Brii Biosciences (2137) H2 2024 earnings summary

Executive summary

• Strategy narrowed to HBV functional cure, with BRII-179, elebsiran and tobevibart as core assets; non-HBV programs are paused or being positioned for partnerships.

• INSURE cohort 4 data support BRII-179 immune profiling to enrich patients for curative treatment; late-stage plans are being refined as data mature.

• Phase 2 data showed higher HBV surface antigen loss with elebsiran plus PEG-IFNα than with PEG-IFNα alone.

• Acquired full BRII-179 IP rights and assets for US$18 million, eliminating future royalty and milestone obligations and ensuring clinical supply.

Financial highlights

• Cash, cash equivalents, bank deposits and restricted bank balance totaled CNY 2,413.4 million at Dec. 31, 2024, down 9.3% YoY, primarily due to operating and R&D outflows.

• 2024 loss increased 177.9% to RMB512.4 million, mainly due to investment-related and impairment losses and the absence of prior-year one-time gains.

• R&D expense fell 38% to CNY 249.8 million; administrative expense fell 22% to RMB153.2 million, reflecting lower costs and organizational optimization.

• Other income declined 13.6% to CNY 141.4 million, mainly due to lower bank interest income and government grants.

Outlook and guidance

• Current funds are expected to support operations beyond 2028; late-stage HBV readouts are expected through 2025 and 2026 to guide registration strategy.

• INSURE cohort 4 48-week end-of-treatment and 24-week follow-up data are expected as available; ENRICH and ENHANCE are fully enrolled.

• Vir expects 24-week follow-up data from MARCH in Q2 2025; ECLIPSE Phase III enrollment began in March 2025.

• Phase III design remains under evaluation, including patient enrichment, maximizing cure rates and whether peginterferon can be shortened or spared; unutilized net proceeds are planned to be fully used by end-2027.