3D Medicines (1244) H1 2025 earnings summary

Executive summary

• H1 revenue rose 1.3% YoY to RMB209.2m, entirely from Envafolimab sales in mainland China; total comprehensive loss narrowed to RMB92.6m.

• Priorities include Envafolimab indication expansion and overseas commercialization, alongside RDCs and AI-enabled mRNA/LNP therapeutics.

Financial highlights

• Gross profit increased 2.1% to RMB192.9m; gross margin was 92.2%, versus 91.5% in H1 2024.

• Total comprehensive loss narrowed from RMB114.1m to RMB92.6m; adjusted loss excluding share-based payments was RMB72.2m versus RMB97.7m.

• R&D expenses fell 2.5% to RMB83.1m, selling and marketing expenses rose 1.3% to RMB111.5m, and administrative expenses fell RMB13.8m to RMB29.7m.

• Loss attributable to parent shareholders was RMB89.4m; basic and diluted loss per share improved to RMB0.36 from RMB0.42.

Outlook and guidance

• Priorities include advancing pipeline candidates, expanding Envafolimab indications and overseas commercialization, and developing global partnerships.

• IND submission for off-the-shelf mRNA cancer vaccine 3D124 is planned for Q1 2026; other mRNA vaccine and in-vivo CAR-T programs are in development.

• Late-stage assets are expected to progress toward NDA and commercialization; no quantitative revenue or earnings guidance was stated.