Cash Position: $314.1 million as of December 31, 2023, funding operations into H2 2025.
Revenues: Decreased to $90.2 million in FY 2023 from $112.7 million in FY 2022.
Research and Development Expenses: Reduced to $232.3 million in FY 2023 from $242.5 million in FY 2022.
Net Loss: Decreased to $263.5 million in FY 2023 from $280.3 million in FY 2022.
Operational Highlights: Progress in AAV Therapeutics for retinal and rare diseases, with pivotal trials and BLA filings anticipated in 2024
On February 27, 2024, Regenxbio Inc (NASDAQ:RGNX) released its 8-K filing, detailing the fourth quarter and full year financial results for 2023, along with recent operational highlights. The company, a biotechnology firm focusing on the development of gene therapies for various diseases, reported a strategic emphasis on clinical-stage AAV Therapeutic product candidates, aiming for pivotal stage progression and its first Biologics License Application (BLA) filing in 2024.
Financial Performance and Strategic Prioritization
Regenxbio's financial results reflect a prudent management of resources, with a cash position of $314 million expected to fund operations into the second half of 2025. The company's revenues for the full year 2023 were reported at $90.2 million, a decrease from the previous year's $112.7 million, primarily due to reduced Zolgensma royalty revenues. Research and development expenses saw a slight decrease, attributed to increased cost reimbursement from AbbVie for ABBV-RGX-314 development and partially offset by other clinical trial expenses. General and administrative expenses increased slightly due to personnel-related costs and professional services.
Regenxbio's net loss for the year improved slightly to $263.5 million, down from $280.3 million in the previous year. This reduction in net loss is a positive sign, reflecting the company's efforts to streamline operations and manage expenses effectively.
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