At a Glance

  • Breakthrough T1D released its 2024 fiscal year financials yesterday.
  • Total revenue reaches a record high at $262 million, a +17% increase from 2023.
  • Total expenses were $238 million, also a record high.
  • Research grant spending was $104 million, +6% from the prior year.
  • However, research grant spending was a lower percentage of revenue compared to last year, dropping from 44% to 40%.
  • The organization retains a $178 million bucket of unused cash. 

May 15, 2025

Earlier this week, Breakthrough T1D released financial statements from its most recent fiscal year (July 1, 2023—June 30, 2024). Below is a brief overview of the largest T1D-focused nonprofit’s FY24 performance, focusing on revenue, expenses, and research grants.

Revenue

In FY24, Breakthrough T1D recorded the highest level of revenue in any single year since 2001—the first year we began tracking the data. It raised $262 million in FY24, a +17% increase compared to the prior year (see Appendix A).

This gain is attributed to a $27 million increase in direct contributions (public support) and a $9 million gain from investments.

This should provide extra fuel to invest in cure research.

Expenses

Total expenses are recorded at the highest level of spending in any year since 2001. Expenses in FY24 reached $238 million, a +$26 million increase versus the prior year (see Appendix B).

The increase in expenses is primarily attributed to a large +$9 million rise in fundraising spending (+27% versus prior year), followed by modest increases in research grants (+$6 million) and public education (+$5 million).

Research Grant Spending

In FY24, Breakthrough T1D allocated $104 million to research grants, the highest amount since 2013 (see Appendix C).

Research grant spending remains the largest allocation of total income of any major expense category at 40% of total revenue.

However, it is important to note that this percentage declined from 44% in the prior year—a surprise given the strong earning year. This is a missed opportunity to invest an even higher percentage of revenue into cure research grants, which would accelerate research progress.

Investment Reserve

Breakthrough T1D continues to maintain a huge stockpile of unutilized dollars that are spent on term investment vehicles. The organization ended FY24 with $178 million in operating investments, compared to $188 million in FY23.

A key question that stands today is how and when this coffer of $178 million will be deployed, and which research avenue will reap the benefits. This money could do a lot of good expediting and invigorating Practical Cure research, and it would be in the T1D community’s best interests if it were used for this end.
 

 

Appendix A: Total Revenue by Year ($ Millions)

Appendix B: Total Expenditures by Year ($ Millions)

Appendix C: Research Grant Funding by Year ($ Millions)