ImmuneOnco Biopharmaceuticals (Shanghai) (1541) H1 2025 earnings summary

Executive summary

• H1 revenue reached RMB38.027m, primarily from Axion Bio collaboration payments; net loss narrowed to RMB152.7m while R&D spending increased 41.0%.

• Clinical programs advanced across oncology, autoimmune, metabolic and cardiovascular indications, with Phase III studies and interim efficacy signals across multiple candidates.

Financial highlights

• Revenue was RMB38.027m versus RMB0.077m in H1 2024; collaboration development contributed RMB37.995m.

• R&D expense rose 41.0% to RMB168.0m, mainly from preclinical/CMC, clinical trial and staff costs; administrative expense fell 9.3% to RMB27.3m.

• Net loss narrowed to RMB152.7m from RMB165.8m; adjusted net loss was RMB144.4m versus RMB120.7m, and loss per share was RMB0.37 versus RMB0.44.

• Other income increased to RMB9.7m from RMB4.3m, mainly due to government grants; net other losses narrowed to RMB2.7m from RMB19.5m, largely reflecting lower property impairment.

Outlook and guidance

• H2 priorities include advancing China clinical studies, evaluating broader indications, expanding overseas development and adding innate immune checkpoint assets.

• Palverafusp alfa monotherapy NSCLC data and amulirafusp alfa SLE data were slated for WCLC 2025 and ACR 2025; updated NSCLC combination results and lymphoma data are planned for future conferences.

• The 1.6 mg/kg SLE Phase Ib cohort began enrollment in August 2025; Phase II initiation was enabled by completed Phase Ib data collection and analysis. Global Offering proceeds are planned for use by end-2026 and remaining placing proceeds by mid-2027.