Jiangsu Recbio Technology (2179) H1 2025 earnings summary

Executive summary

• H1 revenue reached RMB10.9m, mainly from licensing, while net loss widened to RMB340.7m from RMB249.6m as R&D spending rose.

• REC603 and REC610 remained in Phase III; REC610 completed enrollment and full-course vaccination of 24,640 participants, while REC603 began month-48 follow-up.

• Biological E’s REC603 licensing agreement generated an upfront payment, with further milestone payments and sales-based royalties.

Financial highlights

• Revenue was RMB10.9m versus nil in H1 2024, mainly from intellectual-property licensing; gross profit was RMB67k.

• Net loss was RMB340.7m versus RMB249.6m; basic and diluted loss per share widened to RMB0.71 from RMB0.52.

• R&D costs rose 46.0% to RMB299.6m; other income and gains fell 66.1% to RMB12.1m, while administrative expenses declined 12.6% to RMB47.8m.

• Finance costs rose 40.7% to RMB12.8m, mainly due to additional debt financing; selling and distribution expenses fell 46.7% to RMB0.8m.

• Operating cash outflow was RMB224.0m versus RMB279.9m.

Outlook and guidance

• REC603 month-48 follow-up continues; interim analysis using pathological endpoints is planned, with BLA submission anticipated in 2026 subject to conditions.

• REC610 follow-up continues; targets include a clinical analysis report by Sep 2025, BLA submission by Dec 2025 and approval by Nov 2026, subject to outside dates.

• REC625 preclinical studies are planned for completion in 2025; further REC604c development depends on market demand and available resources.

• Priorities include accelerating clinical development and commercialization of HPV and shingles vaccines, strengthening R&D and manufacturing, and expanding international business development.