Cutia Therapeutics (2487) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 103.2% YoY to RMB279.6m, driven by scalp care and routine skin care sales; annual loss narrowed to RMB433.8m from RMB1,963.8m.

• Commercialization momentum and pipeline progress included NMPA approval of CU-10201, while cash, time deposits over three months and FVTPL assets totaled RMB876m at year-end.

Financial highlights

• Revenue increased to RMB279.6m from RMB137.6m; cost of sales rose to RMB136.2m from RMB66.6m, in line with business growth.

• Gross profit reached RMB143.5m, up 102.0% YoY; gross margin remained ~51% in both 2024 and 2023.

• Selling and distribution expenses rose 26.6% to RMB263.7m; R&D costs fell 7.7% to RMB199.0m and administrative expenses fell 23.7% to RMB141.9m.

• Loss for the year was RMB433.8m versus RMB1,963.8m, mainly reflecting the absence of 2023 preferred-share fair-value losses of RMB1,454.3m after conversion upon listing.

• Adjusted net loss, excluding preferred-share fair-value losses, share-based payments and listing expenses, was RMB365.2m versus RMB351.9m; adjusted loss-to-revenue ratio narrowed to 1.31 from 2.56.

Outlook and guidance

• In 2025, plans include expanding CU-10201 commercialization through established online and offline channels and strengthening marketing, sales capabilities and physician training.

• CU-40102 and CU-30101 are anticipated to receive Chinese regulatory approval; launch preparations and sales-network expansion are underway.

• Following positive Phase II results, CU-20401 is expected to advance to Phase III; commercialization approval in China is expected in 2028.

• Remaining pipeline candidates are slated for continued clinical advancement; no assurance was given that the core or pipeline products will ultimately be developed and marketed successfully.