ImmuneOnco Biopharmaceuticals (Shanghai) (1541) H2 2024 earnings summary

Executive summary

• 11 clinical programs and 30 IND approvals support a pipeline spanning oncology, autoimmune, cardiovascular and metabolic diseases.

• IMM01 Phase III studies advanced in MDS, CMML and cHL; IMM2510 and IMM0306 progressed in solid-tumor and autoimmune programs.

• FY2024 revenue was RMB74.149m, mainly from the Axion Bio/Instil license; net loss narrowed to RMB316.6m from RMB379.5m.

• Resources shifted toward clinical development, including planned offering-proceeds reallocation and the sale of a non-core property subsidiary.

Financial highlights

• Revenue was RMB74.149m vs RMB0.386m in 2023; out-licensing contributed RMB71.342m and collaboration development RMB2.668m.

• Operating cash use fell to RMB128.0m from RMB367.6m; cash, short-term deposits and FVTPL financial assets totaled RMB752.1m at year-end, vs RMB608.6m in 2023.

• R&D expense increased 10.6% to RMB322.8m; administrative expense fell 19.4% to RMB64.8m.

• Net loss narrowed to RMB316.6m from RMB379.5m; adjusted loss was RMB255.0m vs RMB281.8m.

Outlook and guidance

• IMM2510 plus chemotherapy in first-line NSCLC began Phase Ib/II in China in December 2024; initial data were expected in H2 2025, with a U.S. trial planned before year-end, subject to regulatory approvals.

• Mature IMM01 MDS and CMML survival endpoints, including median PFS, were expected at an international oncology conference in 2025.

• Preliminary IMM0306 Phase Ib SLE data were expected by mid-2025; U.S. SLE IND approvals were expected in H2 2025.

• 2025 priorities include advancing clinical programs in China, using China data to accelerate development in other markets and expanding overseas reach.