Company: RPID
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001380106-25-000058
Chunk: 115

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 115
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 due to lower headcount. 

Research and development

Year EndedDecember 31, Change20242023Amount%(dollars in thousands)Research and development$14,597 $12,820 $1,777 13.9 %Percentage of total revenue52.0 %56.9 %

Research and development expenses increased by $1.8 million, or 13.9%. The increase in expense was attributable to higher spending on new product development activities, including our rapid sterility application, as well as increased headcount-related costs and higher facilities costs related to our new innovation center and lab in our Lexington, Massachusetts facility.  

65

Year Ended December 31, Change20242023Amount%(dollars in thousands)Sales and marketing$13,266 $13,322 $(56)(0.4)%Percentage of total revenue47.3 %59.2 %

Sales and marketing expenses remained relatively flat year over year. The slight decrease was primarily attributable to a reduction in consulting fees partially offset by an increase in headcount-related costs.  

General and administrative

Year EndedDecember 31,Change20242023Amount%(dollars in thousands)General and administrative$21,947 $24,936 $(2,989)(12.0)%Percentage of total revenue78.2 %110.7 %  

General and administrative expenses decreased by $3.0 million, or 12.0%. This decrease was primarily driven by a reduction in headcount. Lower public company operating costs, including business insurance premiums and legal fees as well as facility-related expenses, also contributed to the decrease. 

Other income (expense)

Interest income, net

Interest income for the years ended December 31, 2024 and 2023 was $3.2 million and $4.2 million, respectively. The decrease of $1.0 million, or 24.8%, was due to lower investment balances during the year. 

Other expense, net

Other (expense) income, which is comprised of miscellaneous expenses and income unrelated to our core business, remained relatively flat between the years ended December 31, 2024 and 2023.

Income tax expense 

Income tax expense was less than $0.1 million for each of the years ended December 31, 2024 and 2023. The expense recorded related to our German and Swiss subsidiaries.  

Liquidity and capital resources

Since our inception, we have incurred operating losses. To