B&K Corporation Limited (2386) H1 2026 earnings summary

Executive summary

• H1 2026 net loss widened 40.6% YoY to RMB121.9m as R&D and administrative costs rose; cash and cash equivalents were RMB535.8m at 30 June 2026.

• Pipeline comprised 10 candidates across 14 indications, including seven PDGF candidates; Pro-101-1 advanced in Phase IIIa and Pro-101-2 completed Phase II enrollment.

Financial highlights

• Loss before tax and net loss were RMB121.9m, versus RMB86.7m in H1 2025; basic and diluted loss per share was RMB1.04 versus RMB0.87.

• R&D expenses rose 58.8% YoY to RMB61.3m; administrative expenses increased 15.6% to RMB55.7m.

• Other expenses were RMB5.4m versus RMB0.04m, mainly from foreign-exchange losses; other income and gains rose to RMB1.0m, mainly from interest income.

• Operating cash outflow was RMB66.3m versus RMB34.0m; cash and cash equivalents fell 15.3% from RMB632.4m at 31 December 2025 to RMB535.8m.

Outlook and guidance

• Pro-101-1 Phase IIIa deep-burn trial and superficial-burn Phase IIb report expected in Q1 2027; Phase III IND submission for superficial burns also planned for Q1 2027.

• Pro-101-2 completed Phase II enrollment at 160 participants in July 2026; Phase II completion expected in Q1 2027 and Phase III initiation in Q2 2027. FDA IND and PMDA CTN filings planned for Q1 2027.

• Tβ4 eye-drop clinical-trial application for neurotrophic keratitis targeted for Q3 2026; Pro-103 IND submission for dry eye and corneal damage expected in 2026.

• Priorities include establishing GMP production capacity, preparing commercial and market-access capabilities, upgrading R&D platforms, and advancing overseas clinical preparations.