Amylyx Pharmaceuticals Inc (NASDAQ:AMLX) Narrows Q3 2025 Loss, Bolsters Cash Runway to 2028

Amylyx Pharmaceuticals Inc (NASDAQ:AMLX) reported its third-quarter 2025 financial results, delivering a narrower-than-expected loss against a backdrop of steady clinical progress. The biopharmaceutical company, which is currently in a transitional period following the voluntary withdrawal of its ALS therapy Relyvrio from the market, posted results that met revenue expectations and exceeded earnings per share estimates.

Earnings and Revenue Performance

For the quarter ended September 30, 2025, Amylyx reported no product revenue, which was in line with analyst forecasts. The company’s net loss was $34.4 million, resulting in a loss per share of $0.37. This performance was notably better than the consensus estimate, which had projected a deeper loss of $0.46 per share.

Key financial metrics from the quarter include:

• Reported EPS: -$0.37
• Estimated EPS: -$0.46
• Reported Revenue: $0.0 million
• Estimated Revenue: $0.0 million

The market's initial reaction was muted, with the stock showing minor pre-market movement. This suggests that investors had largely anticipated the top-line figures and are instead focusing their attention on the company's pipeline developments and extended financial runway.

Financial Position and Operational Updates

A significant highlight from the quarter was the completion of a public offering in September, which provided net proceeds of approximately $191 million. This capital infusion bolstered the company's cash position to $344.0 million as of September 30, 2025, up from $180.8 million at the end of the previous quarter. Management stated that this cash reserve is expected to fund operations into 2028, a timeline that extends through several critical upcoming milestones.

Operational expenses showed a decline year-over-year:

• R&D Expenses: $19.9 million, down from $21.2 million in Q3 2024.
• SG&A Expenses: $16.2 million, down from $17.8 million in Q3 2024.

The reduction in spending reflects the company's strategic shift following the withdrawal of Relyvrio and a more focused allocation of resources toward its key investigational programs.

Pipeline and Upcoming Milestones

The earnings report placed heavy emphasis on the progress of Amylyx's clinical pipeline, with lead asset avexitide taking center stage. The drug is being developed for post-bariatric hypoglycemia (PBH) and holds Breakthrough Therapy Designation from the FDA.

Management provided updated guidance for the pivotal Phase 3 LUCIDITY trial of avexitide. While enrollment has been steady rather than accelerating as previously hoped, the company maintained its key timelines:

• Trial Recruitment Completion: Expected in Q1 2026.
• Topline Data Readout: Expected in Q3 2026.
• Potential Commercial Launch: Anticipated in 2027, if approved.

Beyond avexitide, the company is advancing other candidates. Early data from the Phase 1 LUMINA trial of AMX0114 in ALS is scheduled for presentation in December 2025. Furthermore, the company plans to initiate a pivotal Phase 3 trial for AMX0035 in Wolfram syndrome in the second half of 2026, pending alignment with the FDA.

Outlook and Analyst Estimates

The press release did not provide a specific financial outlook for the coming quarters. Analyst estimates for the company’s performance remain indicative of its clinical-stage status. For the fourth quarter of 2025, the consensus estimates are for zero revenue and a loss per share of approximately $0.42. For the full year 2025, analysts similarly project no revenue and a loss per share of about $1.73. The absence of formal guidance is typical for companies in this stage of development and does not inherently carry a positive or negative connotation.

Conclusion

Amylyx's third-quarter results reflect a company navigating a post-commercial phase with a clear focus on its clinical pipeline. The better-than-expected EPS loss and a significantly strengthened balance sheet provide the company with a multi-year runway to execute on its key objectives. Investor attention is firmly fixed on the clinical progress of avexitide, with the LUCIDITY trial data in late 2026 representing the next major inflection point. The stable stock reaction indicates the market is in a holding pattern, awaiting these critical clinical readouts.

For a more detailed look at historical earnings and future analyst estimates for Amylyx Pharmaceuticals, visit the earnings and estimates page.

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