Company: AGIO
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001439222-25-000009
Chunk: 786

Company: AGIOS PHARMACEUTICALS, INC.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 786
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 operating expenses of $43.9 million in 2024 compared to 2023 was primarily due to an increase of $36.9 million in selling, general and administrative expenses, driven by an increase in commercial-related activities as we prepare for the potential approval of PYRUKYND® in thalassemia, and an increase of $5.8 million in research and development expenses, which is described below under Research and Development Expenses.

Total Operating Expenses – 2023 vs 2022 – The increase in total operating expenses of $15.0 million in 2023 compared to 2022 was primarily due to an increase of $15.6 million in research and development expenses, which is described below under Research and Development Expenses. 

Research and Development Expenses

Our research and development expenses, by major program, are outlined in the table below: (In thousands)202420232022PK activator (PYRUKYND®)$112,720 $101,322 $83,271 Novel PK activator (tebapivat)14,544 18,267 15,747 In-process research and development— 17,500 — Other research and platform programs20,730 11,492 26,837 Total direct research and development expenses147,994 148,581 125,855 Compensation and related expenses114,618 108,484 109,248 Facilities and IT related expenses & other38,674 38,461 43,290 Other expenses - transition services— — 1,517 Total indirect research and development expenses153,292 146,945 154,055 Total research and development expense$301,286 $295,526 $279,910 

Total Research and Development Expenses – 2024 vs. 2023 – The increase in research and development expenses of $5.8 million in 2024 compared to 2023 was due to a $6.3 million increase in our indirect expenses, partially offset by a $0.6 million decrease in our direct expenses. The increase in indirect expenses was primarily due to a $6.1 million increase in compensation and related expenses due to an increase in workforce related expenses. The decrease in direct expenses was due to the $17.5 million up-front payment in 2023 associated with the Alnylam license agreement discussed above under Overview 

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