ImmuneOnco Biopharmaceuticals (Shanghai) (1541) H1 2024 earnings summary

Executive summary

• H1 2024 IFRS loss narrowed to RMB165.8 million from RMB170.8 million YoY; adjusted loss rose to RMB120.7 million from RMB115.8 million.

• IMM01 advanced across three Phase III programs, with NMPA approvals and encouraging Phase II response data across several combinations.

• Licensed IMM2510 and IMM27M outside Greater China to SynBioTx for a US$10 million upfront payment, potential milestones of up to US$2.1 billion and royalties.

Financial highlights

• H1 revenue was RMB77,000 versus RMB86,000 in H1 2023, from cell strain and other product sales and testing services.

• R&D expenses fell 7.0% to RMB119.1 million, mainly due to lower clinical trial and share-based payment costs; administrative expenses declined 27.1% to RMB30.1 million, primarily on lower share-based payments.

• Finance costs rose to RMB1.4 million from RMB0.6 million; other income fell to RMB4.3 million from RMB6.4 million.

• Net other gains and losses shifted from a RMB6.1 million gain to a RMB19.5 million loss, mainly due to a RMB27.4 million impairment charge.

Outlook and guidance

• H2 2024 priorities include advancing clinical programs in China, expanding overseas development and using China data to support clinical progress in other markets.

• IMM2520 Phase I and IMM01 plus tislelizumab Phase II were expected to complete in 2024; IMM0306 Phase II remained ongoing.

• IMM67 NMPA registration filing was anticipated by Q1 2025; an IMC-003 IND filing was expected within one year.