GenFleet Therapeutics (Shanghai) (2595) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was RMB88.74 million, while net loss widened to RMB698.60 million; the fair-value loss on redemption liabilities was RMB615.87 million.

• Pipeline stood at eight candidates, seven in clinical development as of the Latest Practicable Date; GFH925 was approved in China and further clinical programs advanced.

Financial highlights

• Revenue was RMB88.74 million, versus nil in H1 2024; RMB82.88 million came from IP licenses and RMB5.87 million from other revenue.

• Cost of sales was RMB16.92 million; R&D costs fell to RMB122.44 million from RMB186.00 million, mainly as prior-year termination and patent-licensing costs did not recur.

• Administrative expenses rose 99.64% YoY to RMB36.95 million, mainly due to listing expenses; finance costs fell to RMB3.03 million from RMB14.60 million.

• Net loss was RMB698.60 million versus RMB449.30 million; fair-value loss on redemption liabilities increased to RMB615.87 million from RMB241.46 million.

• Operating cash outflow was RMB50.49 million, down from RMB162.96 million; cash and cash equivalents were RMB346.53 million at June 30, 2025.

Outlook and guidance

• GFH925/cetuximab Phase II in Europe was expected to complete in Q4 2025, with plans to seek Phase III trials in the U.S. and Europe.

• GFH312 Phase II for PBC is planned to start in H1 2026; GFH375’s in-house manufacturing facility is expected to begin trial operation by end-2026 and commercial-scale production by end-2028.

• Management expects future operating cash generation from GFH925 commercialization, collaborations and pipeline commercialization, while stating additional funding will ultimately be needed for R&D objectives.