Brii Biosciences (2137) H2 2024 earnings summary

Executive summary

• Focused on advancing HBV functional cure programs, with key assets BRII-179, elebsiran, and tobevibart all granted Breakthrough Therapy Designation by the CDE.

• Presented pivotal Phase 2 data showing higher HBV surface antigen loss with elebsiran plus PEG-IFNα versus PEG-IFNα alone.

• Acquired full IP rights for BRII-179, eliminating future royalty obligations and ensuring clinical supply.

• Strategic shift to prioritize HBV, with non-HBV programs paused or contingent on partnerships.

Financial highlights

• Bank deposits and cash equivalents at RMB2,413.4 million as of Dec 31, 2024, down 9.3% year-over-year due to operational and R&D outflows.

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

• Research and development expenses decreased 38.0% to RMB249.8 million, reflecting pipeline prioritization and organizational optimization.

• Administrative expenses fell 22.0% to RMB153.2 million, mainly from lower employee costs.

• Other income declined 13.6% to RMB141.4 million, mainly from lower bank interest and government grants.

Outlook and guidance

• Late-stage HBV clinical data readouts expected throughout 2025 and 2026 to guide registration strategy.

• Plans to fully utilize unutilized net proceeds by end of 2027, with increased allocation to HBV programs.

• Ongoing optimization of organization and focus on cost-effective manufacturing and supply chain for HBV assets.