Hanx Biopharmaceuticals (Wuhan) (3378) H2 2025 earnings summary

Executive summary

• Clinical-stage pipeline spans immuno-oncology, ADCs and autoimmune disease; year-end portfolio comprised 3 clinical-stage candidates, 1 IND-approved candidate and multiple preclinical programs.

• HX009 showed preliminary activity in EBV+ non-Hodgkin lymphoma and melanoma; HX111 became the first OX40-targeting ADC to receive NMPA IND approval.

Financial highlights

• FY2025 loss was RMB131.5m vs RMB116.9m in FY2024; loss before tax was RMB145.0m vs RMB122.8m.

• Other income and gains rose to RMB16.6m from RMB7.7m, including a RMB14.0m fair-value gain on contingent consideration from an associate disposal.

• R&D expense increased 19.7% to RMB89.4m, primarily on higher technical service costs; administrative expenses excluding listing costs rose 25.2% to RMB44.4m.

• FY2025 listing expenses were RMB13.7m vs RMB10.7m; finance costs rose to RMB11.6m from RMB9.4m, reflecting redemption liability and bank borrowing interest.

Outlook and guidance

• 2026 plans include initiating HX111’s Phase Ia first-in-human trial, completing HX044 Phase Ia, continuing combination studies and advancing preclinical ADC and bispecific candidates.

• Subject to supportive data and CDE agreement, pivotal development of HX009 in EBV+ NHL will be accelerated; additional data will inform progression in other indications.

• 2026–2027 is positioned as a decisive period for clinical value realization; priorities include platform investment, global development, collaborations and prudent out-licensing.