(Updates with latest stock price movement in the headline and first paragraph, Q1 earnings in the second through sixth paragraphs.)

Regenxbio's (RGNX) shares were down about 36% in Thursday afternoon trading after its Q1 swung to a loss and revenue declined.

The company reported a Q1 net loss Thursday of $1.72 per diluted share, swinging from earnings of $0.12 a year earlier.

Analysts polled by FactSet expected a loss of $1.34.

Revenue for the quarter ended March 31 fell to $6.4 million from $89.0 million a year earlier.

Analysts surveyed by FactSet expected $25.8 million.

The company expects its cash, cash equivalents and marketable securities of $150.5 million as of March 31 to fund its operations into early 2027.

Separately, the company said Thursday its investigational gene therapy RGX-202 met the primary endpoint in the pivotal phase III portion of the Affinity Duchenne trial for Duchenne Muscular Dystrophy.

The company said 93% of patients achieved over 10% microdystrophin expression at week 12.

Regenxbio said it is preparing to pursue accelerated approval based on the data and is targeting a potential commercial launch in 2027.

Price: 6.47, Change: -3.57, Percent Change: -35.56