Keymed Biosciences (2162) H1 2024 earnings summary

Executive summary

• 11 clinical-stage and IND-enabling candidates across autoimmune disease and oncology, supported by integrated antibody discovery, T-cell engager and ADC platforms.

• Priorities included advancing late-stage programs and preparing for commercialization; H1 revenue was primarily a CMG901 milestone, while R&D spending increased.

Financial highlights

• Revenue was RMB54.7m, down 83% YoY; gross profit was RMB50.9m, down 84% YoY.

• Collaboration revenue was RMB54.261m versus RMB326.450m in H1 2023; the 2024 amount related to a CMG901 development milestone.

• R&D expenses rose 33% YoY to RMB331m, driven by higher staff costs, more clinical trials and equipment use.

• Net loss was RMB336.6m versus profit of RMB48.1m; adjusted loss was RMB319.0m versus adjusted profit of RMB63.8m in H1 2023.

• Other income and gains were RMB73.5m, including RMB41.2m interest income, RMB23.1m government grants and RMB6.0m net exchange gains.

Outlook and guidance

• Plans include progressing clinical programs in China and globally, including the U.S., and preparing late-stage products for commercialization.

• Further cGMP-compliant manufacturing capacity expansion is planned to support anticipated demand and improve production cost-effectiveness.

• Strategic co-development, collaboration and licensing partnerships will be explored to accelerate commercialization and maximize asset value.