ImmuneOnco Biopharmaceuticals (Shanghai) (1541) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose to RMB154.3 million from RMB74.1 million, while IFRS loss narrowed to RMB219.3 million from RMB316.6 million; adjusted loss was RMB203.5 million.

• Pipeline advanced across oncology and autoimmune programs; IMM01 Phase III CMML enrollment reached 104 by year-end, and 132 patients required for interim analysis were enrolled by March 23, 2026.

• In January 2026, global rights to IMM2510 and IMM27M reverted following termination of the Axion agreement; previously received US$35 million in upfront and milestone payments remains unaffected.

Financial highlights

• Revenue was RMB154.3 million in FY2025 versus RMB74.1 million in FY2024, mainly reflecting collaboration development payments; R&D expenses were RMB322.3 million versus RMB322.8 million.

• IFRS loss for the year narrowed to RMB219.3 million from RMB316.6 million; adjusted loss, excluding share-based payments and property impairment, was RMB203.5 million versus RMB255.0 million.

• Other income increased to RMB16.7 million from RMB11.8 million, mainly on higher government grants; other net losses improved to RMB7.6 million from RMB11.5 million.

Outlook and guidance

• For 2026, priorities include advancing clinical programs in China, using China data to support development in other markets, expanding overseas presence and adding novel innate immune checkpoint programs.

• Updated IMM2510 monotherapy data in SQ-NSCLC are expected at ASCO 2026; further IMM0306 SLE data are expected at EULAR 2026 and lymphoma data at EHA 2026.

• Remaining Global Offering proceeds were planned for use by mid-2027; unutilized 2024 Placing proceeds by mid-2027 and 2025 Placing proceeds by mid-2028.