The company lacks top-line revenue, resulting in persistent quarterly operating losses that reached $48.5 million in 2026Q1 while maintaining R&D expenditures above $30 million.
Rocket Pharmaceuticals, Inc. (RCKT) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.15M | 11.03M | 0 | 0 | 0 | 0 | 1.15M | 426K | 330K | 204K | 169K | 45K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -2.15M | -11.03M | 0 | 0 | 0 | 0 | -1.15M | -426K | -330K | -204K | -169K | -45K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -168.78% | -29.09% | -61.76% | -20.71% | -275.56% | - | - | - | - |
| Operating Expenses | 189.5M | 217.49M | 273.2M | 259.66M | 224.34M | 167.25M | 134.86M | 75.9M | 70.97M | 26.74M | 41.88M | 20.4M | 7.7M | 6.65M | 5.85M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 67.52M | 86.5M | 101.96M | 73.32M | 58.77M | 41.77M | 27.92M | 17.53M | 17.89M | 12.54M | 9.89M | 7.84M | 2.11M | 1.32M | 2.31M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 124.37M | 142.01M | 171.24M | 186.34M | 165.57M | 125.48M | 106.38M | 58.62M | 53.27M | 14.19M | 31.98M | 12.55M | 5.59M | 5.33M | 3.54M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.24M | -11.03M | 0 | 0 | 0 | 0 | 0 | -250K | -186K | 0 | 0 | 0 | 0 | 3K | 4K |
| Operating Income | -191.64M | -228.52M | -273.2M | -259.66M | -224.34M | -167.25M | -136M | -76.15M | -71.16M | -26.74M | -41.88M | -20.4M | -7.7M | -6.65M | -5.85M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 16.36% | -5.22% | -15.74% | -34.14% | -22.97% | -78.6% | -7.02% | -166.13% | 36.16% | -105.33% | -164.75% | -15.78% | -13.76% | - |
| EBITDA | -179.79M | -217.49M | -263.83M | -252.56M | -218.08M | -161.88M | -134.86M | -75.72M | -70.83M | -26.53M | -41.71M | -20.35M | -7.7M | -6.65M | -5.84M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 30.13% | 17.56% | -4.46% | -15.81% | -34.72% | -20.03% | -78.09% | -6.92% | -166.94% | 36.39% | -104.95% | -164.16% | -15.83% | -13.89% | - |
| D&A (Non-Cash Add-back) | 11.85M | 11.03M | 9.38M | 7.1M | 6.27M | 5.37M | 1.15M | 426K | 330K | 204K | 169K | 45K | 0 | 3K | 9K |
| EBIT | -3.9M | -221.23M | -256.86M | -243.72M | -219.95M | -163.18M | -132.73M | -71.56M | -68.67M | -20.21M | -41.44M | -66.75M | -11.82M | -6.73M | -5.84M |
| Net Interest Income | 5.38M | 8.72M | 16.34M | 14.06M | 1.98M | -2.82M | -5.4M | -1.37M | -3.55M | -2.76M | -975K | -1.14M | 0 | 0 | 0 |
| Interest Income | 10.11M | 10.62M | 18.22M | 15.94M | 3.89M | 3.07M | 2.15M | 3.41M | 1.69M | 819K | 443K | 89K | 0 | 0 | 0 |
| Interest Expense | 4.73M | 1.89M | 1.89M | 1.88M | 1.91M | 5.89M | 7.55M | 4.78M | 5.24M | 3.58M | 1.42M | 1.23M | 980K | 884K | 213K |
| Other Income/Expense | 183.01M | 5.39M | 14.46M | 14.06M | 2.48M | -1.82M | -3.7M | -1.12M | -3.36M | -2.76M | -975K | -47.59M | -1.83M | -962K | -209K |
| Pretax Income | -8.63M | -223.12M | -258.75M | -245.59M | -221.86M | -169.07M | -139.7M | -77.27M | -74.52M | -29.5M | -42.85M | -67.98M | -9.53M | -7.62M | -6.06M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 8.62M | 0 | 0 | 0 | 0 | 0 | 6.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -99.91% | 0% | 0% | 0% | 0% | 0% | -4.99% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -17.25M | -223.12M | -258.75M | -245.59M | -221.86M | -169.07M | -146.67M | -83.23M | -74.52M | -29.5M | -42.85M | -67.98M | -9.53M | -7.62M | -6.06M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 93.3% | 13.77% | -5.35% | -10.7% | -31.23% | -15.27% | -76.22% | -11.69% | -152.63% | 31.17% | 36.96% | -613.27% | -25.14% | -25.72% | - |
| Net Income (Continuing) | -17.25M | -223.12M | -258.75M | -245.59M | -221.86M | -169.07M | -146.67M | -77.27M | -74.52M | -29.5M | -42.85M | -67.98M | -9.53M | -7.62M | -6.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.15 | -2.01 | -2.73 | -2.92 | -3.26 | -2.68 | -2.52 | -1.70 | -1.89 | -4.36 | -6.41 | -14.85 | -4.53 | -3.62 | -2.88 |
| EPS Growth % | 93.23% | 26.37% | 6.51% | 10.43% | -21.64% | -6.35% | -48.24% | 10.05% | 56.65% | 31.98% | 56.84% | -227.81% | -25.14% | -25.69% | - |
| EPS (Basic) | - | -2.01 | -2.73 | -2.92 | -3.26 | -2.68 | -2.52 | -1.70 | -1.89 | -4.36 | -6.41 | -10.29 | -4.53 | -3.62 | -2.88 |
| Diluted Shares Outstanding | 114.51M | 111.12M | 94.81M | 84.01M | 68.15M | 63.24M | 55.38M | 49.01M | 39.38M | 6.77M | 6.68M | 6.61M | 2.1M | 2.1M | 2.1M |
| Basic Shares Outstanding | 112.84M | 111.12M | 94.81M | 84.01M | 68.15M | 63.24M | 55.38M | 49.01M | 39.38M | 6.77M | 6.68M | 6.61M | 2.1M | 2.1M | 2.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RCKT stock.
For fiscal year 2025, Rocket Pharmaceuticals, Inc. (RCKT) reported total revenue of $0.0M.
Rocket Pharmaceuticals, Inc. (RCKT) reported a net loss of $223.1M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Pre-revenue clinical execution risk
Metrics are mathematically derived from official filings.
R&D Intensity Drives Cash Burn
As reported in financial statements, Rocket Pharmaceuticals maintains a high-fixed-cost structure, with R&D expenses consistently exceeding $30 million per quarter, which underscores the significant capital requirements necessary to advance its dual-platform gene therapy pipeline toward potential regulatory milestones and eventual commercialization in the biotechnology sector.
The company's cost structure is heavily skewed toward clinical development, reflecting the intensive nature of AAV and LVV vector manufacturing. Investors should monitor whether these R&D outlays translate into successful BLA filings, as the current lack of revenue makes the company entirely dependent on external financing to sustain these operational levels.
Operating Leverage Remains Non-Existent
Based on RCKT's reported figures, the absence of top-line revenue prevents the realization of operating leverage, as quarterly operating losses have fluctuated between $44 million and $73.7 million, driven primarily by persistent R&D and SG&A expenditures required to support late-stage clinical trial infrastructure.
The lack of revenue scaling means that every dollar spent on clinical trials and administrative overhead directly impacts the bottom line. Until the company achieves commercial approval, operating margins will remain deeply negative, necessitating a focus on the efficiency of clinical trial enrollment rather than traditional operating leverage metrics.
Stock-Based Compensation Dilution Risks
According to recent SEC filings, Rocket Pharmaceuticals consistently records significant stock-based compensation, with quarterly figures frequently exceeding $10 million, which suggests that management is utilizing equity-based incentives to preserve cash while simultaneously increasing the potential for shareholder dilution as the company approaches commercialization.
While using equity to attract specialized talent is common in biotechnology, the high ratio of SBC to total operating expenses warrants close scrutiny. Investors should evaluate whether this compensation structure aligns with long-term value creation or if it serves as a persistent drag on per-share earnings potential.
Capital Runway and Financing Vulnerability
As indicated by the company's reported cash levels of approximately $77.5 million against quarterly burn rates often exceeding $50 million, the current financial position appears precarious, suggesting that RCKT may face imminent pressure to secure additional capital to fund its transition to a commercial-stage entity.
The discrepancy between current liquidity and the high cost of clinical manufacturing creates a significant risk of dilutive financing. Market participants should consider whether the current valuation adequately prices in the high probability of a capital raise, which could be required to bridge the gap to first revenue.