Second Quarter 2026
Filed Aug 10, 2026Rocket reported second-quarter net income of $123.2 million following the sale of its Priority Review Voucher, while reducing operating expenses and extending expected cash runway into the second quarter of 2028.
The $180 million Priority Review Voucher sale materially strengthened liquidity and drove reported profitability, while R&D and G&A expenses declined. Operational progress included safety clearance for the first three patients in the modified RP-A501 pivotal Phase 2 protocol, although pivotal-trial path alignment with the FDA remains pending.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, three months ended June 30GAAP | $29.5 million | – | decrease of $13.2 million |
| General and administrative expenses, three months ended June 30GAAP | $17.4 million | – | decrease of $7.6 million |
| Total operating expenses, three months ended June 30GAAP | $ 46,922 | – | – |
| Loss from operations, three months ended June 30GAAP | $(46,922) | – | – |
| Gain from sale of PRV, three months ended June 30GAAP | $ 178,190 | – | – |
| Interest expense, three months ended June 30GAAP | $(473) | – | – |
| Interest and other income, net, three months ended June 30GAAP | $ 347 | – | – |
| Accretion of discount on investments, net, three months ended June 30GAAP | $ 693 | – | – |
| Earnings (losses) before Income Taxes, three months ended June 30GAAP | $ 131,835 | – | – |
| Provision for Income Taxes, three months ended June 30GAAP | $(8,621) | – | – |
| Net income (loss), three months ended June 30GAAP | $123.2 million | – | – |
| Net income (loss) per share - basic, three months ended June 30GAAP | $1.09 of basic income per share | – | – |
| Net income (loss) per share - diluted, three months ended June 30GAAP | $1.08 of diluted income per share | – | – |
| Weighted-average common shares outstanding - basic, three months ended June 30GAAP | 112,844,880 | – | – |
| Weighted-average common shares outstanding - diluted, three months ended June 30GAAP | 114,513,964 | – | – |
| Research and development expenses, six months ended June 30GAAP | $ 60,951 | – | – |
| General and administrative expenses, six months ended June 30GAAP | $ 34,482 | – | – |
| Restructuring, six months ended June 30GAAP | - | – | – |
| Total operating expenses, six months ended June 30GAAP | $ 95,433 | – | – |
| Loss from operations, six months ended June 30GAAP | $(95,433) | – | – |
| Gain from sale of PRV, six months ended June 30GAAP | $ 178,190 | – | – |
| Interest expense, six months ended June 30GAAP | $(946) | – | – |
| Interest and other income, net, six months ended June 30GAAP | $ 508 | – | – |
| Accretion of discount on investments, net, six months ended June 30GAAP | $ 1,922 | – | – |
| Earnings (losses) before Income Taxes, six months ended June 30GAAP | $ 84,241 | – | – |
| Provision for Income Taxes, six months ended June 30GAAP | $(8,621) | – | – |
| Net income (loss), six months ended June 30GAAP | $ 75,620 | – | – |
| Net income (loss) per share - basic, six months ended June 30GAAP | $ 0.67 | – | – |
| Net income (loss) per share - diluted, six months ended June 30GAAP | $ 0.66 | – | – |
| Weighted-average common shares outstanding - basic, six months ended June 30GAAP | 112,491,433 | – | – |
| Weighted-average common shares outstanding - diluted, six months ended June 30GAAP | 114,329,763 | – | – |
| Shares outstanding as of June 30, 2026other | 109,539,424 shares of common stock | – | – |
As of June 30, 2026 outlook
- NoteRocket expects its cash, cash equivalents and investments as of June 30, 2026, to fund operations into the second quarter of 2028.
- NoteRocket expects to provide an update on the regulatory pathway for RP-A501 in the second half of 2026.
- NoteRocket is on track to host an investor webinar in the second half of 2026 to provide a comprehensive Danon disease program update.
- NoteRegulatory update for the potential pivotal study of RP-A601 in PKP2-ACM is expected in the second half of 2026.
- NoteInitial patient dosing with RP-A701 is anticipated in the second half of 2026.
- NoteRocket anticipates commercial availability and the start of patient onboarding for KRESLADI in the fourth quarter of 2026.
What drove it
- R&D expense decreased primarily due to decreases in manufacturing and development and direct material costs of $7.5 million, stock-based and other compensation and benefit expenses of $3.6 million due to decreased R&D headcount, depreciation expenses of $1.0 million due to decreased asset base, and clinical trial expenses of $1.0 million.
- G&A expense decreased primarily due to decreases in commercial preparation-related expenses of $4.8 million due to lower headcount and lower spending on commercial preparation, stock-based and other compensation and benefit expenses of $1.9 million due to decreased G&A headcount, and legal expenses of $1.4 million.
- All three initial patients treated with RP-A501 under the modified pivotal Phase 2 protocol completed the protocol-defined safety observation period, with no thrombotic microangiopathy, capillary leak syndrome, or other significant safety concerns observed.
- The global natural history study in Danon disease has enrolled more than 50 patients.
- Patient screening and enrollment for RP-A701 has begun.
- KRESLADI received FDA accelerated approval for severe leukocyte adhesion deficiency-I.
Concerns
- Rocket is actively engaging with the FDA to seek alignment on the path to dosing additional RP-A501 patients and completing the pivotal Phase 2 trial.
- Continued approval of KRESLADI may be contingent upon verification and description of clinical benefit through ongoing clinical follow-up and additional post-marketing data collection.
- RP-A601 remains in Phase 1 and Rocket continues to engage with the FDA regarding alignment on the design of a potential pivotal study.
- KRESLADI commercialization is still in preparation, with commercial availability and patient onboarding anticipated in the fourth quarter of 2026.
- Interest and other income, net and accretion of discount on investments, net were lower year over year.
What to watch
- FDA regulatory-pathway update for RP-A501 in Danon disease in the second half of 2026.
- Comprehensive Danon disease program update at the planned investor webinar in the second half of 2026.
- Regulatory update on the potential RP-A601 pivotal study in PKP2-ACM in the second half of 2026.
- Initial patient dosing with RP-A701 in the second half of 2026.
- Commercial availability and patient onboarding for KRESLADI in the fourth quarter of 2026.
- Execution against the expected cash runway into the second quarter of 2028.
Balance sheet and cash flow
- Cash, cash equivalents and investments as of June 30, 2026, were $283.7 million.
- Cash, cash equivalents, and investments were $ 283,747 as of June 30, 2026, compared with $ 188,929 as of December 31, 2025.
- Total assets were 423,098 as of June 30, 2026, compared with 330,449 as of December 31, 2025.
- Total liabilities were 54,268 as of June 30, 2026, compared with 53,228 as of December 31, 2025.
- Total stockholders' equity was 368,830 as of June 30, 2026, compared with 277,221 as of December 31, 2025.
- On June 12, 2026, Rocket announced the closing of the sale of its Rare Pediatric Disease Priority Review Voucher for gross proceeds of $180 million.
- Other Income was $178.8 million for the three months ended June 30, 2026, compared to $2.2 million for the three months ended June 30, 2025.
- The sale of the Rare Pediatric Disease Priority Review Voucher generated net $178.2 million.
Analysis
Rocket reported a second-quarter GAAP net income of $123.2 million, or $1.09 of basic income per share and $1.08 of diluted income per share, compared with a net loss of $68.9 million, or $0.62 basic and diluted loss per share, in the prior-year period. The primary contributor was the gain from the sale of the Rare Pediatric Disease Priority Review Voucher. Rocket reported gross proceeds of $180 million from the transaction and said the sale generated net $178.2 million, while the financial statements reported a $178,190 gain from sale of PRV for the quarter.
The underlying operating structure was lower cost year over year. Second-quarter R&D expense was $29.5 million versus $42.7 million, while G&A was $17.4 million versus $25.0 million. Management attributed the R&D reduction principally to lower manufacturing, development and direct material costs, lower R&D headcount-related compensation, a reduced asset base and lower clinical-trial expense. G&A declined on lower commercial-preparation spending and headcount, as well as lower legal expense. Total operating expenses were $46,922, and loss from operations was $(46,922), indicating that reported profitability was driven by the PRV monetization rather than operating income.
Liquidity improved following the PRV transaction. Cash, cash equivalents and investments were $283.7 million at June 30, 2026, versus $188,929 at December 31, 2025. Rocket expects these resources to fund operations into the second quarter of 2028. Total assets were 423,098, total liabilities were 54,268 and total stockholders' equity was 368,830 at June 30, 2026. The filing did not report operating cash flow, free cash flow, debt or capital-return activity.
Pipeline execution centered on RP-A501 in Danon disease. All three initial patients treated under the modified pivotal Phase 2 protocol completed the protocol-defined safety observation period with no thrombotic microangiopathy, capillary leak syndrome or other significant safety concerns observed. Rocket is working with the FDA on the path to treat additional patients and complete the trial, with a regulatory-pathway update and a comprehensive Danon program webinar expected in the second half of 2026. The company also expects a PKP2-ACM regulatory update and anticipates initial RP-A701 dosing in BAG3-DCM in the second half of 2026.
KRESLADI is Rocket’s first FDA-approved product, but commercial execution remains ahead. The company is building a focused model around specialized Qualified Treatment Centers and an appropriately scaled commercial infrastructure. Rocket anticipates commercial availability and the start of patient onboarding in the fourth quarter of 2026. Continued approval may be contingent on verification and description of clinical benefit through follow-up and post-marketing data collection, making commercialization progress and post-approval execution important next milestones.
Management, verbatim
The second quarter of 2026 materially strengthened Rocket’s position, with the approval of KRESLADI demonstrating our ability to advance a genetic medicine through regulatory approval, the subsequent sale of the Priority Review Voucher generating $180 million in non-dilutive capital, and safety clearance for the first three Danon disease patients in our modified pivotal trial.
Gaurav Shah, M.D., Chief Executive Officer of Rocket Pharmaceuticals
Together with the more focused operating structure we implemented in late 2025, these achievements provide a stronger financial and executional foundation for advancing our cardiovascular pipeline.
Gaurav Shah, M.D., Chief Executive Officer of Rocket Pharmaceuticals
Not in the filing
stated, not guessed- Total revenue and revenue comparisons were not reported.
- Segment revenue, segment comparisons and segment profitability were not reported.
- Gross profit, gross margin and operating margin were not reported.
- Non-GAAP financial measures, including non-GAAP EPS, were not reported.
- Operating cash flow, free cash flow and cash-flow statement details were not reported.
- Debt balance was not reported.
- Share repurchases, dividends and other shareholder capital returns were not reported.
- Forward revenue, gross margin, operating-expense and tax-rate guidance were not reported.
- Prior-quarter comparisons were not reported.
- Percentage year-over-year and quarter-over-quarter changes were not reported for most financial-statement line items.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.