Shaanxi Micot Pharmaceutical Technology (2335) investor relations material

Executive summary

• Focused on R&D and clinical advancement of bi-/multi-specific peptide drugs for metabolic and cardiovascular diseases, with a robust pipeline including one core and several key products.

• No commercial revenue recognized as of H1 2026; business remains pre-commercial, with significant progress in clinical trials and licensing.

• Entered a major commercialization licensing agreement for MT1013, securing a RMB200 million upfront payment and potential milestone payments.

• Loss for the period increased to RMB231.7 million, up 364.3% year-over-year, mainly due to higher R&D, administrative, and finance costs, as well as listing expenses.

• Net cash from operating activities turned positive at RMB109.2 million, compared to a net outflow of RMB52.3 million in H1 2025, driven by the Everest upfront payment.

Financial highlights

• R&D expenses rose to RMB127.7 million from RMB40.4 million, reflecting pipeline advancement and team expansion.

• Administrative expenses increased to RMB33.1 million from RMB8.8 million, mainly due to staff expansion and share-based payments.

• Finance costs surged to RMB67.1 million from RMB1.4 million, mainly due to redemption liability interest, which ceased post-listing.

• Cash and financial assets totaled RMB1,226.9 million at period end, up from RMB269.5 million at 2025 year-end, due to Everest payment and IPO proceeds.

• Debt-to-asset ratio improved sharply to 25.2% from 389.6% at 2025 year-end, reflecting IPO proceeds and reclassification of redemption liabilities.

Outlook and guidance

• Plans to accelerate clinical development and commercialization, especially for MT1013 and key pipeline assets.

• Expected to complete MT1013 Phase III trial in China by end-2026 and submit NDA in early 2027.

• Intends to initiate Phase II trials for XTL6001 and MT1002, and Phase III for MT200605 in H2 2026.

• Seek further strategic collaborations and licensing opportunities for pipeline assets.

• Sufficient financial resources and unutilized bank facilities to support planned R&D and operations for at least 12 months.