Revenue of $108.0M in 2026Q2 with 99.0% gross margin follows a $6.4M trough in 2026Q1 at -73.2% gross margin, a milestone-driven pattern that suggests profitability is timing-dependent rather than structurally improving, especially given fixed R&D near $56M per quarter.
REGENXBIO Inc. (RGNX) annual income statement — 13-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 |
|---|
| Sales/Revenue | 174.48M | 170.44M | 83.33M | 90.24M | 112.72M | 470.35M | 154.57M | 35.23M | 218.5M | 10.39M | 4.59M | 7.59M | 6.12M | 6.09M |
| Revenue Growth % | 12% | 104.54% | -7.66% | -19.94% | -76.03% | 204.3% | 338.7% | -83.88% | 2002.42% | 126.48% | -39.52% | 23.99% | 0.54% | - |
| Cost of Goods Sold | 79.87M | 20.3M | 33.57M | 37.21M | 54.55M | 51.83M | 35.71M | 8.24M | 9.64M | 1.71M | 959K | 1.5M | 1.01M | 324K |
| COGS % of Revenue | - | 11.91% | 40.28% | 41.24% | 48.39% | 11.02% | 23.11% | 23.39% | 4.41% | 16.44% | 20.9% | 19.81% | 16.45% | 5.32% |
| Gross Profit | 94.61M | 150.14M | 49.76M | 53.03M | 58.18M | 418.51M | 118.85M | 26.99M | 208.87M | 8.68M | 3.63M | 6.08M | 5.11M | 5.76M |
| Gross Margin % | 54.22% | 88.09% | 59.72% | 58.76% | 51.61% | 88.98% | 76.89% | 76.61% | 95.59% | 83.56% | 79.1% | 80.19% | 83.55% | 94.68% |
| Gross Profit Growth % | - | 201.73% | -6.16% | -8.85% | -86.1% | 252.13% | 340.33% | -87.08% | 2305.17% | 139.23% | -40.35% | 19.01% | -11.28% | - |
| Operating Expenses | 258.76M | 311.34M | 283.11M | 321.16M | 321.06M | 258.53M | 238.09M | 175.99M | 120.77M | 84.57M | 68.97M | 29.16M | 8.77M | 10.53M |
| OpEx % of Revenue | - | 182.67% | 339.75% | 355.88% | 284.82% | 54.97% | 154.03% | 499.5% | 55.27% | 813.71% | 1502.94% | 384.36% | 143.22% | 172.91% |
| Selling, General & Admin | 85.56M | 82.86M | 76.62M | 88.49M | 85.28M | 79.33M | 63.82M | 51.81M | 36.85M | 27.23M | 23.59M | 11.91M | 3.85M | 5.47M |
| SG&A % of Revenue | - | 48.62% | 91.95% | 98.06% | 75.65% | 16.87% | 41.29% | 147.06% | 16.86% | 261.99% | 514.06% | 156.98% | 62.92% | 89.93% |
| Research & Development | 229.14M | 228.3M | 208.52M | 232.27M | 242.45M | 181.44M | 166.29M | 124.19M | 83.87M | 57.22M | 45.48M | 17.28M | 4.96M | 5.05M |
| R&D % of Revenue | - | 133.95% | 250.24% | 257.38% | 215.09% | 38.58% | 107.59% | 352.47% | 38.38% | 550.6% | 991.11% | 227.71% | 81.06% | 82.98% |
| Other Operating Expenses | -898K | 179K | -2.03M | 397K | -6.68M | -2.24M | 7.97M | -10K | 42K | 116K | -102K | -26K | -47K | 0 |
| Operating Income | -164.15M | -161.2M | -233.35M | -268.13M | -262.88M | 159.98M | -119.23M | -149M | 88.1M | -75.89M | -65.34M | -23.14M | -3.68M | -4.78M |
| Operating Margin % | -94.08% | -94.58% | -280.03% | -297.12% | -233.2% | 34.01% | -77.14% | -422.89% | 40.32% | -730.15% | -1423.84% | -304.92% | -60.16% | -78.46% |
| Operating Income Growth % | - | 30.92% | 12.97% | -2% | -264.32% | 234.17% | 19.98% | -269.12% | 216.1% | -16.14% | -182.4% | -528.38% | 22.91% | - |
| EBITDA | -148.78M | -145.58M | -217.13M | -250.81M | -249.97M | 169.54M | -110.83M | -141.85M | 92.08M | -73.2M | -64.8M | -23.06M | -3.65M | -4.76M |
| EBITDA Margin % | -85.27% | -85.42% | -260.57% | -277.93% | -221.75% | 36.05% | -71.7% | -402.59% | 42.14% | -704.31% | -1411.99% | -303.86% | -59.67% | -78.23% |
| EBITDA Growth % | -0.02% | 32.95% | 13.43% | -0.34% | -247.43% | 252.98% | 21.87% | -254.04% | 225.8% | -12.97% | -181.03% | -531.35% | 23.31% | - |
| D&A (Non-Cash Add-back) | 15.37M | 15.62M | 16.21M | 17.32M | 12.91M | 9.56M | 8.41M | 7.15M | 3.98M | 2.69M | 544K | 80K | 30K | 14K |
| EBIT | -154.49M | -148.87M | -214.44M | -256.78M | -257.15M | 167.52M | -105.24M | -97.49M | 88.1M | -75.89M | -65.34M | -22.79M | -3.68M | -4.78M |
| Net Interest Income | -40.65M | -32.74M | -12.48M | -6.84M | -22.91M | -25.56M | 3.5M | 2.95M | 8.95M | 0 | 0 | -20K | -321K | -611K |
| Interest Income | 1.29M | 12.27M | 174K | 25K | 342K | 719K | 4.27M | 2.95M | 8.95M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 41.95M | 45.01M | 12.66M | 6.86M | 23.25M | 26.28M | 771K | 0 | 0 | 0 | 0 | 20K | 321K | 611K |
| Other Income/Expense | -32.29M | -32.68M | 6.24M | 4.48M | -17.53M | -18.73M | 13.22M | 51.51M | 16.02M | 2.72M | 1.94M | 326K | -321K | -611K |
| Pretax Income | -196.43M | -193.88M | -227.1M | -263.65M | -280.4M | 141.25M | -106.01M | -97.49M | 104.12M | -73.17M | -63.4M | -22.81M | -4M | -5.39M |
| Pretax Margin % | -112.58% | -113.75% | -272.54% | -292.15% | -248.75% | 30.03% | -68.59% | -276.7% | 47.65% | -704.02% | -1381.61% | -300.62% | -65.41% | -88.5% |
| Income Tax | 0 | 0 | 0 | -152K | -84K | 13.41M | 5.24M | -2.75M | 4.18M | 686K | -435K | -60K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.06% | 0.03% | 9.49% | -4.94% | 2.83% | 4.01% | -0.94% | 0.69% | 0.26% | 0% | 0% |
| Net Income | -196.43M | -193.88M | -227.1M | -263.49M | -280.32M | 127.84M | -111.25M | -94.73M | 99.94M | -73.17M | -62.97M | -22.81M | -4M | -5.39M |
| Net Margin % | -112.58% | -113.75% | -272.54% | -291.99% | -248.68% | 27.18% | -71.98% | -268.88% | 45.74% | -704.02% | -1372.13% | -300.62% | -65.41% | -88.5% |
| Net Income Growth % | -11.88% | 14.63% | 13.81% | 6% | -319.27% | 214.91% | -17.44% | -194.79% | 236.58% | -16.2% | -176.04% | -469.85% | 25.69% | - |
| Net Income (Continuing) | -196.43M | -193.88M | -227.1M | -263.49M | -280.32M | 127.84M | -111.25M | -94.73M | 99.94M | -73.17M | -62.97M | -22.81M | -4M | -5.39M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -3.71 | -3.76 | -4.59 | -6.02 | -6.50 | 2.91 | -2.98 | -2.58 | 2.73 | -2.45 | -2.38 | -2.49 | -0.30 | -2.04 |
| EPS Growth % | -10.17% | 18.08% | 23.75% | 7.38% | -323.37% | 197.65% | -15.5% | -194.51% | 211.43% | -2.94% | 4.42% | -730% | 85.29% | - |
| EPS (Basic) | - | -3.76 | -4.59 | -6.02 | -6.50 | 3.01 | -2.98 | -2.58 | 2.73 | -2.45 | -2.38 | -2.49 | -0.30 | -2.04 |
| Diluted Shares Outstanding | 53.02M | 51.57M | 49.51M | 43.73M | 43.15M | 43.91M | 37.28M | 36.69M | 36.65M | 29.88M | 26.41M | 9.17M | 13.15M | 2.64M |
| Basic Shares Outstanding | 52.82M | 51.57M | 49.51M | 43.73M | 43.15M | 42.44M | 37.28M | 36.69M | 36.61M | 29.86M | 26.41M | 9.17M | 13.15M | 2.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RGNX stock.
For fiscal year 2025, REGENXBIO Inc. (RGNX) reported total revenue of $170.4M. This represents a 2700.1% increase compared to $6.1M in 2013.
REGENXBIO Inc. (RGNX) reported a net loss of $193.9M for the fiscal year ending 2025.
REGENXBIO Inc. (RGNX) reported an operating income of $-161.2M, resulting in an operating profit margin of -94.6%. This margin reflects the operational efficiency of the business before interest and taxes.
REGENXBIO Inc. (RGNX) generated $150.1M in gross profit for the year, representing a gross profit margin of 88.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Milestone revenue lumpiness
Metrics are mathematically derived from official filings.
Milestone Revenue Defies Trend
REGENXBIO's revenue has swung between $6.4M in 2026Q1 and $108.0M in 2026Q2, an unsteady, milestone-driven pattern rather than a durable growth trajectory; as reported in its quarterly statements, the 4.1% quarter-over-quarter gain in 2026Q2 merely reflects lumpy recognition, not underlying volume or pricing momentum.
The ten-quarter series shows no consistent growth vector: revenue fell from $89.0M in 2025Q1 to $6.4M in 2026Q1, then rebounded more than sixteen-fold, which implies recognition tied to discrete contractual events rather than an installed revenue base. For an analyst, this means the recent upward prints should not be extrapolated; growth durability hinges on whether future milestones convert, and the 4.1% quarterly growth figure carries little predictive weight.
Gross Margin Swings on Timing
Gross margin has swung from -107.9% in 2025Q3 to 99.0% in 2026Q2, per REGENXBIO's reported income statements, indicating cost recognition tied to revenue events rather than a stable manufacturing base; this volatility makes structural margin expansion difficult to underwrite versus Krystal Biotech's steady 92.6%.
Negative gross margin in quarters such as 2025Q3 (COGS of $61.8M against $29.7M of revenue) suggests costs are recognized when incurred, likely on milestones or supply commitments, independent of the quarter's revenue line. The apparent 99.0% margin in 2026Q2 is therefore more a function of cost timing than pricing power, so peer comparisons on gross margin remain analytically weak in this model.
Fixed R&D Limits Leverage
R&D spending has remained near $56.1M in 2026Q2 despite $6.4M revenue a quarter earlier, per RGNX's quarterly filings, so operating income of $29.3M depends almost entirely on revenue timing rather than overhead reduction; fixed R&D of roughly $50-60M leaves little true operating leverage in trough quarters.
R&D has held within a narrow $44.8M-$59.6M band regardless of revenue swings, and SG&A has climbed steadily from $18.3M to $21.6M, implying the operating cost structure is largely committed ahead of revenue visibility. Operating income therefore scales with gross profit rather than with expense discipline, meaning management's ability to trim costs is not yet evidenced and upside operating leverage remains unproven.
SBC Offsets Profit Momentum
Stock-based compensation of $9.1M in 2026Q2 absorbs roughly 31% of the quarter's $29.3M operating income and exceeded REGENXBIO's entire $6.4M revenue in 2026Q1, per its reported statements, meaning non-cash dilution remains material even when headline EPS turns positive at $0.43.
With SBC running at $8.4M-$9.9M every quarter through the series, reported net income in profitable quarters such as 2026Q2 ($22.7M) and 2025Q1 ($6.1M) is substantially supported by non-cash charges that offset the optics of positive EPS. Investors should treat adjusted profitability skeptically, as the persistent equity compensation run-rate represents a real, recurring economic cost to shareholders that masks the thinness of recurring earnings.
2026Q2 Marks Earnings Inflection
The 2026Q2 swing to $22.7M net income from a $90.1M loss in 2026Q1, as reported in RGNX's financial statements, marks the sharpest single-quarter earnings inflection in the ten-quarter history and appears driven by revenue recognition timing rather than a demonstrable step-change in the cost base.
The inflection is notable because it arrives with essentially unchanged spending: R&D of $56.1M and SG&A of $21.6M versus $57.3M and $21.3M in the prior loss-making quarter. This asymmetry reinforces that the earnings swing is top-line timing, and while 2025Q1 provides a precedent for a similar positive quarter, the fact that such inflections have been followed by renewed losses limits its evidentiary value for sustainable profitability.
Profitability Built on Timing
Bulls may extrapolate 2026Q2's $108.0M revenue and 21.0% net margin, yet REGENXBIO posted a $57.6M operating loss two quarters earlier at 80.5% gross margin, per its reported filings; two profitable quarters in ten suggest earnings depend on milestone timing, not recurring product economics.
Only 2025Q1 and 2026Q2 of the last ten quarters produced positive operating income, and the intervening period shows cumulative operating losses exceeding $440M against SG&A that has never been reduced across the series. The bear case therefore centers on the possibility that headline profitability is episodic, with R&D burn funded by intermittent revenue events, making the current earnings trajectory difficult to capitalize with a conventional multiple.