On July 31, 2025 FibroBiologics, Inc. (Nasdaq: FBLG) ("FibroBiologics"), a clinical-stage biotechnology company with 275+ patents issued and pending with a focus on the development of therapeutics and potential cures for chronic diseases using fibroblasts and fibroblast-derived materials, reported second quarter 2025 financial results and provided a corporate update (Press release, FibroBiologics, JUL 31, 2025, View Source [SID1234656320]).

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Recent Highlights

Successfully closed third $5 million tranche of a $25 million total financing, with proceeds used to advance research and development efforts and support the upcoming Phase 1/2 clinical trial in diabetic foot ulcers (DFUs).
Strengthened leadership team with the appointment of Jason D. Davis, CPA, as Chief Financial Officer, who brings over 25 years of experience in building and leading organizations.
Presented pre-clinical evidence at the Society for Investigative Dermatology Annual Meeting supporting the potential of fibroblast spheroids to reduce psoriasis severity. Findings showcased the fibroblast-based candidate’s ability to enable sustained remission and reduce relapse, accompanied by a significantly lower adverse side effects profile.
Highlighted potential of fibroblast-based therapies for chronic disease treatments at the BIO International Convention 2025.
Confirmed the use of the CYWC628 master cell bank for the manufacturing of CybroCell, FibroBiologics’ investigational intradiscal administered allogeneic fibroblast cell-based therapy in development for degenerative disc disease.
Upcoming Milestones

Initiate Phase 1/2 clinical trial in Australia evaluating fibroblast-based spheroids product candidate, CYWC628, in DFU patients in the first quarter of 2026.
Complete Phase 1/2 clinical trial in Australia in DFU patients in the third quarter of 2026.
Complete pre-clinical IND-enabling studies for the treatment of psoriasis with CYPS317, FibroBiologics’ fibroblast spheroid product candidate, by the end of 2025.
Pete O’Heeron, Founder and Chief Executive Officer of FibroBiologics, said, "Backed by our strong research and development efforts, we are continuing to progress toward entering the clinic with our Phase 1/2 trial evaluating CYWC628 in diabetic foot ulcer patients, while simultaneously advancing IND-enabling studies for CYPS317 in psoriasis. Our robust intellectual property portfolio, which now includes more than 275 issued or pending patents, is reinforced by the growing pre-clinical evidence supporting the potential of our fibroblast-based therapies. We believe this expanding IP position enhances our competitive advantage and supports our long-term strategy for innovation. As always, we remain focused on executing our clinical milestones and delivering meaningful value to both patients and shareholders as we advance toward our goal of transforming chronic disease treatments."

Financial Highlights for the Six Months Ended June 30, 2025

Research and development expenses were approximately $3.8 million for the six months ended June 30, 2025, compared to approximately $1.9 million for the same period in 2024. The increase was primarily due to increased chemistry, manufacturing and control costs of $0.2 million for cell manufacturing activities; increased CRO costs of $0.9 million to prepare for a clinical trial; increased personnel related expenses of $0.3 million due to hiring additional research scientists; and increased research materials and supplies expenses of $0.5 million due to increased laboratory personnel and preclinical studies.
General and administrative expenses were approximately $5.2 million for the six months ended June 30, 2025, compared to approximately $4.7 million for the same period in 2024. The increase was primarily due to increased expenses of $0.5 million for added personnel in 2025, which includes stock-based compensation expense; increased professional fees of $0.3 million for accounting, legal and marketing expenses; increased travel expenses of $0.1 million; and decreased Direct Listing related expenses of $0.4 million.
For the six months ended June 30, 2025, FibroBiologics reported a net loss of approximately $9.6 million compared to a net loss of approximately $7.6 million for the same period in 2024. The net loss for the six months ended June 30, 2025, was primarily due to the increase in both research and development expenses and general and administrative expenses discussed above.
Cash and cash equivalents totaled approximately $8.8 million at June 30, 2025.
For more information, please visit FibroBiologics’ website or email FibroBiologics at [email protected].

On July 31, 2025 Kyowa Hakko Kirin reported consolidated Financial Summary (IFRS) Fiscal 2025 (Press release, Kyowa Hakko Kirin, JUL 31, 2025, View Source [SID1234656876]).

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On July 31, 2025 Crescent Biopharma, Inc. ("Crescent" or the "Company") (Nasdaq: CBIO), a biotechnology company dedicated to rapidly advancing the next wave of therapies for cancer patients, reported financial results for the second quarter ended June 30, 2025, and recent business highlights (Press release, Crescent Biopharma, JUL 31, 2025, View Source [SID1234654680]).

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"The second quarter of 2025 was momentous for Crescent. We bolstered our leadership team, completed our merger and began trading on Nasdaq while also closing a substantial financing with a premier group of healthcare investors that will support the advancement of our portfolio of next generation therapeutics for solid tumors to important inflection points," said Joshua Brumm, chief executive officer of Crescent. "Our lead program, CR-001, a PD-1 x VEGF bispecific antibody, is designed to transform the immuno-oncology standard of care, and we are on track to submit an IND by the end of 2025. This would enable dosing the first patients in our global Phase 1 trial in early 2026, with proof-of-concept data expected later that year. In addition, we expect the first of our two ADCs to enter the clinic in mid-2026. We have a tremendous opportunity ahead of us, and we remain focused on rapidly advancing our programs as we work toward delivering the next wave of treatments to those living with cancer."
Recent Business Highlights & Upcoming Milestones

Corporate
•Crescent appointed new leadership bringing experience in oncology drug development, clinical operations and building biotech companies, including Joshua Brumm as chief executive officer and member of the board of directors; Jonathan McNeill, M.D., as president and chief operating officer; Ellie Im, M.D., as chief medical officer; Rick Scalzo, MBA, as chief financial officer; Jan Pinkas, Ph.D., as chief scientific officer; Amy Reilly as chief communications officer; and Tanya Sengupta, MBA, as executive vice president, chief of strategy and operations.
•The Company appointed David Lubner to Crescent’s board of directors.
•Crescent completed its merger with GlycoMimetics, Inc. and began trading on the Nasdaq Capital Market on June 16, 2025, under the ticker symbol "CBIO." The Company also closed a previously announced private financing of $200 million in gross proceeds.

Pipeline
CR-001, a PD-1 x VEGF bispecific antibody
•Crescent’s lead program, CR-001, is a tetravalent PD-1 x VEGF bispecific antibody intentionally designed to replicate the cooperative pharmacology of ivonescimab, which demonstrated superior efficacy compared to the current market leader, pembrolizumab, in a large third-party Phase 3 trial in non-small cell lung cancer.1 Crescent remains on track to submit an Investigational New Drug (IND) application in the fourth quarter of 2025 and expects to report proof-of-concept clinical data from a global Phase 1 trial in patients with solid tumors in the second half of 2026.
CR-002 and CR-003, novel antibody-drug conjugates (ADCs)
•CR-002 and CR-003 are novel ADCs with topoisomerase inhibitor payloads that are being developed as single agents and in combination with CR-001. Crescent expects to submit an IND application for CR-002 in mid-2026.
Second Quarter 2025 Financial Results
Cash position: Cash was $152.6 million as of June 30, 2025, which is anticipated to fund operations through 2027.
Research and development (R&D) expenses: R&D expenses were $12.1 million for the three months ended June 30, 2025.
General and administrative (G&A) expenses: G&A expenses were $8.9 million for the three months ended June 30, 2025.
Net loss: Net loss was $21.8 million, or $4.93 per basic and diluted share, for the three months ended June 30, 2025.

On July 31, 2025 Genvira Biosciences Inc. ("Genvira"), a Canadian innovator in next-generation viral vectors, Labskin Limited ("Labskin"), a leader in 3D in vitro human skin models, and the National Research Council of Canada (NRC) reported the launch of a collaborative project to develop novel immunotherapies for malignant melanoma (Press release, Genvira Biosciences, JUL 31, 2025, View Source [SID1234654697]). The collaboration is receiving advisory services and up to £1.2 million ($2.0 million) in funding through the Canada–UK Biomanufacturing of Biologics and Advanced Therapies program. UK participants are supported by Innovate UK, part of UK Research and Innovation (UKRI), while in Canada, support for the project is offered through the NRC Industrial Research Assistance Program (NRC IRAP) and the NRC Collaborative Science and Technology Innovation Program (NRC CSTIP).

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Malignant melanoma continues to be a serious global health concern, with an estimated 330,000 new cases and 60,000 deaths each year. This international partnership aims to address the unmet need by developing cutting-edge cancer vaccines and optimizing targeted antigen delivery systems.

As part of the collaboration, Labskin will utilize its expertise in advanced disease modeling to develop a novel 3D human skin model of melanoma, enabling in vitro testing of vaccine candidates. Genvira will contribute its proprietary viral vector and gene delivery platforms, while the NRC will support the integration of mRNA technologies to engineer innovative, targeted immunotherapies tailored to melanoma.

Dr. Nicola Kingswell, Scientific Director at Labskin Limited, stated:

"We’re extremely grateful to Innovate UK for supporting this exciting project. It represents a step-change in the treatment of malignant melanoma, which will benefit many patients worldwide. This partnership will not only produce and validate new immunotherapies, but also establish a framework for developing future cancer therapeutics."

Dr. Jiahu Wang, President of Genvira Biosciences, added:

"We’d like to thank NRC IRAP for their support, and the NRC for their collaborative role. This partnership enables us to rapidly translate our viral vector technologies into clinical applications for melanoma and lays the groundwork for broader advances in cancer immunotherapy."

The project brings together unique and complementary strengths in 3D tissue engineering, gene and viral therapy, mRNA technology, and advanced biomanufacturing. In addition to therapeutic development, the consortium will focus on scalable production processes, quality control assays, and robust technologies to enable rapid response to future healthcare challenges.

This initiative highlights the importance of international collaboration in driving innovation and accelerating the development of advanced biologics and therapies.

On July 31, 2025 Illumina, Inc. (Nasdaq: ILMN) ("Illumina" or the "company") reported its financial results for the second quarter of fiscal year 2025 (Press release, Illumina, JUL 31, 2025, View Source [SID1234654681]).

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"The Illumina team again delivered results that exceeded our guidance, driven by the continued ramp in X consumables, as well as accelerating growth in clinical, our largest customer segment" said Jacob Thaysen, Chief Executive Officer. "In research, we are actively helping our customers navigate a constrained funding environment. Even in these challenging conditions, the team’s focus on operational excellence helped drive margin expansion, enabling us to increase our expectations for the year."

Second quarter Core Illumina segment results

GAAP Non-GAAP (a)
Dollars in millions, except per share amounts
Q2 2025 Q2 2024 Q2 2025 Q2 2024
Revenue (b) $ 1,059 $ 1,092 $ 1,059 $ 1,092
Gross margin (c) 65.6 % 68.0 % 69.4 % 69.4 %
Research and development (R&D) expense $ 247 $ 241 $ 243 $ 241
Selling, general and administrative (SG&A) expense $ 234 $ 60 $ 241 $ 275
Operating profit
$ 214 $ 442 $ 252 $ 242
Operating margin 20.2 % 40.5 % 23.8 % 22.2 %
Tax provision $ 71 $ 35 $ 54 $ 55
Tax rate 23.4 % 35.0 % 22.2 % 24.2 %
Net income $ 235 $ 66 $ 187 $ 174
Diluted EPS $ 1.49 $ 0.41 $ 1.19 $ 1.09

1

(a)See tables in "Results of Operations – Non-GAAP" section below for GAAP and non-GAAP reconciliations.
(b)Revenue for Q2 2024 included intercompany revenue of $9 million prior to the spin-off of GRAIL.
(c)Non-GAAP gross margin remained flat primarily due to higher freight and duties costs related to tariffs and an increase in field service costs, partially offset by lower strategic partnership revenue, that is lower margin, and a more favorable product mix. The decrease in GAAP gross margin was primarily due to a $23 million impairment of an acquired intangible asset.

Capital expenditures for free cash flow purposes were $30 million for Q2 2025. Cash flow provided by operations was $234 million, compared to $243 million in the prior year period. Free cash flow (cash flow provided by operations less capital expenditures) was $204 million for the quarter, compared to $213 million in the prior year period. Depreciation and amortization expense was $68 million for Q2 2025. At the close of the quarter, the company held $1.16 billion in cash, cash equivalents and short-term investments.

Share repurchases for Q2 2025 were $380 million and the company intends to repurchase incremental shares over the course of the year as part of our approximate $800 million authorization remaining at the end of the quarter.

Key announcements since our last earnings release
•Launched TruSight Oncology 500 version 2 (TSO 500 v2), an updated version of Illumina’s comprehensive genomic profiling assay for cancer research
•TIME named Illumina to its World’s Most Sustainable Companies list for the second year in a row, and U.S. News & World Report named Illumina to its Best Companies to Work For list
•Entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic and other specified assets
•Unveiled PromoterAI, a new AI algorithm that accurately deciphers pathogenic regulatory genetic variants in the noncoding regions of the human genome
•Received approval from Japan’s Ministry of Health, Labour and Welfare (MHLW) for TruSight Oncology (TSO) Comprehensive for Class III/IV Medical Device (Specially Controlled Medical Device)
•Launch of DRAGEN v4.4 software, the industry’s most comprehensive secondary analysis solution powering clinical oncology research and multiomic applications

A full list of recent announcements can be found in the company’s News Center.

Financial outlook and guidance
The company provides forward-looking guidance on a non-GAAP basis, including on a constant currency basis for revenue and revenue growth rates. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related expenses, fair value adjustments to contingent consideration, gains and losses from strategic investments, potential future asset impairments, restructuring activities, the ultimate outcome of pending litigation, and currency exchange rate fluctuations without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.

Conference call information
The conference call will begin at 1:30 pm Pacific Time (4:30 pm Eastern Time) on Thursday, July 31, 2025. Interested parties may access the live webcast via the Investor Info section of Illumina’s website or directly through the following link – View Source To ensure timely connection, please join at least ten minutes before the scheduled start of the call. A replay of the conference call will be posted on Illumina’s website after the event and will be available for at least 30 days following.