CANbridge Pharmaceuticals (1228) H2 2025 earnings summary

Executive summary

• Achieved key milestones in rare disease drug commercialization, including strategic partnership with Baheal Medical and successful launches of Hunterase®, Livmarli®, and Gaurunning® in China and other regions.

• Expanded insurance coverage and patient identification for core products, with Hunterase® and Livmarli® now included in commercial insurance programs across major Chinese cities.

• Advanced gene therapy pipeline with proof-of-concept data for DMD and licensed StitchR technology for larger gene payload delivery.

• Streamlined operations, reduced workforce to 41 employees, and prioritized high-potential programs amid challenging biotech funding environment.

Financial highlights

• Revenue declined 41.2% year-over-year to RMB50.0 million due to cessation of Nerlynx® sales in Taiwan; excluding Nerlynx®, revenue grew 22% driven by Gaurunning® launch.

• Gross profit margin improved to 74.7% from 63.8% year-over-year.

• Other income and gains rose to RMB109.7 million (from a RMB5.5 million loss), mainly due to a RMB101.0 million gain from US lease termination.

• R&D expenses fell 82.1% to RMB45.1 million after Gaurunning® NDA approval; administrative and selling expenses also decreased significantly.

• Reported profit of RMB14.8 million (vs. RMB442.6 million loss prior year) is non-recurring; adjusted loss narrowed to RMB80.4 million.

• Cash and bank balances increased to RMB66.6 million, mainly from new share subscription.

Outlook and guidance

• Plans to accelerate commercialization of Gaurunning® and expand international market presence.

• Strategic partnerships and investments (Baheal Medical, WuXi Biologics) expected to support growth and liquidity.

• Focus on pipeline optimization, licensing, and cost control to improve profitability and working capital.