halo-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-32335

_______________________________________

HALOZYME THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

_______________________________________


Delaware						88-0488686
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

12390 El Camino Real						92130
San Diego						(Zip Code)
California
(Address of principal executive offices)

(858) 794-8889

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

HALO

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of outstanding shares (in thousands) of the registrant’s common stock, par value $0.001 per share, was 123,221 as of April 30, 2025.

HALOZYME THERAPEUTICS, INC.

TABLE OF CONTENTS

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets (Unaudited) - March 31, 2025 and December 31, 2024

Condensed Consolidated Statements of Income (Unaudited) - Three Months Ended March 31, 2025 and 2024

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Three Months Ended March 31, 2025 and 2024

Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2025 and 2024

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - Three Months Ended March 31, 2025 and 2024

Notes to Condensed Consolidated Financial Statements (Unaudited)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURES


Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

HALOZYME THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)


	March 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	176,328	$	115,850
Marketable securities, available-for-sale	571,594		480,224
Accounts receivable, net and contract assets	304,621		308,455
Inventories	164,868		141,860
Prepaid expenses and other current assets	44,617		38,951
Total current assets	1,262,028		1,085,340
Property and equipment, net	72,816		75,035
Prepaid expenses and other assets	55,609		80,596
Goodwill	416,821		416,821
Intangible assets, net	384,068		401,830
Deferred tax assets, net	5,190		3,855

Total assets	$	2,196,532	$	2,063,477

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	20,074	$	10,249
Accrued expenses	130,305		128,851


Total current liabilities	150,379		139,100

Long-term debt, net	1,507,447		1,505,798
Other long-term liabilities	56,436		54,758


Total liabilities	1,714,262		1,699,656
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock - $0.001 par value; 20,000 shares authorized; no shares issued and outstanding	—		—
Common stock - $0.001 par value; 300,000 shares authorized; 123,170 and 123,138 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	123		123
Additional paid-in capital	7,596		—
Accumulated other comprehensive income (loss)	(3,413)		3,829
Retained earnings	477,964		359,869
Total stockholders’ equity	482,270		363,821
Total liabilities and stockholders’ equity	$	2,196,532	$	2,063,477

See accompanying notes to condensed consolidated financial statements.


Table of Contents

HALOZYME THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)


	Three Months Ended
	March 31,
	2025		2024
Revenues
Royalties	$	168,192	$	120,593
Product sales, net	78,041		58,583
Revenues under collaborative agreements	18,628		16,703
Total revenues	264,861		195,879
Operating expenses
Cost of sales	48,403		28,329
Amortization of intangibles	17,762		17,763
Research and development	14,799		19,111
Selling, general and administrative	42,362		35,134
Total operating expenses	123,326		100,337
Operating income	141,535		95,542
Other income (expense)
Investment and other income, net	6,818		4,993


Interest expense	(4,525)		(4,507)
Income before income tax expense	143,828		96,028
Income tax expense	25,733		19,205
Net income	$	118,095	$	76,823

Earnings per share
Basic	$	0.96	$	0.61
Diluted	$	0.93	$	0.60

Weighted average common shares outstanding
Basic	123,215		126,941
Diluted	126,644		128,887

See accompanying notes to condensed consolidated financial statements.


Table of Contents

HALOZYME THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Three Months Ended
	March 31,
	2025		2024
Net income	$	118,095	$	76,823
Other comprehensive income
Unrealized gain (loss) on marketable securities, net	189		(313)

SEC Form 10-Q filed by Halozyme Therapeutics Inc.