Jacobio Pharmaceuticals Group (1167) H1 2024 earnings summary

Executive summary

• Advanced drug pipeline with one NDA-submitted asset, nine clinical-stage assets, and several IND-enabling candidates, focusing on innovative oncology therapies targeting undruggable proteins and immune-oncology pathways, especially KRAS, MYC, and p53.

• Key milestones include NDA submission and priority review for glecirasib (KRAS G12C inhibitor) in ≥2L NSCLC, and initiation of multiple pivotal trials in NSCLC, PDAC, CRC, and multi-tumor baskets.

• Strategic partnerships and global development plans are emphasized, including a recent out-licensing deal for glecirasib and JAB-3312 in Greater China.

• Ongoing focus on combination therapies, iADC platforms, and allosteric inhibitors to address resistance and improve patient outcomes.

Financial highlights

• No revenue recognized for the six months ended June 30, 2024, compared to RMB40.3 million in the same period last year due to the termination of a license and collaboration agreement.

• R&D expenses decreased by 11.1% year-over-year to RMB176.8 million, mainly due to lower raw material and staff costs.

• Administrative expenses fell by 10.5% year-over-year to RMB21.2 million.

• Loss for the period increased slightly to RMB169.1 million from RMB166.3 million year-over-year.

• Other income rose to RMB7.5 million, primarily from government grants and rental subsidies.

• Net other gains dropped due to lower foreign exchange gains, from RMB37.8 million to RMB5.8 million.

• Adjusted loss for the period was RMB163.5 million, compared to RMB158.3 million last year.

Outlook and guidance

• Plans to focus on advancing the pipeline, especially in RAS, MYC, and p53 pathways, and to add manufacturing and commercialization capabilities.

• All unutilized net proceeds from the IPO and subscription are expected to be used by the end of 2025, with a focus on clinical trials and early-stage drug development.