Agios Pharmaceuticals

As of June 30, 2026, Agios reported about $1.0 billion in cash, cash equivalents and marketable securities, no financial debt disclosed, and quarterly product revenue momentum from U.S. thalassemia and early EU uptake.

However, TTM operating cash outflow is sizable (roughly $361 million using H2 2025 + H1 2026), and TTM free cash flow remains negative even after modest capex.

The 2024 infusion from monetizing the vorasidenib royalty and Servier milestone materially extended runway, but prudent expense control and disciplined pipeline spend are vital until the franchise reaches scale. On balance, the balance sheet is robust for a commercializing biotech, but the burn rate keeps the score below the top tier.