Cambridge biotech tracker · Cambridge
Alnylam Pharmaceuticals
Listed on Nasdaq as ALNY, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $3.59B
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- +$2.17B
- Q3 '26 · net income
- R&D expense
- $409M
- 37% of opex
- Raised, last 4 qtrs
- +$9.5M
- net financing cash flow
- Next readout
- May 2027
- Phase 2 · self-funding
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Cash against the calendar
What the runway has to reach.
May 2027estimated
A Study to Evaluate ALN-4324 on Insulin Sensitivity in Adults With Type 2 Diabetes Mellitus
Type 2 Diabetes Mellitus (T2DM)
NCT07465224 on ClinicalTrials.govDoes the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 7 months
It is about 7 months out. Operating cash flow is positive on average, so the date is not a financing deadline.
Catalysts ahead
- Apr 2027Phase 1/2A Study to Evaluate ALN-2232 in Participants With Obesity
- May 2027Phase 2A Study to Evaluate ALN-4324 on Insulin Sensitivity in Adults With Type 2 Diabetes Mellitus
- Jun 2027Phase 2HMBeacon: A Phase 2 Study to Evaluate ALN-6400 in Adult and Adolescent Female Patients With VWD and HMB
- Aug 2027Phase 2A Phase 2 Trial of ALN-APP in Patients With Cerebral Amyloid Angiopathy
- Sep 2027Phase 1A Study to Evaluate ALN-BCAT in Patients With Hepatocellular Carcinoma
- Dec 2027Phase 1A Study to Evaluate ALN-6222 in Participants With Obesity
- Dec 2027Phase 3TRITON-PN: A Study to Evaluate the Efficacy and Safety of Nucresiran in Patients With Hereditary Transthyretin Amyloidosis With Polyneuropathy
- Mar 2028Phase 3A Study to Evaluate Vutrisiran in Patients With Transthyretin Amyloidosis With Cardiomyopathy
Pipeline
20 active trials, through phase 3.
Phase 1 · 7Phase 2 · 5Phase 3 · 5Phase 1/2 · 3
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $3.59B at Q3 '26.
Cash position up $901M since Q4 '24
Net financing inflows of $9.5M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 37% of operating expenses
$409M of R&D against $1.11B of total operating expenses in Q3 '26, with G&A at $342M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $1.46B in Q3 '26
The balance sheet carries $11.7M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $4.16B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $2.69B | −$94.7M | −$83.8M | $300M | $295M | $593M | $91.6M | $31.0M |
| Q1 '25 · Mar 31, 25 | $2.63B | −$118M | −$18.3M | $265M | $240M | $594M | $56.7M | $44.1M |
| Q2 '25 · Jun 30, 25 | $2.86B | $128M | −$72.2M | $324M | $323M | $774M | $112M | $79.7M |
| Q3 '25 · Sep 30, 25 | $2.72B | $297M | $293M | $359M | $322M | $1.25B | $108M | −$420M |
| Q4 '25 · Dec 31, 25 | $2.91B | $218M | $112M | $372M | $325M | $1.10B | $71.6M | −$8.9M |
| Q1 '26 · Mar 31, 26 | — | — | $206M | — | — | — | — | — |
| Q2 '26 · Jun 30, 26 | $3.31B | — | $164M | $413M | $348M | $1.29B | $86.6M | — |
| Q3 '26 · Sep 30, 26 | $3.59B | $341M | $2.17B | $409M | $342M | $1.46B | $79.1M | $18.4M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.