Legend Biotech (LEGN, Financial) has released its financial results for the third quarter of 2024, revealing a significant revenue increase of 66.9% year-over-year to $160.21 million. Despite the revenue boost, the company reported a net loss of $125 million, an increase from the previous year's loss of $62.21 million. The loss per share widened to $0.34 from $0.17 last year.
The company's licensing revenue for the third quarter came in at $17.1 million, slightly down from $20.1 million in the same period last year. Meanwhile, collaboration revenue saw a substantial rise to $142.8 million, up from $75.9 million a year earlier.
Research and development expenses for the quarter amounted to $95.5 million, compared to $95.9 million in the previous year. These expenses were primarily attributed to investments in cilta-cel's development, including the initiation of clinical production in Belgium, as well as ongoing investments in solid tumor projects.
As of September 30, 2024, Legend Biotech held $1.2 billion in cash, cash equivalents, and term deposits. The company anticipates that these funds will sustain its financial needs until 2026, by which time it expects to achieve operating profit.
