
| • |
Dosing of additional patients for the Phase 2 study of RP-A501 for Danon disease anticipated in the first half of 2026.
|
| o |
In August, Rocket disclosed that the U.S. Food and Drug Administration’s (FDA) lifted the clinical hold on the Company’s pivotal Phase 2
trial of RP-A501 for the treatment of Danon disease in under three months.
|
| o |
Per agreement with the FDA, three additional patients will be treated at a recalibrated dose of 3.8 × 10¹³ GC/kg with a minimum four-week interval between dosing and a modified immunomodulatory
regimen. Following the treatment of these three patients, Rocket will align with the FDA regarding the path forward for completion of the Phase 2 pivotal study.
|
| o |
Details of the Phase 2 pivotal study can be found at www.ClinicalTrials.gov under NCT
identifier NCT06092034.
|

| • |
Engagement with the FDA is ongoing regarding RP-A601 for PKP2 arrhythmogenic cardiomyopathy (PKP2-ACM).
|
| o |
Rocket continues to collaborate with the FDA to align upon potential pivotal Phase 2 trial design to evaluate the efficacy and safety of RP-A601 for PKP2-ACM.
|
| • |
Phase 1 trial start-up activities are ongoing for RP-A701 in BAG3-associated dilated cardiomyopathy (BAG3-DCM).
|
| o |
The first-in-human Phase 1 clinical trial will be a multi-center, dose-escalation study designed to evaluate the safety, biological activity, and preliminary efficacy of RP-A701 in adults with
BAG3-DCM.
|
| o |
Details of the Phase 1 study can be found at www.ClinicalTrials.gov under NCT
identifier NCT07137338.
|
| • |
FDA accepted the resubmission of the BLA for KRESLADITM (marnetegragene autotemcel; marne-cel) for the treatment of severe leukocyte adhesion deficiency-I (LAD-I).
|
| o |
In October, KRESLADITM received a Prescription Drug User Fee Act (PDUFA) target action date for March 28, 2026.
|
| o |
Rocket is eligible for a Rare Pediatric Disease Priority Review Voucher (PRV), with the approval of KRESLADI™.
|
| • |
Leadership updates with several key appointments to support Rocket’s transition toward late-stage development and anticipated commercialization.
|
| o |
In September 2025, Syed Rizvi, M.D., was named Chief Medical Officer, adding over 20 years of clinical strategy, development and commercialization experience and a proven track record in cell and
gene therapy, guiding the development and commercialization of multiple cell therapies for cancer treatments, including three approved autologous CAR-T cell therapies. Dr. Rizvi most recently served as Chief Medical Officer at Poseida
Therapeutics, where he advanced the allogeneic CAR-T and gene therapy pipeline through the Company’s acquisition by Roche in January 2025. Previously, Dr. Rizvi held global clinical leadership roles at Legend Biotech, Celgene, Novartis,
Merck, Caribou Biosciences and Genta Inc.
|
| o |
Christopher Stevens, appointed Chief Operating Officer in July, adding more than two decades of global operations, product strategy, manufacturing, and supply chain leadership experience in the
biopharmaceutical industry. Mr. Stevens previously served as Executive Vice President and Chief Patient Supply Officer at Spark Therapeutics, where he oversaw end-to-end gene therapy manufacturing and supply, and held senior operational roles
at GlaxoSmithKline and Bristol Myers Squibb.
|
| o |
Sarbani Chaudhuri, joined as Chief Commercial & Medical Affairs Officer in April, bringing more than 20 years of leadership in delivering multiple pioneering therapeutics from development to
blockbuster launches that have transformed patient outcomes and been central to enterprise growth. Most recently, she led hematology at Johnson & Johnson, and previously held business leadership roles at AstraZeneca, Pfizer, and Novartis
in oncology and rare diseases.
|

| o |
Jonathan Schwartz, M.D., appointed Chief Science and Gene Therapy Officer, reflecting
Rocket’s continued commitment to scientific and technical excellence as the Company advances toward late-stage development and commercialization. A founding member of Rocket’s leadership team and founding Chief Medical Officer, Dr. Schwartz
has been instrumental in building and progressing Rocket’s industry-leading gene therapy pipeline across cardiology and hematology programs. In his expanded role, he will lead the strategic advancement and application of gene therapy
technologies to current and future therapeutic areas, driving innovation across Rocket’s platform.
|
| • |
Cash position. Cash, cash equivalents and investments as of
September 30, 2025, were $222.8 million. Rocket expects such resources, excluding any potential future proceeds from a Priority Review Voucher that may be granted upon FDA approval of KRESLADITM, will be sufficient to fund its
operations into the second quarter of 2027.
|
| • |
R&D expenses. Research and development expenses were
$34.1 million for the three months ended September 30, 2025, compared to $42.3 million for the three months ended September 30, 2024. The decrease of $8.2 million in R&D expenses was primarily driven by decreases in manufacturing and development and direct material costs of $3.6 million, clinical trial expenses of $2.4 million, and
professional fees of $2.0 million. The reduction reflects disciplined resource allocation following the company’s recent organizational realignment.
|
| • |
G&A expenses. General and administrative expenses were
$18.4 million for the three months ended September 30, 2025, compared to $27.1 million for the three months ended September 30, 2024. The decrease of $8.7 million in G&A expenses was primarily driven by decreases in commercial
preparation-related expenses of $6.6 million and non-cash stock-based compensation expense of $1.5 million.
|
| • |
Net loss. Net loss was $50.3 million or $0.45 per share
(basic and diluted) for the three months ended September 30, 2025, compared to $66.7 million or $0.71 (basic and diluted) for the three months ended September 30, 2024.
|
| • |
Shares outstanding. 108,208,643 shares of common stock were
outstanding as of September 30, 2025.
|
| • |
Restructuring expenses. Approximately $3.3 million in
restructuring and restructuring-related charges were incurred in 2025.
|


|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2025
|
2024
|
2025
|
2024
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
$
|
34,068
|
$
|
42,315
|
$
|
112,668
|
$
|
133,887
|
||||||||
|
General and administrative
|
18,351
|
27,109
|
71,817
|
76,624
|
||||||||||||
|
Restructuring
|
(172
|
)
|
-
|
3,299
|
-
|
|||||||||||
|
Total operating expenses
|
52,247
|
69,424
|
187,784
|
210,511
|
||||||||||||
|
Loss from operations
|
(52,247
|
)
|
(69,424
|
)
|
(187,784
|
)
|
(210,511
|
)
|
||||||||
|
Interest expense
|
(473
|
)
|
(471
|
)
|
(1,418
|
)
|
(1,413
|
)
|
||||||||
|
Interest and other income, net
|
709
|
1,327
|
2,528
|
6,650
|
||||||||||||
|
Accretion of discount on investments, net
|
1,679
|
1,849
|
6,089
|
6,855
|
||||||||||||
|
Net loss
|
(50,332
|
)
|
(66,719
|
)
|
(180,585
|
)
|
(198,419
|
)
|
||||||||
|
Net loss per share - basic and diluted
|
$
|
(0.45
|
)
|
$
|
(0.71
|
)
|
$
|
(1.63
|
)
|
$
|
(2.11
|
)
|
||||
|
Weighted-average common shares outstanding - basic and diluted
|
111,571,136
|
94,158,491
|
110,900,161
|
93,893,729
|
||||||||||||
|
|
||||||||||||||||
|
|
September 30, 2025
|
December 31, 2024
|
||||||||||||||
|
Cash, cash equivalents, and investments
|
$
|
222,758
|
$
|
372,336
|
||||||||||||
|
Total assets
|
368,033
|
527,700
|
||||||||||||||
|
Total liabilities
|
54,364
|
64,466
|
||||||||||||||
|
Total stockholders' equity
|
313,669
|
463,234
|
||||||||||||||