Brii Biosciences (2137) H2 2025 earnings summary

Executive summary

• Achieved first revenue of RMB 18.6 million in 2025 from an IP license agreement with Joincare Group, marking a transition from pre-revenue to revenue-generating operations.

• Advanced HBV clinical programs with three phase IIb studies (ENSURE, ENRICH, ENHANCE) fully enrolled and key data published in Nature Medicine, with results expected in the second half of 2026.

• Sharpened portfolio focus by prioritizing HBV and expanding discovery capabilities, including AI-enabled drug discovery collaborations and new labs in Beijing and Shanghai.

• Out-licensed non-core asset soralimixin to Joincare Group for Greater China, enabling resource prioritization for HBV and discovery initiatives.

• Reduced senior management annual bonuses to one quarter of previous levels for 2025 and 2026 to align incentives with long-term shareholder value.

Financial highlights

• Revenue increased to RMB 18.6 million from zero, driven by an upfront payment from Joincare Group.

• Other income decreased 51.3% year-over-year to RMB 68.8 million, mainly due to lower bank interest income and changes in government grants.

• R&D expenses declined 14.8% to RMB 212.9 million, reflecting lower third-party and employee costs.

• Administrative expenses dropped 28.5% year-over-year, with figures reported as RMB 199.5 million and RMB 109.5 million, due to organizational optimization and compensation adjustments.

• Cash and cash equivalents stood at RMB 1,941 million as of December 31, 2025, sufficient to fund operations beyond 2028.

• Net loss for the year was RMB 224.1 million, down from RMB 512.4 million in 2024, with adjusted loss (excluding share-based compensation) at RMB 217.6 million.

Outlook and guidance

• Results from ENSURE, ENRICH, and ENHANCE studies expected in the second half of 2026, guiding next-stage clinical development.

• Plans to introduce new programs from expanded discovery platform later in 2026 and continue scaling early-stage discovery programs leveraging AI-enabled research collaborations.

• Expects to use remaining IPO proceeds by end of 2027, focusing on HBV, HIV, MDR infection programs, and discovery pipeline.

• Open to partnerships for non-core assets and new discovery programs, with decisions on late-stage development to be made case by case.