Keymed Biosciences (2162) H2 2023 earnings summary

Executive summary

• 2023 revenue rose to RMB354.1m, primarily from the CMG901/AZD0901 license collaboration; net loss widened to RMB357.8m as R&D and administrative costs increased.

• Pipeline advanced across autoimmune and oncology programs; Stapokibart’s adult atopic dermatitis application received NMPA acceptance and priority review, while Phase III CRSwNP results were positive.

Financial highlights

• Revenue was RMB354.1m vs RMB100.1m in 2022; gross profit was RMB317.2m vs RMB97.5m.

• R&D expense increased 18% to RMB596.3m; loss for the year widened 18% to RMB357.8m.

• Adjusted loss, excluding share-based payment expenses, widened 25% to RMB317.7m from RMB255.0m.

• Other income and gains fell to RMB123.2m from RMB259.0m, mainly due to lower exchange gains and government grants, partly offset by higher interest income.

• Basic and diluted loss per share was RMB1.37 vs RMB1.18.

Outlook and guidance

• Plans include advancing ongoing and planned clinical programs in China and globally, preparing late-stage products for commercialization, and pursuing strategic partnerships.

• Intends to submit a Stapokibart marketing application for CRSwNP to the CDE in 2024; adolescent AD Phase III enrollment is underway.

• Plans to expand cGMP-compliant manufacturing capacity; Chengdu capacity stood at 18,600 litres at year-end 2023.

• No final dividend was recommended for FY2023.