04:21 PM EDT, 08/09/2024 (MT Newswires) -- Avidity Biosciences ( RNA ) reported Q2 net loss Friday of $0.65 per diluted share, narrowing from $0.66 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.78.

Collaboration revenue for the quarter ended June 30 was $2 million, down from $2.3 million. Analysts polled by Capital IQ expected revenue of $3 million.

Cash, cash equivalents and marketable securities as of June 30 stood at $1.3 billion, compared with $595.4 million as of Dec. 31. The cash position will allow the company to continue its current clinical trials and expand Duchenne Muscular Dystrophy franchise.