Beijing Luzhu Biotechnology (2480) H2 2024 earnings summary

Executive summary

• Annual loss narrowed 32.5% YoY to RMB168.2m, while revenue remained nil; LZ901’s China BLA was accepted in February 2025.

• Pipeline comprised three clinical-stage and six pre-clinical candidates at year-end; Phase III enrollment for LZ901 in China reached 26,000 participants.

Financial highlights

• Loss before tax and total comprehensive expense were RMB168.2m in 2024 versus RMB249.4m in 2023; no income tax expense was incurred.

• Other income rose 6.5% YoY to RMB21.4m; net other gains fell 34.9% to RMB11.8m.

• Administrative expenses declined 25.5% YoY to RMB64.8m and R&D expenses declined 21.7% to RMB135.1m; 2023 included RMB26.5m of listing expenses.

• Basic and diluted loss per share improved to RMB0.83 from RMB1.25.

Outlook and guidance

• China commercialization of LZ901 is currently expected in or around H1 2026, subject to BLA approval and batch release; U.S. Phase I completion is expected in Q2 2025.

• K3 China Phase III is expected to commence no earlier than H1 2026, depending on market prospects and available resources; K193 Phase I is expected to complete in H2 2025.

• Strategy prioritizes pipeline clinical development, advancement of pre-clinical candidates, commercialization planning in China and abroad, and expansion through internal development or collaboration.