Autolus Therapeutics Q2 2025: Navigating Revenue Recognition, Market Access, and Margin Contradictions

Revenue recognition and COGS impact, market access challenges and strategy in Europe, impact of U.S. market access decisions on enrollment, and gross margin improvement timeline are the key contradictions discussed in Autolus Therapeutics' latest 2025Q2 earnings call.



AUCATZYL Launch Success:
- Autolus Therapeutics generated $20.9 million in product sales for Q2 2025, bringing the first half of the launch to $29.9 million.
- The growth was driven by the product's strong profile, unmet medical need, and a robust supply chain.

Regulatory and Market Access Challenges:
- The company received conditional marketing authorization in the U.K. and from the European Commission, but no EU sales are expected in 2025 and 2026 due to market access challenges.
- The challenges arise from the methodological differences in market access processes and the need for economically viable reimbursement.

FELIX Data Maturation:
- The FELIX study showed favorable data with a 38% of responding patients remaining in remission without further treatment and a median duration of response of 42.6 months.
- The long-term results provide a strong foundation for the product, indicating a favorable safety profile and therapeutic effect.

Financial Performance and Challenges:
- Despite a $12.1 million net interest income, Autolus reported a loss from operations of $61.2 million for Q2 2025.
- The loss was primarily due to higher selling, general, and administrative expenses related to commercialization and the cost of sales initially exceeding revenue.

U.S. Center Expansion:
- By July 1, 2025, Autolus had 46 centers authorized for AUCATZYL use, covering 90% of U.S. medical lives.
- The expansion is aimed at reaching 60-plus centers by year-end to ensure broad patient access.