Avidity Biosciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated collaboration revenue of $12.5 million for the third quarter, a substantial increase from $2.3 million in the same period last year. For the nine months ended September 30, 2025, total revenue reached $17.9 million, compared to $7.9 million for the same period in 2024. Despite this revenue growth, Avidity Biosciences incurred a net loss of $174.4 million for the quarter, up from a loss of $80.4 million in the prior year, and a net loss of $447.5 million for the nine months, compared to $220.0 million in 2024.
The company's operating expenses rose sharply, with research and development costs increasing to $154.9 million for the third quarter, up from $77.2 million in 2024. This increase was attributed to higher external costs related to clinical trials and preclinical studies, as well as increased personnel costs. General and administrative expenses also saw a significant rise, totaling $46.3 million for the quarter, compared to $23.3 million in the previous year. The overall operating expenses for the nine months reached $509.4 million, compared to $265.9 million in 2024.
In terms of strategic developments, Avidity announced a merger agreement with Novartis AG on October 25, 2025, which will see Avidity become an indirect wholly owned subsidiary of Novartis. This merger is expected to close in the first half of 2026 and includes a spin-off of certain assets related to early-stage precision cardiology programs into a new entity, Bryce Therapeutics, Inc. The merger is anticipated to provide Avidity with additional resources to advance its pipeline of RNA therapeutics, including its lead candidates for Duchenne muscular dystrophy and myotonic dystrophy type 1.
Operationally, Avidity's cash and cash equivalents increased to $350.2 million as of September 30, 2025, up from $219.9 million at the end of 2024. The company also holds marketable securities valued at $1.5 billion, reflecting a strong liquidity position. Avidity's total assets reached $2.1 billion, compared to $1.6 billion at the end of the previous fiscal year. The company plans to utilize its existing cash and securities to fund operations for at least the next 12 months, while also exploring additional funding through equity offerings and collaborations.
Looking ahead, Avidity remains focused on advancing its clinical programs and preparing for potential product launches. The company is currently conducting multiple clinical trials for its AOC platform, which combines monoclonal antibodies with RNA therapeutics. Avidity expects to submit a Biologics License Application (BLA) for its lead candidate, delpacibart zotadirsen, in 2026, following positive data from ongoing studies. The company’s strategic initiatives, including the merger with Novartis, are expected to enhance its capabilities and market position in the biopharmaceutical sector.
About Avidity Biosciences, Inc.
Avidity Biosciences, Inc. is a biopharmaceutical company developing Antibody Oligonucleotide Conjugates (AOCs), a novel RNA therapeutic platform combining monoclonal antibodies with oligonucleotides to target disease-causing RNA. Focused on rare neuromuscular diseases like myotonic dystrophy, facioscapulohumeral muscular dystrophy, and Duchenne muscular dystrophy, Avidity aims to deliver precise, scalable treatments addressing underlying genetic causes with improved tissue targeting and dosing convenience.
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