Jiangsu Recbio Technology (2179) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB47.2k versus RMB10.9m a year earlier, while net loss narrowed to RMB211.8m from RMB340.7m as R&D spending declined.

• REC610 advanced to the China marketing-application stage after Phase III enrollment and vaccination; REC603 remained in pivotal Phase III follow-up.

Financial highlights

• Revenue was RMB47.2k versus RMB10.9m in H1 2025; prior-period revenue included RMB10.8m from IP licensing, while current-period licensing revenue did not meet recognition criteria.

• Net loss was RMB211.8m versus RMB340.7m; loss before tax was RMB211.6m versus RMB339.6m, and basic/diluted loss per share was RMB0.34 versus RMB0.71.

• R&D costs fell 45.6% to RMB162.9m; selling and distribution expenses rose to RMB2.3m as commercial hiring continued, while administrative expenses fell to RMB40.9m.

• Other income and gains declined 21.1% to RMB9.6m; finance costs fell 23.2% to RMB9.8m, while other expenses rose to RMB5.3m, mainly due to inventory impairment provisions.

• Operating cash outflow was RMB148.4m; investing cash outflow was RMB38.1m and financing cash inflow was RMB22.2m. Cash and cash equivalents ended H1 at RMB187.5m, down from RMB351.8m at year-end 2025.

Outlook and guidance

• Priorities include accelerating vaccine R&D, clinical development and commercialization, strengthening R&D capabilities, improving organizational effectiveness and expanding internationally.

• Commercialization focuses on REC610 and REC603, with plans for manufacturing and quality systems, marketing networks, overseas licensing and international collaborations.

• REC603 application timing depends on clinical follow-up, process validation and regulatory discussions; a pathological-endpoint interim analysis is planned.

• Unused domestic share-issuance proceeds were expected to be fully utilized by December 2026.