Cutia Therapeutics (2487) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 30.6% YoY to RMB66.3m and loss widened to RMB239.4m as resources shifted toward commercialization of new products.

• CU-40102 received NMPA approval in June and Hong Kong approval in August 2025; CU-10201 had received China approval in November 2024.

Financial highlights

• Revenue was RMB66.3m, down 30.6% YoY; cost of sales was RMB34.2m, down 24.3%, and gross profit was RMB32.1m, down 36.3%.

• Gross margin was 48%, versus 53% in H1 2024, reflecting product mix changes.

• Loss for the period was RMB239.4m versus RMB200.9m; adjusted net loss excluding share-based payment expenses was RMB218.3m versus RMB161.0m.

• Selling and distribution expenses were RMB91.7m, R&D costs RMB78.9m and administrative expenses RMB64.2m; all declined YoY.

• Other expenses rose to RMB40.0m, primarily due to RMB37.8m inventory write-downs; net impairment losses on trade receivables were RMB7.2m versus nil.

Outlook and guidance

• H2 2025 priorities include expanding CU-10201 and CU-40102 commercialization through online and offline channels and strengthening marketing and sales capabilities.

• CU-30101’s marketing application remained under NMPA review; launch preparations were being coordinated with existing sales platforms.

• CU-20401 is expected to progress to Phase III following positive Phase II results; China commercial regulatory approval is expected in 2028.