Autolus Therapeutics PLC (NASDAQ: AUTL) shares tumbled 6.88% in pre-market trading on Tuesday, despite the company reporting better-than-expected second-quarter 2025 financial results. The biotechnology firm, which focuses on developing next-generation programmed T cell therapies, posted earnings that surpassed analyst estimates but faced a significant stock decline.

For the second quarter of 2025, Autolus reported a net loss of $47.9 million, or $(0.18) per share, marking an improvement from the $58.3 million loss, or $(0.22) per share, in the same period last year. The company's Q2 earnings per share of $(0.18) beat the analyst consensus estimate of $(0.24) by 25%. Additionally, Autolus reported quarterly sales of $20.923 million, significantly exceeding the analyst consensus estimate of $12.905 million by 62.13%.

Despite these positive financial indicators, investors seem to be focusing on other aspects of the company's report. The company's cash position decreased from $588.0 million at the end of 2024 to $454.3 million as of June 30, 2025. This decline was primarily attributed to net cash used in operating activities and a delayed receipt of about $21.7 million in R&D tax credit expected from the UK HMRC. The market's negative reaction suggests that investors may be concerned about the company's cash burn rate, despite Autolus stating that it is well-capitalized to support the launch and commercialization of its lead product, obe-cel, in r/r B-ALL and to obtain data in ongoing trials.