3D Medicines (1244) H1 2026 earnings summary

Executive summary

• H1 revenue was RMB210.5m, up 0.6% YoY and 43% sequentially; Envafolimab remained the sole revenue source.

• Total comprehensive loss narrowed to RMB88.5m, while adjusted loss widened to RMB84.7m from RMB72.2m.

• Priorities included new Envafolimab indications and advancing RDC, mRNA/LNP and in-vivo CAR-T platforms.

• Post-period, the SELLAS arbitration claims were dismissed, the licence agreement remained effective and the awarded costs were received in full.

Financial highlights

• Revenue rose 0.6% YoY to RMB210.5m; gross profit fell 0.1% to RMB192.8m as cost of sales increased 9.3% to RMB17.8m.

• R&D expense declined 23.8% to RMB63.3m; selling and marketing expense increased 6.3% to RMB118.6m.

• Total comprehensive loss narrowed to RMB88.5m from RMB92.6m; loss attributable to parent owners was RMB85.2m, with basic and diluted loss per share of RMB0.35.

• Adjusted total comprehensive loss, excluding share-based payment expenses, widened to RMB84.7m from RMB72.2m; add-backs were RMB3.8m versus RMB20.5m.

• Other income and net gains fell to RMB13.8m from RMB17.7m, mainly due to lower government grants.

Outlook and guidance

• Cash resources were stated to cover 2–3 years of R&D and operating costs; cash-flow break-even within 2–3 years is possible, conditional on sales, clinical progress, spending, BD execution and capital markets.

• Plans include increased investment in RDC, in-vivo CAR-T and drug development, alongside cost controls and dynamic R&D resource allocation.

• 3D124 IND submission is targeted for Q1 2027; new Envafolimab indications and overseas licensing are expected to support growth, subject to execution and approvals.