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    RGNX
    Earnings call· Jun 2026(Q2 FY26)

    REGENXBIO Q2 FY26 earnings call RGNX

    Aug 6, 2026 Source

    Executive summary

    REGENXBIO Q2 FY26 — Late-Stage Pipeline Progress & Strengthened Financial Position

    REGENXBIO achieved significant late-stage pipeline milestones for its gene therapies in Duchenne, MPS II, and retinal diseases, including completing enrollment for RGX202 and aligning with the FDA for RGX121 resubmission. The company substantially strengthened its financial position with over $200 million in new capital, extending its cash runway into Q4 2027, enabling continued investment in strategic priorities and commercial readiness.

    Highlights

    5

    • Completed enrollment and dosing in the confirmatory study for RGX202 ahead of schedule, building a robust safety data set of over 60 patients for BLA filing.

    • Reached alignment with FDA on the path to resubmit the BLA for RGX121, with the agency confirming available data is sufficient for accelerated approval and no additional studies required.

    • Dosed the first patient in the NAVIGATE trial of Cirovec in diabetic retinopathy, triggering a $100 million milestone payment from AbbVie.

    • Strengthened financial position with over $200 million total new capital (including AbbVie milestone and public offering proceeds), extending cash runway into Q4 2027.

    • RGX202 pivotal data demonstrated a strong correlation between microdystrophin expression and functional improvement at one year.

    Guidance & targets

    6
    CategoryTargetConfidence
    RGX202 BLA Submission
    First module submission to FDA
    high materiality
    High
    RGX202 Potential U.S. Approval
    Potential U.S. approval
    high materiality
    Medium
    RGX202 XUS-RCT Initiation
    Initiate randomized placebo-controlled study (Affinity Rise) outside U.S.
    medium materiality
    High
    RGX121 BLA Resubmission
    Resubmit BLA
    high materiality
    High
    Cirovec Wet AMD Top-line Data
    Top-line data from Atmosphere and Ascent Studies
    high materiality
    High
    Cash Runway
    Into Q4 2027
    high materiality
    High

    Segment performance

    4
    SegmentRevenueYoYQoQMargin
    RGX202 (Duchenne Muscular Dystrophy)
    RGX202 is a wholly owned potential best-in-class therapy. Pivotal data established it as a differentiated gene therapy candidate with a large magnitude of effect. The robust safety data set from over 60 patients will support the planned BLA filing. The XUS-RCT is designed to support future global regulatory submissions.
    Enrollment in confirmatory study: Completed ahead of schedulePatients enrolled in pivotal and confirmatory trials: >60 patientsCorrelation between microdystrophin expression and functional improvement: Strong at one yearXUS-RCT (Affinity Rise) enrollment: ~100 patientsXUS-RCT (Affinity Rise) randomization: 2:1 active-to-placebo
    		————
    RGX121 (MPS II / Hunter Syndrome)
    Following collaborative discussions and a Type A meeting with the FDA, the company aligned on a path forward for BLA resubmission. The FDA confirmed available data is sufficient for accelerated approval.
    FDA alignment on BLA resubmission path: AchievedAdditional studies required for BLA resubmission: None, including an RCTData included in resubmission: Longer-term efficacy and safety data, including participant imaging (up to 2-year biomarker and neurocog data)
    		————
    Cirovec (Wet AMD)
    Long-term data presented at ASRS reinforced durability, efficacy, and safety. The program reflects a wet AMD population with a high burden of chronic anti-VEGF injections prior to one-time gene therapy. Top-line data from pivotal studies expected in Q4 2026.
    Long-term follow-up data (Phase 1-2 study): Maintained or improved visual acuity with meaningful reduction in treatment burden through five yearsSurgeons trained globally for procedures: >500 surgeonsStudy power (Atmosphere and Ascent): 90%Non-inferiority margin (Atmosphere and Ascent): 4.5 letters
    		————
    Cirovec (Diabetic Retinopathy)
    The NAVIGATE study is now underway. Long-term data highlights the potential to prevent vision-threatening complications with a one-time in-office administration, addressing the low real-world use of chronic anti-VEGF injections due to high treatment burden.
    Phase 2b-3 NAVIGATE study: First patient dosedTwo-and-a-half year follow-up data (Altitude study): Maintained durable improvements in disease severity, continued prevention of vision-threatening complications, favorable long-term safety
    		————

    Operational metrics

    7
    Cash, cash equivalents, and marketable securities
    $106M
    Q2 FY26 end

    Balance at the end of the second quarter of 2026.

    Net proceeds from public offering
    ~$108M
    Post Q2 FY26

    Successfully completed a follow-on public offering subsequent to the quarter end.

    Pro forma cash, cash equivalents, and marketable securities
    >$310M
    Post Q2 FY26

    Pro forma balance after receiving the AbbVie milestone payment and net proceeds from the public offering.

    Zolgensma patent coverage
    20 countries
    Ongoing

    Coverage continues in these countries outside the U.S. following the U.S. patent expiry.

    Avisma sales potential
    up to $2B
    Annual

    Novartis has announced this potential for Avisma sales, contributing to continued significant royalties.

    Wet AMD market size
    $10B
    Future launch date

    The wet AMD market is projected to be in this range at the time of Cirovec's potential launch.

    R&D and G&A expenses
    Consistentvs Q2 FY25
    Q2 FY26

    Expenses were generally consistent with the same period in 2025, reflecting continued advancement of late-stage clinical programs and operational capabilities for commercial transition.

    Industry KPIs

    4
    MetricValueDetails
    Pipeline read out calendarMultiple key milestones
    Regulatory approvals filingsRGX202 BLA submission, RGX121 BLA resubmission
    Clinical trial efficacy safety dataStrong correlation, Durable safety and efficacy
    Collaboration milestone royalty revenue$100MUSD

    Deals & partnerships

    1
    AbbVieStrategic collaboration for retinal gene therapies$100M

    Milestone payment triggered by dosing the first patient in the Phase 2b-3 NAVIGATE study for diabetic retinopathy.

    What to watch in Q3 FY26

    5

    RGX202 BLA Submission

    Q3 FY26
    CurrentFirst module expected Q3 2026
    TargetConfirmation of submission

    Why it matters

    Successful BLA submission is a critical step towards potential U.S. approval for this lead Duchenne program.

    submitting the first module of the BLA to FDA in Q3 2021.

    Q&A highlights

    5

    Can you provide more color on the rapid enrollment for the RGX202 confirmatory study and general feedback from ASRS regarding Cirovec's durability and unmet need in wet AMD vs. DR?

    Enrollment for the RGX202 confirmatory study was very positive, indicating strong patient demand. At ASRS, the key message for Cirovec was durability, with 5-year data in wet AMD and 2.5-year data in DR showing excellent durability and safety. The one-time option for wet AMD is gaining interest, and for DR, the unmet need for a one-time treatment is even clearer due to its asymptomatic nature.

    “I think the one word key message or what was absorbed was durability. So in both wet AMD and DR, we presented longer term follow up. So five year results from wet AMD and two and a half year results from DR. And we're seeing great durability and excellent safety with longer term. follow-up.”

    asked by Judah Frommer · answered by Steve Pakola

    2 min read5 chapters

    Detailed Narrative

    01

    RGX202 Duchenne Program Advances Towards BLA Submission

    REGENXBIO completed enrollment and dosing in the confirmatory study for RGX202 ahead of schedule, building a robust safety data set of over 60 patients for the planned BLA filing. The pivotal data showed a strong correlation between microdystrophin expression and functional improvement at one year, supporting potential accelerated approval. The company plans to initiate a global randomized placebo-controlled study (Affinity Rise) outside the U.S. in H1 2027 and submit the first module of the BLA to the FDA in Q3 2026, targeting potential U.S. approval in H2 2027.

    02

    RGX121 MPS II Program Aligns with FDA for Resubmission

    Following collaborative discussions and a Type A meeting with the FDA in June and July, REGENXBIO reached alignment on the path forward for RGX121. The FDA confirmed that available data is sufficient for review under the accelerated approval pathway, requiring no additional studies, including an RCT. The BLA resubmission, expected in Q3 2026, will include longer-term efficacy and safety data, including up to two-year biomarker and neurocog data.

    03

    Retinal Franchise Progress with AbbVie Collaboration

    The strategic collaboration with AbbVie continues to advance the retinal franchise. The first patient was dosed in the Phase 2b-3 NAVIGATE study for diabetic retinopathy, triggering a $100 million milestone payment. Long-term data for Cirovec in both wet AMD and diabetic retinopathy, presented at ASRS, highlighted durable safety and efficacy. The near-term focus is on the upcoming pivotal readout for Cirovec in subretinal wet AMD from the Atmosphere and Ascent Studies in Q4 2026.

    04

    Strengthened Financial Position and Extended Cash Runway

    REGENXBIO substantially strengthened its financial position, receiving over $200 million in total new capital. This includes the $100 million milestone payment from AbbVie and approximately $108 million in net proceeds from a follow-on public offering. The company ended the quarter pro forma with over $310 million in cash, cash equivalents, and marketable securities, extending its cash runway into Q4 2027, which covers key milestones like the Cirovec wet AMD data and the expected PDUFA date for RGX202.

    05

    Commercial Readiness and Global Expansion Plans

    The strengthened cash position supports continued investment in strategic priorities, including preparing for the U.S. commercial launch of RGX202. The company is also manufacturing intended commercial supply at its FDA-inspected facility. Plans are underway to expand the clinical development of RGX202 globally with the XUS Affinity Rise study, a randomized placebo-controlled trial designed to support future regulatory submissions outside the U.S.

    AI-generated summary of the company’s earnings call. Not investment advice.