Solid Biosciences (SLDB) Q4 2025 earnings summary

Executive summary

• Reported positive interim Phase 1/2 data for SGT-003 in Duchenne muscular dystrophy, showing favorable safety and efficacy signals as of March 2026.

• First participant dosed in Phase 1b FALCON trial for SGT-212 in Friedreich's ataxia; well tolerated with no treatment-related adverse events.

• Clinical sites activated for Phase 1b ARTEMIS trial of SGT-501 for CPVT; first dosing expected in Q2 2026.

• Completed an oversubscribed $240 million private placement in March 2026, extending cash runway into H1 2028.

Financial highlights

• Cash, cash equivalents, and available-for-sale securities totaled $187.9 million at December 31, 2025, up from $148.9 million at December 31, 2024.

• Research and development expenses for 2025 were $140.3 million, up from $96.4 million in 2024, mainly due to increased SGT-003 costs.

• General and administrative expenses for 2025 were $38.9 million, up from $33.3 million in 2024, primarily due to higher personnel costs.

• Net loss for 2025 was $174.3 million, compared to $124.7 million in 2024.

• Net loss per share for 2025 was $1.99, compared to $3.06 in 2024, reflecting increased share count.

Outlook and guidance

• Anticipates dosing first participant in Phase 3 IMPACT DUCHENNE trial for SGT-003 in April 2026.

• Additional FDA meetings planned in H1 2026 to discuss potential accelerated approval for SGT-003.

• Initial data from FALCON trial for SGT-212 expected in H2 2026, subject to enrollment.

• First participant dosing in ARTEMIS trial for SGT-501 expected in Q2 2026, with initial safety data in H2 2026.

• Cash runway expected to extend into the first half of 2028.