Brii Biosciences (2137) H1 2025 earnings summary

Executive summary

• Advanced core HBV functional cure program with three fully enrolled Phase II-B studies (ENSURE, ENRICH, ENHANCE), targeting viral suppression, immune restoration, and optimal combination regimens for chronic HBV treatment.

• Out-licensed soralimixin (BRII-693) to Joincare Group for Greater China, focusing resources on HBV and seeking global partners for non-core assets.

• Maintained a strong cash position, supporting late-stage development and early discovery pipeline through 2028.

• Strategic partnerships and licensing agreements are expanding the pipeline and addressing antimicrobial resistance.

• Repurchased 12,723,500 shares for HK$18.2 million, reflecting confidence in business outlook.

Financial highlights

• Cash and cash equivalents as of June 30, 2025, were RMB2,075.3 million, down 14% from year-end 2024, supporting operations through 2028.

• Other income for H1 2025 was RMB28.1 million, down 60.4% year-over-year, mainly due to lower interest income and reduced government grants.

• R&D expenses declined 7.3% year-over-year to RMB117.0 million, reflecting lower third-party and employee costs.

• Administrative expenses fell 26% year-over-year to RMB58.2 million, driven by organizational optimization and cost control.

• Loss for the period narrowed 47.5% year-over-year to RMB148.8 million, primarily due to reduced net losses from fair value changes in equity investments and lower operating expenses.

Outlook and guidance

• 24-week follow-up data from ENSURE Cohort 4 expected in H2 2025; end-of-treatment data from ENRICH and ENHANCE studies anticipated in H1 2026.

• Unutilized IPO proceeds expected to be fully deployed by end of 2027, mainly for HBV, HIV, and MDR/XDR programs.

• Focus remains on advancing HBV cure regimens to registrational studies and expanding early discovery pipeline.

• Ongoing regulatory discussions for phase III trial design, with focus on biomarker-driven patient enrichment and combination regimens.

• Company remains committed to expanding patient access in China.