HJ Science Co Ltd (6132) investor relations material

Executive summary

• Achieved revenue of RMB1.94 million for H1 2026, up 118% year-over-year, mainly from milestone payments related to HJ197 out-licensing and ongoing R&D service performance.

• Net loss widened to RMB73.5 million, a 38.8% increase year-over-year, driven by higher R&D and administrative expenses, including share-based payments.

• Completed global offering and listed H shares on the Hong Kong Stock Exchange in June 2026, raising net proceeds of HK$1,027.5 million.

• Achieved multiple R&D milestones across autoimmune, metabolic, and oncology pipelines, including completion of key patient enrollments and IND submissions.

• Implemented Pre-IPO Share Incentive Scheme, resulting in significant share-based payment expenses.

Financial highlights

• Revenue: RMB1.94 million (H1 2026), up 118% year-over-year, mainly from milestone payments and R&D service progress.

• Net loss: RMB73.5 million, up from RMB52.9 million year-over-year; adjusted loss (excluding share-based payments): RMB47.3 million, down 10.7% year-over-year.

• Cash and cash equivalents: RMB1,106.9 million as of 30 June 2026, up from RMB3.7 million at year-end 2025, mainly due to IPO proceeds.

• R&D expenses: RMB46.3 million, up 13.1% year-over-year, primarily due to increased share-based payment expenses.

• Administrative expenses more than doubled to RMB21.0 million, reflecting higher staff costs and office expansion.

Outlook and guidance

• Focus on advancing three core clinical-stage products (HJ787, HJ178, HJ891) and key candidates addressing significant clinical needs.

• Planned use of IPO proceeds includes funding clinical trials, expanding the pipeline, and building commercialization capabilities over the next 1–4 years.

• Expects liquidity needs to be met through cash on hand, IPO proceeds, and future collaborations.