Avidity Biosciences (RNAM) Financials
Newest figures come from the filing for FY2025, filed Feb 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RNAM SEC filings page.
Avidity Biosciences, Inc. (RNAM) reported $18.8M in revenue for fiscal year 2025, up 72.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Avidity remains a development-stage business: research spending and financing, not product revenue, currently fund a rapidly widening operating cash deficit.
Revenue grew72.1% in FY2025, while R&D grew84.2% ; that divergence indicates the business is scaling development activity faster than commercial receipts. Operating cash flow of-$650M against free cash flow of-$664M shows the funding need is chiefly operating investment, not capital spending.
FY2025 R&D was
Equity was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Avidity Biosciences, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Avidity Biosciences, Inc. held $1.7B in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $650.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Avidity Biosciences, Inc. scores 60/100 among other emerging companies.
Avidity Biosciences, Inc. had 155M shares outstanding at the end of fiscal year 2025, against 120M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Avidity Biosciences, Inc. scores 22/100 among other emerging companies.
Avidity Biosciences, Inc. spent $559.2M on research and development in fiscal year 2025, which was 73.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Avidity Biosciences, Inc. scores 91/100 among other emerging companies.
Avidity Biosciences, Inc. reported revenue of $18.8M in fiscal year 2025, against $10.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Avidity Biosciences, Inc. scores 75/100 among other emerging companies.
Avidity Biosciences, Inc.'s operations used $650.4M of cash in fiscal year 2025, against $300.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Avidity Biosciences, Inc. scores 6/100 among other emerging companies.
Avidity Biosciences, Inc.'s cash, cash equivalents and investments came to $1.7B at the end of fiscal year 2025, against $269.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Avidity Biosciences, Inc. scores 91/100 among other emerging companies.
Avidity Biosciences, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) passes.
Avidity Biosciences, Inc. reported a net loss of $684.6M while operations used $650.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Avidity Biosciences, Inc. generated $860K in revenue in Q4 2025. This represents a decrease of 71.1% from the same quarter a year earlier. Against the prior quarter it is down 93.1%.
Avidity Biosciences, Inc.'s EBITDA was -$253.0M in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Avidity Biosciences, Inc. reported a net loss of $237.1M in Q4 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Avidity Biosciences, Inc. earned -$1.59 per diluted share (EPS) in Q4 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Avidity Biosciences, Inc. recorded an outflow of $175.3M in free cash flow in Q4 2025, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Avidity Biosciences, Inc. held $382.5M in cash as of Q4 2025; no long-term debt figure is on record for that period.
Not reported for Q4 2025.
Margins & Returns
Avidity Biosciences, Inc.'s quarterly ROE was -14.0% in Q4 2025: one quarter's net income over shareholder equity, not annualized. This is down 6.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.
Not reported for Q4 2025.
Not shown for Q4 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q4 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Avidity Biosciences, Inc. invested $166.6M in research and development in Q4 2025. This represents an increase of 74.2% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.
Avidity Biosciences, Inc. invested $5.5M in capex in Q4 2025, funding long-term assets and infrastructure. This represents an increase of 40.7% from the same quarter a year earlier. Against the prior quarter it is up 674.0%.
Not reported for Q4 2025.
RNAM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $860K-71.1% | $12.5M+434.0% | $3.8M+88.1% | $1.6M-55.6% | $3.0M+35.6% | $2.3M-17.1% | $2.0M-11.7% | $3.5M+58.7% |
| R&D Expenses | $166.6M+74.2% | $154.9M+100.7% | $138.1M+116.0% | $99.5M+48.9% | $95.6M+81.0% | $77.2M+61.8% | $63.9M+49.8% | $66.8M+39.9% |
| SG&A Expenses | $88.7M+213.2% | $46.3M+99.1% | $36.9M+77.8% | $33.6M+141.8% | $28.3M+75.8% | $23.3M+69.5% | $20.7M+68.8% | $13.9M+15.2% |
| Operating Income | -$254.5Mn/m | -$188.8Mn/m | -$171.1Mn/m | -$131.5Mn/m | -$121.0Mn/m | -$98.1Mn/m | -$82.6Mn/m | -$77.2Mn/m |
| EBITDA | -$253.0Mn/m | -$187.7Mn/m | -$170.3Mn/m | -$130.7Mn/m | -$120.3Mn/m | -$97.4Mn/m | -$81.9Mn/m | -$76.5Mn/m |
| Net Income | -$237.1Mn/m | -$174.4Mn/m | -$157.3Mn/m | -$115.8Mn/m | -$102.3Mn/m | -$80.4Mn/m | -$70.8Mn/m | -$68.9Mn/m |
| EPS (Basic) | -$1.59n/m | -$1.27n/m | -$1.21n/m | -$0.90n/m | -$0.81 | -$0.65 | -$0.65 | -$0.79n/m |
| EPS (Diluted) | -$1.59n/m | -$1.27n/m | -$1.21n/m | -$0.90n/m | -$0.81 | -$0.65 | -$0.65 | -$0.79n/m |
| Diluted Shares (Avg) | N/A | 138M+11.8% | 130M+21.2% | 129M+48.2% | N/A | 123M | 107M | 87M+23.8% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
RNAM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+25.2% | $2.1B+30.1% | $1.4B+1.6% | $1.5B+53.3% | $1.6B+148.8% | $1.6B+186.3% | $1.3B+120.6% | $951.5M+55.0% |
| Current Assets | $1.8B+16.6% | $2.0B+21.2% | $1.3B-5.9% | $1.4B+53.6% | $1.5B+152.3% | $1.6B+192.0% | $1.3B+123.5% | $934.5M+56.5% |
| Cash & Equivalents | $382.5M+74.0% | $350.2M-5.4% | $243.9M-57.6% | $254.2M-46.1% | $219.9M+18.8% | $370.2M+332.2% | $575.8M+274.2% | $471.4M+297.1% |
| Short-Term Investments | $1.3B+2.6% | $1.5B+25.2% | $939.2M+29.9% | $1.1B+153.3% | $1.3B+212.4% | $1.2B+166.6% | $723.3M+71.1% | $444.5M-4.9% |
| Accounts Receivable | N/A | N/A | N/A | N/A | $0-100.0% | $0 | $0-100.0% | $1.6M |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $269.4M+93.9% | $247.9M+80.5% | $176.3M+39.5% | $130.4M+8.1% | $138.9M+8.7% | $137.4M+146.7% | $126.4M+144.9% | $120.6M+119.0% |
| Current Liabilities | $195.4M+99.4% | $169.9M+86.0% | $135.1M+60.4% | $84.9M+13.2% | $98.0M+21.5% | $91.3M+87.5% | $84.2M+86.1% | $75.0M+55.9% |
| Non-Current Liabilities | $74.0M+80.9% | $78.1M+69.5% | $41.2M-2.3% | $45.5M-0.3% | $40.9M-13.1% | $46.1M+560.0% | $42.2M+563.0% | $45.6M+554.0% |
| Total Equity | $1.7B+18.5% | $1.9B+25.5% | $1.2B-2.3% | $1.3B+59.9% | $1.4B+184.6% | $1.5B+190.5% | $1.2B+118.4% | $830.9M+48.7% |
| Retained Earnings | -$1.6Bn/m | -$1.3Bn/m | -$1.2Bn/m | -$1.0Bn/m | -$893.1Mn/m | -$790.8Mn/m | -$710.4Mn/m | -$639.6Mn/m |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
RNAM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$169.8Mn/m | -$156.2Mn/m | -$199.7Mn/m | -$124.8Mn/m | -$99.9M-705.2% | -$65.6Mn/m | -$65.0Mn/m | -$70.4Mn/m |
| Depreciation & Amortization | $1.5M+102.7% | $1.1M+57.1% | $800K+14.3% | $785K+22.5% | $738K+20.0% | $700K+16.7% | $700K+40.0% | $641K+63.9% |
| Stock-Based Compensation | N/A | $19.0M+35.0% | $17.7M+37.8% | $17.7M+72.1% | N/A | $14.1M+43.5% | $12.8M+35.5% | $10.3M+13.2% |
| Capital Expenditures | $5.5M+40.7% | $712K-58.2% | $3.3M+529.6% | $3.8M+310.2% | $3.9M+353.8% | $1.7M+84.6% | $531K-14.6% | $915K-49.7% |
| Free Cash Flow | -$175.3Mn/m | -$156.9Mn/m | -$203.0Mn/m | -$128.6Mn/m | -$103.8M-763.7% | -$67.3Mn/m | -$65.5Mn/m | -$71.3Mn/m |
| Investing Cash Flow | $207.2Mn/m | -$587.9Mn/m | $185.5Mn/m | $157.2Mn/m | -$64.2M-225.7% | -$482.4Mn/m | -$274.9M-696.9% | -$32.7Mn/m |
| Financing Cash Flow | -$5.1M-137.1% | $850.4M+148.3% | $3.8M-99.2% | $1.9M-99.5% | $13.7M-57.0% | $342.5M+856060.0% | $446.7M+1046.3% | $389.4M+1596.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
RNAM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -29590.5% | -1513.5% | -4448.7% | -8360.9% | -4069.6% | -4200.9% | -4040.4% | -2178.6% |
| Net Margin | -27569.9% | -1398.3% | -4089.3% | -7360.0% | -3439.5% | -3441.7% | -3461.8% | -1943.4% |
| Return on Equity | -14.0%-6.9pp | -9.3%-3.9pp | -13.2%-7.4pp | -8.7%-0.4pp | -7.2%+4.9pp | -5.3%+4.8pp | -5.8%+2.6pp | -8.3%+1.1pp |
| Return on Assets | -12.1%-5.6pp | -8.2%-3.3pp | -11.5%-6.2pp | -7.9%-0.7pp | -6.5%+3.1pp | -4.9%+4.2pp | -5.3%+2.5pp | -7.2%+1.3pp |
| Current Ratio | 9.20-6.5x | 11.57-6.2x | 9.26-6.5x | 16.91+4.4x | 15.73+8.2x | 17.76+6.4x | 15.78+2.6x | 12.470.0x |
| Liabilities-to-Equity | 0.16+0.1x | 0.130.0x | 0.150.0x | 0.100.0x | 0.10-0.2x | 0.090.0x | 0.100.0x | 0.150.0x |
| Asset Turnover | 0.000.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x |
| FCF Margin | -20381.9% | -1257.6% | -5277.1% | -8174.3% | -3491.0% | -2881.8% | -3204.6% | -2012.3% |
Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Avidity Biosciences, Inc. RNAM | FY2025 | $18.8M | -$684.6M | N/A | N/A | 58/100 |
| Vertex Pharmaceuticals Inc VRTX | FY2025 | $12.0B | $4.0B | 32.9% | $137.5B | 78/100 |
| Regeneron Pharmaceuticals Inc REGN | FY2025 | $14.3B | $4.5B | 31.4% | $93.4B | 78/100 |
| Moderna, Inc. MRNA | FY2025 | $1.9B | -$2.8B | N/A | $96.4B | 31/100 |
| argenx SE ARGX | FY2025 | $4.2B | $1.3B | 30.4% | $56.3B | 62/100 |
| Revolution Medicines, Inc. RVMD | FY2025 | $0 | -$1.1B | N/A | $38.4B | — |
Where Avidity Biosciences, Inc. Ranks
Frequently Asked Questions
Avidity Biosciences, Inc. (RNAM) reported $18.8M in total revenue for fiscal year 2025. This represents a 72.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Avidity Biosciences, Inc. (RNAM) revenue grew by 72.1% year-over-year, from $10.9M to $18.8M in fiscal year 2025.
No, Avidity Biosciences, Inc. (RNAM) reported a net loss of $684.6M in fiscal year 2025.
Avidity Biosciences, Inc. (RNAM) had EBITDA of -$741.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Avidity Biosciences, Inc. (RNAM) has a return on equity of -40.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Avidity Biosciences, Inc. (RNAM) recorded an outflow of $663.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Avidity Biosciences, Inc. (RNAM) recorded an outflow of $650.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Avidity Biosciences, Inc. (RNAM) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
Avidity Biosciences, Inc. (RNAM) invested $13.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Avidity Biosciences, Inc. (RNAM) invested $559.2M in research and development during fiscal year 2025.
Avidity Biosciences, Inc. (RNAM) had a current ratio of 9.20 as of fiscal year 2025, which is generally considered healthy.
Avidity Biosciences, Inc. (RNAM) had a liabilities-to-equity ratio of 0.16 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Avidity Biosciences, Inc. (RNAM) had a return on assets of -35.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, Avidity Biosciences, Inc. (RNAM) held $1.7B in cash, cash equivalents and investments, and reported an operating cash outflow of $650.4M over that year. Dividing the one by the other, the reported balance equals about 31 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Avidity Biosciences, Inc. (RNAM) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Avidity Biosciences, Inc. (RNAM) reported a net loss of $684.6M while operations used $650.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Avidity Biosciences, Inc. (RNAM) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.