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Amylyx Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $72.7 million for the quarter, compared to a net income of $20.9 million in the same quarter the previous year. The loss is attributed to a decrease in product revenue following the voluntary discontinuation of RELYVRIO/ALBRIOZA.
Product revenue for the quarter was $416,000, down from $102.7 million in the previous year, primarily due to gross-to-net adjustments reflecting actual rebate and return activity.
Research and development expenses decreased to $21.2 million from $30 million, driven by reduced spending on AMX0035 for ALS and a decrease in payroll and personnel-related expenses.
Selling, general, and administrative expenses fell to $17.8 million from $48.7 million, primarily due to reduced payroll and consulting costs following the company's restructuring plan.
The company recorded a charge of $36.2 million for acquired in-process research and development related to the acquisition of avexitide from Eiger BioPharmaceuticals.
Amylyx completed a restructuring plan in April 2024, which included a 70% reduction in workforce and a decrease in external financial commitments.
The company has $234.4 million in cash, cash equivalents, and marketable securities as of September 30, 2024, which it believes will be sufficient to meet its operating and capital expenditure requirements for at least one year.
Amylyx continues to focus on the development of AMX0035 for Wolfram syndrome and progressive supranuclear palsy, with ongoing clinical trials and plans for a Phase 3 program for avexitide in post-bariatric hypoglycemia.
The company faces ongoing legal proceedings, including a class action lawsuit and a derivative complaint related to its commercial activities and disclosures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amylyx Pharmaceuticals Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.