ImmuneOnco Biopharmaceuticals (Shanghai) (1541) H1 2026 earnings summary

Executive summary

• Clinical programs advanced across oncology, autoimmune, PAH and other non-oncology indications, including Phase III CMML enrollment completion and Phase III R/R FL trial initiation.

• Proprietary antibody and mAb-Trap platforms, in-house manufacturing and an rHuPH20-enabled IV/SC strategy were supported by 30 issued patents and 41 pending applications.

• H1 revenue was RMB25.424 million and period loss was RMB165.498 million; R&D expenses declined 7.9% YoY.

Financial highlights

• Revenue fell to RMB25.424 million from RMB38.027 million, primarily reflecting collaboration development payments under the Axion agreement.

• R&D expenses declined 7.9% to RMB154.782 million from RMB168.044 million, mainly on lower preclinical and CMC costs; clinical trial and materials costs increased.

• Period loss widened to RMB165.498 million from RMB152.725 million; adjusted loss excluding share-based payment expenses was RMB162.493 million versus RMB144.423 million.

• Other income rose to RMB16.387 million from RMB9.693 million, while other net losses reached RMB25.1 million, mainly from FX and FVTPL fair-value losses.

• Basic and diluted loss per share was RMB0.38 versus RMB0.37.

Clinical progress

• IMM01 completed enrollment of 173 patients in Phase III CMML by June 30, 2026; data cutoff and interim analysis are expected by year-end.

• IMM0306 plus lenalidomide began dosing in Phase III R/R FL in March; reported ORR was 88.6% and CR 65.9% among 44 patients. Enrollment in 1L FL Phase II was completed.

• IMM0306 SLE Phase Ib reported SRI-4 responses up to 80%, sustained through Week 52; Phase II began in April, with first patient dosed in May.

• IMM2510 monotherapy in IO-treated advanced squamous NSCLC reported ORR 27.3%, mPFS 9.4 months and DCR 88.2% at RP2D; no Grade 3+ irAEs were observed.

• IMM2510 plus IMM27M in six ESCC patients produced ORR 50% and DCR 83%; IMC-003 PAH Phase Ib/II began, and IMM01 atherosclerosis received Phase II IND approval.