Ascletis Pharma Inc (1672) H2 2024 earnings summary

Executive summary

• Revenue fell to RMB1.3 million in 2024 from RMB56.6 million in 2023; net loss widened to RMB300.9 million from RMB144.7 million, mainly on higher metabolic-disease R&D spending.

• Cash, deposits and other listed liquid resources totaled RMB1,980.8 million at year-end, expected to fund R&D and operations through 2029.

• Obesity programs advanced: ASC30 oral showed up to 6.3% mean weight reduction after 28 days; ASC47 showed a 40-day half-life in patients with obesity.

Financial highlights

• Revenue RMB1.3 million vs RMB56.6 million in 2023; gross profit RMB0.7 million vs RMB26.0 million.

• R&D costs rose 39.5% to RMB302.4 million, primarily on overseas clinical and technical-service costs; administrative expenses declined 12.0% to RMB101.7 million.

• Other income and gains declined 35.1% to RMB119.8 million; loss before tax and net loss were both RMB300.9 million vs RMB144.7 million.

• Basic and diluted loss per share was RMB0.3005 vs RMB0.1347 in 2023; no income tax expense was recorded in either year.

Outlook and guidance

• 2025 plans: report U.S. Phase Ib topline data for monthly-or-less-frequent ASC30 injection and initiate a 13-week U.S. Phase IIa study of daily oral ASC30.

• Complete the U.S. clinical study of ASC47 with semaglutide; strengthen early discovery and pursue global pharma licensing opportunities.

• Year-end liquid resources are expected to support R&D and operations until 2029.