ROCKET PHARMACEUTICALS, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
Contents
Restructuring Expense
In June 2025, the Company’s Board of Directors approved a restructuring plan to reduce the Company’s workforce and incurred aggregate charges of approximately $3.2 million in restructuring expenses, consisting of employee severance payments and other termination benefits.
Interest Expense
Interest expense in 2025 and 2024 was related to our financing lease obligation for our Cranbury, NJ facility.
Interest and Other Income
Interest and other income for the year ended December 31, 2025, was related to interest earned from investments and cash equivalents. Interest and other income for the year ended December 31, 2024, was related to interest earned from investments and cash equivalents and change in fair value of warrant liability.
Results of Operations
Comparison of the Years Ended December 31, 2025 and 2024
The following table summarizes our results of operations, in thousands, for each of the periods presented:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| Operating expenses: | |||
| Research and development | $142,015 | $171,244 | $(29,229) |
| General and administrative | 86,501 | 101,961 | (15,460) |
| Restructuring | 3,231 | - | 3,231 |
| Total operating expenses | 231,747 | 273,205 | (41,458) |
| Loss from operations | (231,747) | (273,205) | 41,458 |
| Interest expense | (1,891) | (1,886) | (5) |
| Interest and other income, net | 3,218 | 8,267 | (5,049) |
| Accretion of discount on investments, net | 7,297 | 8,078 | (781) |
| Total other income, net | 8,624 | 14,459 | (5,835) |
| Net loss | $(223,123) | $(258,746) | $35,623 |
R&D expenses decreased $29.2 million to $142.0 million for the year ended December 31, 2025, compared to the year ended December 31, 2024. The decrease in R&D expenses was primarily driven by decreases in manufacturing development and direct material costs of $10.8 million, professional fees of $7.0 million, lab supplies and office expense of $4.4 million, stock based and other compensation and benefit expenses of $3.7 million, and clinical trial expenses of $2.7 million. Reflected in the decrease in R&D expenses was the receipt of $2.7 million of CIRM grant recorded as a reduction of R&D expenses in the first quarter of 2025.
General and Administrative Expenses
G&A expenses decreased $15.5 million to $86.5 million for the year ended December 31, 2025, compared to the year ended December 31, 2024. The decrease in G&A expenses was primarily driven by decreases in commercial preparation-related expenses of $11.5 million from declining payroll and commercial launch services and stock based and other compensation and benefit expenses of $5.4 million. The decrease in G&A expenses was partially offset by increases in legal expenses of $1.4 million.
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