZYL and ongoing pipeline development, but the shrinking cash balance signals the need for additional funding or a tighter cash‑flow profile in the near term.
CEO Dr. Christian Itin acknowledged a “temporary lag” in Q3 sales caused by a change in CMS reimbursement policy that took effect in Q2. He emphasized that the company expects a strong full‑year performance, citing continued commercial momentum with 60 authorized treatment centers activated ahead of schedule and encouraging clinical data in severe refractory systemic lupus erythematosus. Itin outlined three strategic priorities for the next phase: expanding market share in adult B‑ALL, advancing pivotal studies in pediatric B‑ALL and lupus nephritis, and innovating manufacturing technology to reduce per‑unit costs.
The results highlight a mixed picture. While revenue missed analyst expectations and the company’s operating loss widened, the incremental revenue growth and the company’s ability to maintain a sizable cash reserve demonstrate resilience in a highly capital‑intensive sector. The headwind of the CMS reimbursement change is expected to normalize in the next quarter, and the company’s focus on cost‑structure optimization and pipeline expansion positions it to capture additional market share. Management’s confidence in a strong full‑year outlook, coupled with the continued activation of treatment centers, suggests that the company is on a trajectory to achieve commercial scale, even as it navigates the cash‑flow challenges inherent to early‑stage biopharmaceuticals.
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