Jacobio Pharmaceuticals Group (1167) H2 2024 earnings summary

Executive summary

• Achieved first NDA submission for glecirasib (KRAS G12C inhibitor) in ≥2L NSCLC in China, with priority review granted and expected approval in H1 2025.

• Initiated pivotal Phase III trial of glecirasib plus sitneprotafib (SHP2 inhibitor) for 1L NSCLC and Phase II trial for PDAC and other tumors.

• Licensed out Greater China rights of glecirasib and sitneprotafib to Allist for RMB900 million upfront/milestone payments and double-digit royalties.

• Launched first-in-human trials for P53Y220C activator (JAB-30355) and pan-KRAS inhibitor (JAB-23E73) in the US and China.

• Revenue surged 145% year-over-year, driven by the Allist licensing deal.

Financial highlights

• Revenue increased to RMB155.7 million in 2024 from RMB63.5 million in 2023, mainly due to the Allist license-out agreement.

• Gross profit rose to RMB155.7 million, up from RMB3.2 million, a 4,765.6% increase.

• R&D expenses decreased 11.3% to RMB330.2 million, reflecting lower raw material and staff costs.

• Administrative expenses fell 7.5% to RMB43.1 million.

• Loss for the year narrowed by 56.6% to RMB155.7 million.

• Adjusted loss for the year was RMB145.7 million, down from RMB337.0 million.

• Cash and cash equivalents at year-end were RMB1,174.5 million.

Outlook and guidance

• Anticipates approval and launch of glecirasib for ≥2L NSCLC in China in H1 2025.

• Plans to expand KRAS and iADC pipelines, including pan-KRAS and KRAS G12D ADC programs.

• Expects to fully utilize net proceeds from the global offering by end of 2025, with increased allocation to early-stage R&D.

• Focus on global market leadership in oncology, leveraging robust patent portfolio and strategic collaborations.