Duality Biotherapeutics (9606) H1 2026 earnings summary

Executive summary

• Achieved first BLA acceptance for HER2 ADC (trastuzumab pamirtecan) in China and initiated first Phase 3 trial for B7-H3 ADC (elfetabart drozuntecan).

• Entered new global R&D collaboration with Genentech post-period, expanding partnership value to over US$7 billion.

• Over 3,500 patients enrolled in clinical trials across 20 countries, with 50% outside China.

• Executed share repurchases, reflecting confidence in long-term value.

Financial highlights

• Revenue for H1 2026 was RMB219.3 million, down from RMB1,228.9 million in H1 2025, mainly due to a one-off revenue deduction of RMB290.7 million from exercising a profit/loss sharing option.

• Gross loss of RMB233.4 million (gross margin -106.4%) versus gross profit of RMB589.4 million (margin 48.0%) in H1 2025.

• R&D expenses rose to RMB606.7 million from RMB349.4 million year-over-year, driven by expanded clinical activity and staff costs.

• Administrative expenses decreased to RMB81.5 million from RMB125.5 million, mainly due to lower listing and staff costs.

• Net loss narrowed to RMB917.5 million from RMB2,073.9 million, with adjusted loss (non-HKFRS) at RMB626.9 million.

• Cash and bank balances stood at RMB3,006.5 million as of June 30, 2026.

Outlook and guidance

• Sufficient funds to meet working capital and capital expenditure needs for H2 2026.

• Plans to utilize remaining IPO proceeds within three years, focusing on clinical trials, commercialization, and platform development.

• No interim dividend declared for H1 2026.