Cutia Therapeutics (2487) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 5.4% YoY to RMB62.7m; net loss narrowed to RMB180.4m from RMB239.4m.

• Gross margin declined to 23% from 48%, primarily due to the one-off effect of ending certain distribution and agency collaborations.

• Finjuve and Amzeeq commercialization expanded; CU-30101 received NMPA marketing authorization in May 2026 and launch preparations were underway.

Financial highlights

• Revenue was RMB62.7m vs RMB66.3m YoY; gross profit was RMB14.5m vs RMB32.1m, and cost of sales rose to RMB48.2m from RMB34.2m.

• Net loss was RMB180.4m vs RMB239.4m; adjusted net loss, excluding share-based payment expenses, was RMB173.6m vs RMB218.3m.

• Basic and diluted loss per share was RMB0.50 vs RMB0.75; options and restricted share units were excluded as anti-dilutive.

• Selling and distribution expenses fell 37.4% to RMB57.4m, R&D costs fell 32.6% to RMB53.2m, and administrative expenses declined 25.9% to RMB47.6m.

• Other expenses were RMB36.7m, including inventory write-downs and FX losses; other income was RMB10.5m and finance costs fell 14.8% to RMB4.2m.

Outlook and guidance

• H2 priorities include increasing Finjuve and Amzeeq market penetration through established online and offline channels, broader network reach, e-commerce and social media.

• CU-30101 launch preparations include use of existing sales platforms, physician demonstrations and training.

• CU-20401 China commercialization approval is expected in 2028; Phase II results showed efficacy advantages over placebo and a favorable safety profile.

• Remaining proceeds from the 2025 placing were directed principally to pipeline development and are expected to be fully utilized by end-2027.