NASDAQ$RNAM
Avidity Biosciences Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported financial results for the first quarter ended March 31, 2024, and highlighted recent corporate progress.
Avidity Biosciences reported a cash position of $915.9 million at the end of Q1 2024, following a $400 million private placement. They are advancing their AOC platform and plan to initiate the global Phase 3 HARBOR™ study for del-desiran this quarter. Collaboration revenue was $3.5 million, and research and development expenses were $66.8 million.
- Initiation of global Phase 3 HARBOR™ trial for del-desiran (AOC 1001) in DM1 is on track for this quarter.
- Avidity to report FSHD data from FORTITUDE™ trial this quarter and DMD data from EXPLORE44™ trial in 2H24.
- Presented positive long-term del-desiran data from MARINA-OLE™ showing reversal of disease progression in people living with myotonic dystrophy type 1 across multiple endpoints.
- Cash position of $915 million at the end of Q124 following successful private placement.
Headline financials
Revenue & EPS history
Avidity Biosciences · Revenue · Quarterly
$3.54M
Revenue by segment
Avidity Biosciences · $2.82M total across 1 segment · Q3 2023
- Collaboration revenue$2.82M—100.0%
Forward guidance
Avidity anticipates several milestones including the initiation of the global Phase 3 HARBOR™ trial of del-desiran for adults living with DM1 in the second quarter of 2024, sharing preliminary data in approximately half of participants in the Phase 1/2 FORTITUDE™ trial of AOC 1020 in people living with FSHD in the second quarter of 2024, and sharing 5 mg/kg cohort data from the Phase 1/2 EXPLORE44™ trial of AOC 1044 in people living with DMD44 in the second half of 2024.
Tailwinds
- Initiate global Phase 3 HARBOR™ trial of del-desiran for adults living with DM1 in Q2 2024.
- Share preliminary data in approximately half of participants in the Phase 1/2 FORTITUDE™ trial of AOC 1020 in people living with FSHD in Q2 2024.
- Share 5 mg/kg cohort data from the Phase 1/2 EXPLORE44™ trial of AOC 1044 in people living with DMD44 in 2H 2024.
- Advance programs in cardiology and immunology through internal discovery efforts and key partnerships.
- AOCs have the potential to target a range of different cells and tissues beyond the liver, and to treat cardiac and immunological diseases.
Headwinds
- Avidity may not be able to resolve the partial clinical hold related to the serious adverse event which occurred in the Phase 1/2 MARINA® trial.
- Additional data related to Avidity’s current clinical programs that continues to become available may be inconsistent with the data produced as of the respective data cutoff dates.
- Unexpected adverse side effects to, or inadequate efficacy of, Avidity's product candidates that may delay or limit their development, regulatory approval and/or commercialization.
- Later developments with the FDA and other global regulators that could be inconsistent with the feedback received to date regarding the proposed design and protocol for the Phase 3 HARBOR trial.
- Avidity could exhaust its available capital resources sooner than it currently expects.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 8 quarterly earnings reports · overlaid with Q1 2024
+1.3%
Avg return
Earnings day
+4.7%
Avg return
5 days after
+8.2%
Avg return
30 days after
55%
12 / 22 earnings
Positive
+19.5%
Q4 2023
Best reaction
-12.5%
Q1 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | — | — | — | |
| Q3 2025 | +1.3% | +1.4% | +2.5% | |
| Q2 2025 | -2.7% | -2.8% | +6.1% | |
| Q1 2025 | -0.6% | +1.3% | -2.0% | |
| Q4 2024 | +5.4% | +1.7% | +11.9% | |
| Q3 2024 | -1.1% | -1.1% | -18.9% | |
| Q2 2024 | +6.2% | +2.6% | -2.9% | |
| Q1 2024 | -0.4% | +11.0% | +2.2% | |
| Q4 2023 | +19.5% | +23.1% | +66.6% | |
| Q3 2023 | -6.0% | — | — | |
| Q2 2023 | +6.0% | — | — | |
| Q1 2023 | +4.0% | — | — | |
| Q4 2022 | +5.6% | — | — | |
| Q3 2022 | +5.7% | — | — | |
| Q2 2022 | +0.2% | — | — | |
| Q1 2022 | -9.4% | — | — | |
| Q4 2021 | +0.9% | — | — | |
| Q3 2021 | -0.5% | — | — | |
| Q2 2021 | -1.4% | — | — | |
| Q1 2021 | -12.5% | — | — | |
| Q4 2020 | +7.5% | — | — | |
| Q3 2020 | -1.0% | — | — | |
| Q2 2020 | +1.9% | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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