Laekna Inc (2105) H2 2025 earnings summary

Executive summary

• 2025 revenue was RMB106.7m, entirely from the Qilu Pharma LAE002 licensing transaction; net loss narrowed to RMB229.3m from RMB254.3m in 2024.

• Pipeline progress included completion of AFFIRM-205 recruitment, positive preliminary LAE102 body-composition trends, and expanded ActRII development; cash and bank balances rose to RMB1,243.2m at year-end.

Financial highlights

• Revenue RMB106.7m and gross profit RMB86.4m in 2025; cost of sales was RMB20.3m, mainly AFFIRM-205 Phase III clinical development expenses.

• Operating loss was RMB225.4m vs RMB251.3m in 2024; net loss was RMB229.3m vs RMB254.3m, and total comprehensive loss was RMB253.7m vs RMB242.9m.

• R&D expenses increased 16.2% to RMB249.9m; administrative expenses rose 43.7% to RMB106.5m, primarily reflecting higher equity-settled share-based payment expenses.

• Other income rose 17.5% to RMB44.9m, primarily due to increased government grants; basic and diluted loss per share was RMB0.59 vs RMB0.71.

Outlook and guidance

• 2026 targets include LAE102 Phase I multiple-dose expansion results, initiation of a Phase II study with a GLP-1 receptor agonist, and LAE103 SAD topline data in Q3.

• AFFIRM-205 topline results are targeted for H1 2026, followed by China NDA submission; LAE123 IND submission and LAE124 pre-clinical candidate declaration are targeted for 2026.

• Further strategic partnerships are planned to accelerate development and commercialization of the ActRII portfolio and other drug candidates.