GenFleet Therapeutics (Shanghai) (2595) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB42.47m and net loss was RMB220.17m; R&D costs rose to RMB192.53m as pipeline investment increased.

• GFH375 advanced in registrational Phase III trials for pancreatic cancer and NSCLC; six GFH375 or GFH276 registrational programs are projected for 2026–2027.

• Cash and bank balances were RMB1,784.51m at June 30, 2026; operating activities used RMB283.68m during H1.

Financial highlights

• Revenue fell to RMB42.47m from RMB88.74m; lower IP license revenue of RMB71.17m was partly offset by a RMB26.01m increase in drug supply revenue, which rose ~6x.

• Gross profit was RMB22.74m vs RMB71.82m; cost of sales rose to RMB19.74m from RMB16.92m.

• Other income and gains rose to RMB40.62m from RMB8.18m, including RMB34.16m of bank interest income and RMB5.42m of fair-value gains on financial assets.

• R&D costs increased to RMB192.53m from RMB122.44m, reflecting pipeline expansion and greater investment in existing programs.

• Net loss narrowed to RMB220.17m from RMB698.60m; H1 2025 included a RMB615.87m redemption-liability fair-value loss, versus nil in H1 2026.

Outlook and guidance

• Six first- and later-line registrational programs involving GFH375 or GFH276 are expected to reach Phase III during 2026–2027.

• An NDA for GFH375 monotherapy in metastatic pancreatic cancer is expected in 2027, with launch anticipated in 2028.

• Commercialization initiatives are planned for 2027; GFH375 sales growth and NRDL inclusion are targeted within 2–5 years, with positive operating cash flow targeted within a decade.

• Verastem expects first enrollment in planned pivotal GFH375 trials for PDAC, CRC and NSCLC in H1 2027.