Jiangsu Recbio Technology (2179) H2 2024 earnings summary

Executive summary

• 2024 remained a pre-commercial R&D year with no revenue; net loss narrowed to RMB561.9 million from RMB572.4 million in 2023.

• REC603’s HPV 9-valent vaccine and REC610’s shingles vaccine advanced in Phase III; REC625’s RSV vaccine remained in preclinical development.

• Manufacturing capacity and facilities were developed ahead of potential commercialization, while cash and bank balances declined and current borrowings increased.

Financial highlights

• Loss before tax and loss for the year were RMB561.9 million, versus RMB572.4 million in 2023; loss attributable to owners was RMB562.4 million.

• Loss per share was RMB1.16, compared with RMB1.19 in 2023; total comprehensive loss was RMB561.0 million.

• Other income and gains fell 38.8% to RMB61.6 million, mainly from lower bank interest income and foreign-exchange gains.

• R&D costs declined 2.4% to RMB476.1 million; administrative expenses fell 24.1% to RMB109.1 million and selling and distribution expenses fell 69.4% to RMB2.6 million.

• Finance costs rose to RMB18.9 million from RMB13.6 million, mainly due to additional debt financing.

Outlook and guidance

• REC603 follow-up has reached the 36-month visit and begun 42-month observation; an interim analysis using pathological endpoints is planned, with a BLA submission anticipated in 2025 if conditions are met.

• REC610 completed Phase III enrollment and vaccination for 24,640 subjects; clinical analysis and BLA milestones are targeted for 2025, subject to stated performance-commitment deadlines.

• REC625 preclinical studies are planned for completion in 2025; REC604c’s China clinical-trial application was accepted by NMPA in February 2025.

• Priorities include accelerating clinical development and commercialization of HPV and shingles vaccines, advancing preclinical pipelines, and strengthening manufacturing, quality and international business development.