RCKTWHIGH SIGNALFINANCIAL10-K

Rocket Pharmaceuticals burned through over half its cash reserves while maintaining massive operating losses, creating potential liquidity concerns despite modest expense reductions.

The 52.6% decline in cash and equivalents to $77.6M, combined with continued quarterly operating losses exceeding $230M annually, suggests the company may face funding pressures within the next 12-18 months. While management reduced R&D spending by 17.1% and achieved some operational improvements, the burn rate remains unsustainable relative to current cash position.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

The company experienced severe cash depletion with cash falling 52.6% to $77.6M while current assets dropped 49% and stockholders' equity declined 40.2%. Although operating losses improved 15.2% due to reduced R&D spending (-17.1%) and lower overall expenses, the company continues burning cash at an unsustainable rate with over $230M in annual operating losses. The dramatic reduction in capital expenditures (-92.5%) signals potential constraints on growth investments, while the overall financial picture suggests imminent need for additional financing to maintain operations.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-92.5%
$5.9M→$440K

Capex reduced 92.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
-52.6%
$163.6M→$77.6M

Cash declined 52.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-49%
$378.2M→$192.7M

Current assets declined 49% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-40.2%
$463.2M→$277.2M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Assets
Balance Sheet
-37.4%
$527.7M→$330.4M

Total assets contracted 37.4% — asset sales, write-downs, or balance sheet optimization underway.

Current Liabilities
Balance Sheet
-25.8%
$40.7M→$30.2M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-17.4%
$64.5M→$53.2M

Liabilities reduced 17.4% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
-17.1%
$171.2M→$142.0M

R&D spending cut 17.1% — could signal cost discipline or concerning reduction in innovation investment.

Operating Income
P&L
+15.2%
-$273.2M→-$231.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+13.8%
-$258.7M→-$223.1M

Net income grew 13.8% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As o f February 20, 2026, there were 108,569,143 s hares of common stock, $0.01 par value per share, outstanding.
Form 10-K Summary 81 Signatures 82 3 Summary of Abbreviated Terms Rocket Pharmaceuticals, Inc.
may be referred to as Rocket, the Company, we, our or us, in this Annual Report on Form 10-K (the Annual Report ), unless the context otherwise indicates.
acquired on December 1, 2022 DD Danon Disease RIF Reduction in workforce DNA Deoxyribonucleic acid RMAT Regenerative Medicine Advanced Therapy EMA European Medicines Agency RSU Restricted Stock Unit ESB Lease Agreement Office Lease agreement for office space in the Empire State Building in New York City RTW RTW Investments, L.P EU European Union SAE Serious Adverse Event FA Fanconi Anemia SCD Sudden cardiac death FDA U.S.
These forward-looking statements include, but are not limited to, statements about: our ability to obtain additional funding to conduct our planned research and development efforts; our ability to meet our anticipated milestones for our various drug candidates with respect to the initiation and timing of clinical studies; federal, state, and non-U.S.
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REMOVED
As of February 21, 2025, there were 106,629,701 shares of common stock, $0.01 par value per share, outstanding.
Form 10-K Summary 89 Signatures 90 3 Summary of Abbreviated Terms Rocket Pharmaceuticals, Inc.
may be referred to as Rocket, the Company, we, our or us, in this Annual Report, unless the context otherwise indicates.
Throughout this Annual Report, we have used terms which are defined below: AAV Adeno-associated virus GLP Good Laboratory Practice ACA Affordable Care Act GMP Good Manufacturing Practice ACM Arrhythmogenic cardiomyopathy HIPAA Health Insurance Portability and Accountability Act ASC Accounting Standard Codification HHS U.S.
acquired on December 1, 2022 DNA Deoxyrubonucleic acid RMAT Regenerative Medicine Advanced Therapy EMA European Medicines Agency RSU Restricted stock unit ESB Lease Agreement Office lease in the Empire State Building in NYC RTW RTW Investments, L.P ESG Environmental, Social and Governance SCD Sudden cardiac death EU European Union SEC Securities and Exchange Commission FA Fanconi Anemia Stanford Center for Definitive and Curative Medicine at Stanford University School of Medicine FANCA Fanconi Anemia Complementation Group A UCLA University of California, Los Angeles FDA U.S.
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