Company: RPID
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001380106-25-000200
Chunk: 255

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 255
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September 30,Change20252024Amount%(dollars in thousands)Sales and marketing$8,760 $10,284 $(1,524)(14.8)%Percentage of total revenue39.3 %51.9 %

Sales and marketing expenses decreased by $1.5 million, or 14.8%. This decrease was primarily due to lower headcount-related and third-party consulting costs.  

General and administrative

Nine Months EndedSeptember 30,Change20252024Amount%(dollars in thousands)General and administrative$17,413 $17,121 $292 1.7 %Percentage of total revenue78.1 %86.3 %

General and administrative expenses increased by $0.3 million, or 1.7%. This increase was primarily attributable to higher non-cash stock compensation expense and legal fees, partially offset by a reduction in consulting fees and business insurance premiums.   

Other income (expense) 

Interest income 

Interest income, decreased $1.4 million, or 54.6% due to lower interest rates earned on our cash equivalents and investments balances.

Interest expense

              Interest expense increased $0.4 million, or 1389.3%, due to interest incurred with our long term debt.

Other expense, net

Other expense, net, which is comprised of miscellaneous expenses unrelated to our core business, increased by $0.1 million or 108.8%. The increase was driven primarily by the loss on the revaluation of our warrant liability.

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Income tax expense (benefit) 

Income tax expense was less than $0.1 million for each of the nine months ended September 30, 2025 and 2024. The expense in each period was attributable to income tax provisions related to our foreign subsidiaries.

Liquidity and capital resources

Since our inception, we have incurred operating losses. To date, we have funded our operations primarily through proceeds from sales of redeemable convertible preferred stock, borrowings under loan agreements, revenue from sales of our products and services, and the proceeds from our IPO.  In addition, in August 2025, we entered into the LSA with Trinity Capital, providing for up to $45.0 million of senior secured term loans available to us in multiple tranches, including an initial $20.0 million advance funded in August 2025. The LSA is described in more detail in Note 9 to our unaudited condensed consolidated financial statements contained in Part I