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Sep 30
Applied Therapeutics Q3 2025 Earnings Report
Applied Therapeutics reported a narrower net loss in Q3 2025, with modest revenue from licensing and significantly reduced expenses year-over-year.
Key Takeaways
Applied Therapeutics posted a $19M net loss in Q3 2025 on $1M in licensing revenue, with reduced R&D and G&A costs helping to shrink losses compared to the prior year.
Posted $1M in licensing revenue in Q3 2025, compared to minimal revenue last year.
Net loss narrowed to $19M from $68.6M in Q3 2024.
R&D and G&A expenses were significantly reduced year-over-year.
Cash and cash equivalents dropped to $11.9M, down from $79.4M at year-end 2024.
Applied Therapeutics
Applied Therapeutics
Forward Guidance
The company is focusing regulatory efforts on advancing govorestat for rare disease indications, including planned meetings with the FDA and further trial development.
Positive Outlook
- Received Type C meeting minutes from the FDA for CMT-SORD program
- Scheduled FDA meeting in Q4 for Classic Galactosemia review
- Promising new clinical data for PMM2-CDG published and presented
- Continued govorestat safety profile supports long-term treatment
- Maintaining strategic regulatory discussions for accelerated approval paths
Challenges Ahead
- No clear path forward yet for NDA submission in CMT-SORD
- Significant cash burn reduced liquidity to $11.9M
- Still reporting substantial net losses despite lower expenses
- Uncertainty remains on outcomes of upcoming FDA meetings
- Single-patient trial results not generalizable for PMM2-CDG development