Record Services Revenue and Core Study Growth
Total revenue of $16.6M for the quarter with core study (services) revenue a record $16.6M, up from $12.6M year-ago (~+32%), reflecting strong study execution and conversion of previously booked work.
Positive Adjusted EBITDA Momentum
Third consecutive quarter of positive adjusted EBITDA of $575k, and management remains on track for full-year positive adjusted EBITDA.
Operating Leverage and Efficiency
Growth in services delivered without material additions to headcount, indicating operating leverage and the ability to expand margins as the business scales.
Early Commercial Traction in Data Business
Closed a six-figure data deal in the quarter (expected to be recognized in Q4) and expects incremental revenue from a previously announced large data deal in Q4 — signs of early momentum in the nascent data platform.
Strategic Investments in Growth Vectors
Continued investments in the data platform, sequencing and related R&D, expansion of data business development and commercial teams, and development of radiopharmaceutical capabilities to enhance long-term growth potential.
Progress at Corellia (Target Discovery Subsidiary)
Corellia generating attractive data with positive feedback from potential VC and licensing partners; management plans to include funding in fiscal 2027 budget and may secure external funding to reduce internal EBITDA investment.
Solid Balance Sheet Positioning
Ended the quarter with $7.1M in cash, no debt, and net cash used in operating activities of $1.4M for the quarter, with management stating cash is within projected range.