3D Medicines (1244) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 29.8% YoY amid intensifying competition, while H2 sales rose 15.9% vs. H1, signaling a positive sales trend reversal.

• Total comprehensive loss narrowed 64.6% YoY to RMB199.4m, reflecting lower R&D, administrative and selling costs and improved operating efficiency.

Financial highlights

• Revenue was RMB445.6m vs. RMB634.9m in FY2023; gross profit was RMB409.1m vs. RMB585.9m.

• Total comprehensive loss was RMB199.4m vs. RMB562.5m; adjusted loss, excluding share-based payment expenses, was RMB166.7m vs. RMB263.6m.

• Other income and net gains increased to RMB54.7m from RMB41.0m, driven by higher interest income, FX gains and investment income.

• Basic and diluted loss per share improved to RMB0.75 from RMB2.30.

Outlook and guidance

• FY2025 priorities include advancing late-stage assets toward NDA and commercialization, improving efficiency, and expanding commercial reach with partners.

• IND applications for 3D124 are planned for submission to the FDA and CDE in 2025; multiple-country IND filings for partner-led Envafolimab development are also expected in 2025.

• Strategy includes further development of AI-driven mRNA vaccines, proprietary LNP technology and radiopharmaceutical candidates, alongside global clinical development and commercialization partnerships.