Cash burn
$446 milliondeclined in Q4 relative to Q3
FY25
Last year, we used $446 million for the year net of revenue. Cash burn declined in the fourth quarter relative to the third quarter and throughout 2025 driven by rising revenues and improving operating leverage.
Profit from post-Phase III assets
more than $600 million
FY28
This projected future is driven by growing and diversified revenue streams connected to our four post Phase III assets, which we believe in 2028 will generate more than $600 million in profit.
Total revenue
$154.2 millionvs $5.9 million in Q4 FY24
Q4 FY25
Total revenues were $154.2 million in 4Q 2025 consisting of $146 million of Attruby net product revenue, $5.3 million of royalty revenue and $2.9 million of license and service revenue compared to total revenues of $5.9 million for the same period last year. The $148.3 million increase in total revenues was primarily driven by a $143.1 million increase in net product revenue from Attruby
Total revenue
$502.1 millionvs $221.9 million in FY24
FY25
For the full year 2025, total revenues were $502.1 million compared to $221.9 million for the full year 2024. The $280.2 million increase in total revenues for the full year was primarily due to $359.5 million increase in net product revenue from Attruby and an $11.2 million increase in royalty revenue from sales of BEYONTTRA, partially offset by a $90.5 million decrease in license and service revenues versus the prior year.
Attruby net product revenue
$362.4 million$359.5 million increase YoY
FY25
For the full year 2025, total revenues were $502.1 million compared to $221.9 million for the full year 2024. The $280.2 million increase in total revenues for the full year was primarily due to $359.5 million increase in net product revenue from Attruby
Total operating costs and expenses
$293.7 millionvs $231.9 million in Q4 FY24
Q4 FY25
Total operating costs and expenses for the fourth quarter of 2025 were $293.7 million compared to $231.9 million in the same period in the prior year. The $61.8 million increase in operating costs and expenses was primarily driven by a $63.3 million increase in SG&A expenses partially offset by a $13.9 million decrease in R&D expenses, primarily due to decreased R&D activities related to Attruby and BEYONTTRA following regulatory approval.
Total operating costs and expenses
$1 billionvs $814.9 million in FY24
FY25
For the full year 2025, total operating costs and expenses were $1 billion compared to $814.9 million in the prior year. The $210.6 million increase was primarily driven by a $242.3 million increase in SG&A, largely reflecting the company's investments to support the commercial launch and ongoing activities for Attruby. This increase was partially offset by a $54.9 million decrease in R&D expenses, primarily due to decreased R&D activities related to Attruby and BEYONTTRA following regulatory approval.
SG&A expenses
$63.3 million increase
Q4 FY25 YoY
primarily driven by a $63.3 million increase in SG&A expenses
R&D expenses
$13.9 million decrease
Q4 FY25 YoY
partially offset by a $13.9 million decrease in R&D expenses, primarily due to decreased R&D activities related to Attruby and BEYONTTRA following regulatory approval.
SG&A expenses
$242.3 million increase
FY25 YoY
primarily driven by a $242.3 million increase in SG&A, largely reflecting the company's investments to support the commercial launch and ongoing activities for Attruby.
R&D expenses
$54.9 million decrease
FY25 YoY
This increase was partially offset by a $54.9 million decrease in R&D expenses, primarily due to decreased R&D activities related to Attruby and BEYONTTRA following regulatory approval.
Cash, cash equivalents and marketable securities
$587.5 million
As of Dec 31, 2025
We ended the year with a cash position of $587.5 million in cash, cash equivalents and marketable securities.
Convertible notes issuance
$632.5 million
Jan 2026
We completed the issuance of $632.5 million aggregate principal amount of 2033 convertible notes. In January 2026, which provides a significant cash runway to continue supporting our transition into a diversified late-stage multiproduct business.
R&D cost per program (preclinical to Phase III)
under $300 million
null
Our anticipated profit is even more impressive when one considers that we've been able to advance programs from the preclinical stage through Phase III at under $300 million, in some cases, considerably under that.
R&D cost per program (IND)
less than $10 million or $15 million
null
getting to INDs in less than $10 million or $15 million
R&D cost per program (Phase I/II)
less than $100 million
null
through Phase I/IIs in less than $100 million.
Market expansion from oral product launch
170%
5 years from launch
In fact, a recent analysis done at our Revenue Institute in partnership with MIT suggests that across indications, the launch of an oral product increased the sales in the category by about 170% over 5 years from launch of the first oral product.
Serum TTR increase
3 mg per deciliterwhen moving from tafamidis to acoramidis
null
As a reminder, we observed in our Phase III study that patients increased their serum TTR by 3 mg per deciliter when moving from tafamidis to acoramidis.
Mortality risk reduction per serum TTR increase
5%per mg per deciliter increase in serum TTR
30 months
These papers suggest that for every mg per deciliter increase in serum TTR, you decrease the risk of mortality at 30 months by approximately 5%.
Relative risk reduction in mortality
15%when moving from tafamidis to acoramidis
null
This suggests a whopping 15% relative risk reduction in mortality when moving from tafamidis to acoramidis.
Reduction in AF/cardiac arrhythmic events
70%
null
the most important piece of the data that we put forth when we showed the 70% reduction as published last year
Reduction in AF
17%
null
reduction in AF itself of 17%.
Reduction in downstream outcomes
43%
null
the highest point estimate we've seen in terms of both reduction in downstream outcomes of 43% and reduction in AF itself of 17%.
Hazard ratio in variant population
0.41
null
the variant population, right, the sickest by far, of the subpopulations, they do deserve a better drug in that 0.41 hazard ratio that we presented on with statistical significance
Priority Review Voucher value
$200 million to $300 million
Current
I think they're going for $200 million to $300 million a piece right now.