Abbisko Cayman (2256) H1 2023 earnings summary

Executive summary

• Eight clinical candidates advanced, including pimicotinib in a global Phase III TGCT study.

• H1 revenue came from an Allist license fee; the period remained loss-making as R&D spending increased.

Financial highlights

• Revenue was RMB19.06m versus nil in H1 2022, entirely from a one-time Allist license fee recognized at a point in time.

• Other income and gains rose to RMB37.7m from RMB11.7m, including RMB27.0m in bank interest income and RMB9.9m in government grants.

• R&D expenses rose to RMB204.6m from RMB159.0m; administrative expenses fell to RMB45.7m from RMB55.8m.

• IFRS loss narrowed to RMB208.6m from RMB221.6m; adjusted loss excluding share-based compensation increased to RMB182.9m from RMB164.0m.

Outlook and guidance

• H2 plans included advancing clinical and preclinical programs, releasing further proof-of-concept data during 2023, and submitting IND applications for several preclinical assets.

• Updated irpagratinib Phase Ib advanced HCC data and preliminary ABSK043 efficacy data were slated for ESMO presentation in October 2023.