Brii Biosciences (2137) H1 2026 earnings summary

Executive summary

• Advanced HBV functional cure portfolio with new Phase 2b data from ENSURE, ENRICH, and ENHANCE studies, supporting combination approaches and informing Phase 3 design; longer-term follow-up ongoing with more data expected in H2 2026.

• Initiated first clinical study of BRII-5395, an internally developed mRNA therapeutic vaccine for advanced hepatocellular carcinoma, marking a milestone for internal RNA-based discovery.

• Continued investment in RNA-based technology platforms and early-stage pipeline, expanding into new therapeutic areas beyond infectious diseases.

• Actively seeking external partnerships to optimize resource allocation and maximize non-core asset value, including for HIV and MDR programs.

• Arbitration with Vir Biotechnology ongoing since April 2026, impacting timing and development of Phase 3 HBV/elebsiran-containing combination studies.

Financial highlights

• Research and development expenses decreased by 16.0% year-over-year to RMB98.3 million, mainly due to lower employee and third-party contracting costs.

• Administrative expenses fell by 9.6% year-over-year to RMB52.6 million, primarily from reduced employee costs.

• Other income dropped by 30.6% year-over-year to RMB19.5 million, mainly due to lower bank interest income.

• Other gains and losses increased to RMB30.5 million, driven by changes in fair value of equity investments.

• Loss for the period attributable to owners was RMB101.0 million, a 32.1% decrease year-over-year; basic and diluted loss per share improved to RMB0.14.

• Cash and cash equivalents at June 30, 2026, were RMB1,770.8 million, down 8.8% from RMB1,941.0 million at year-end 2025.

Outlook and guidance

• Focus remains on advancing HBV and RNA-based platforms, with a diversified pipeline and sustainable innovation as key goals.

• Phase 3 HBV program contingent on resolution of ongoing arbitration with Vir Biotechnology and full clinical data; further development path to be evaluated in H2 2026.

• Cash reserves expected to fund planned development and operations through 2029.

• Unutilized IPO proceeds to be used by end of 2027, aligned with pipeline and business needs.