The commercial engine I’ve been calling the Ferrari is now doing something it hasn’t done before: it’s closing the gap on its own burn. Q2 net product revenue hit $50.7 million, up 92% year-over-year and 15% sequentially — the eighth consecutive quarter of sequential growth since ANKTIVA’s launch. Operating loss came in at $61.7 million against $51.2 million in total revenue. A year ago that spread was $71.3M loss on $26.4M revenue. The direction of travel is unambiguous.
And yet the stock closed at $6.95, down 6.7% from the July 30 print of $7.45. The culprit is the same accounting artifact I flagged in May: a $230.4 million GAAP net loss that is overwhelmingly non-cash. Let me decode it, because the market clearly didn’t.
The Receipts
Revenue: eighth consecutive sequential beat. $50.7M in Q2, $94.8M for the first half (+121% vs. H1 2025), building on FY2025’s $113.0M. The sequential cadence has been remarkably consistent: $31.8M (Q3 2025) → $38.3M (Q4) → $44.2M (Q1 2026) → $50.7M (Q2). That’s four straight quarters of 14–15% sequential growth. Annualizing Q2 puts the U.S. franchise at roughly a $200M run rate — and NCCN’s Category 2A papillary recommendation from March is still working its way through prescriber behavior.
