Cutia Therapeutics (2487) H2 2025 earnings summary

Executive summary

• FY2025 revenue grew 20.2% YoY to RMB336.2m, led by scalp and routine skin-care products and launches of two key therapies; annual loss narrowed to RMB340.2m.

• CU-40102 and CU-10201 generated over RMB100m in combined revenue after commercialization began in late October 2025.

Financial highlights

• Revenue rose 20.2% YoY to RMB336.2m; H2 revenue increased 307.1% sequentially to RMB269.9m.

• Gross profit increased 36.5% to RMB195.8m; gross margin expanded to 58% for FY2025 from 51% in FY2024.

• Selling, R&D and administrative expenses totaled RMB496.0m, down from RMB604.6m in FY2024; combined decline was approximately RMB109m.

• Loss for the year narrowed to RMB340.2m from RMB433.8m; adjusted net loss, excluding share-based payment expenses, was RMB314.4m versus RMB365.2m.

Outlook and guidance

• In 2026, plans include deepening commercialization of CU-40102 and CU-10201 through omnichannel expansion, marketing and physician training.

• CU-30101 is anticipated to receive China marketing approval; launch preparations are being coordinated with existing sales platforms.

• Following positive Phase II results, plans call for advancing CU-20401 into Phase III; CU-20401 regulatory approval for China commercialization is expected in 2028.

• CU-40105’s ANDA was accepted by the NMPA; CU-20101 reported positive Phase III topline results in January 2026, and CU-40104 received NMPA clinical trial approval in March 2026.