Laekna Inc (2105) H1 2025 earnings summary

Executive summary

• Seven clinical trials were initiated as of June 30, 2025, spanning LAE102, LAE002 (afuresertib), LAE001 and LAE005; pipeline focus includes obesity and oncology.

• H1 advanced obesity and oncology programs, including LAE102 trials in China and the U.S.; AFFIRM-205 Phase III recruitment remained on track.

• Net loss narrowed to RMB129.6m from RMB143.7m YoY.

Financial highlights

• R&D expenses fell 16.6% YoY to RMB105.2m, mainly because H1 2024 included an RMB17.8m AFFIRM-205 milestone payment.

• Administrative expenses rose 39.1% to RMB42.3m, primarily due to higher equity-settled share-based payment expenses.

• Other income increased 41.1% to RMB19.9m, mainly on higher government grants; operating loss was RMB127.6m versus RMB142.4m.

• Basic and diluted loss per share improved to RMB0.35 from RMB0.40.

Outlook and guidance

• Target AFFIRM-205 Phase III enrollment completion in Q4 2025 and NDA submission to China’s CDE in H1 2026.

• Target preliminary China LAE102 MAD and U.S. Phase I results in H2 2025; primary completion of the U.S. trial is targeted for Q4 2025.

• Target to initiate LAE103 Phase I in H2 2025 and advance LAE123 into Phase I in 2026; goal is to bring one candidate into clinical development annually.

• Potential partnerships are being pursued to accelerate development and commercialization.