Mabwell (Shanghai) Bioscience (688062) Q1 2025 earnings summary

Executive summary

• Q1 revenue was RMB 44.79 million, down 33.70% YoY; net loss attributable to shareholders widened to RMB 291.73 million from RMB 205.66 million.

• Adjusted for non-recurring items, net loss attributable to shareholders was RMB 293.42 million, versus RMB 217.86 million in Q1 2024.

• Drug sales rose 149.77% YoY to RMB 44.72 million, but did not offset lower licensing and technical-service revenue.

Financial highlights

• R&D spending increased 14.49% YoY to RMB 208.55 million; operating cash outflow was RMB 216.62 million, improved from RMB 330.60 million.

• Total operating costs and expenses were RMB 336.09 million, versus RMB 282.66 million in Q1 2024; operating loss was RMB 291.02 million.

• Total assets were RMB 4.19 billion at quarter-end, down 1.97% from year-end; equity attributable to shareholders was RMB 1.28 billion, down 18.59%.

Outlook and guidance

• 8MW0511 completed its registration-trial site inspection in Q1 and was expected to receive marketing approval in 2025.

• 9MW1911 completed enrollment of 80 COPD patients in its Ib/IIa trial in January; follow-up was expected to finish in H2 2025, with a larger Phase II trial in preparation.

• 9MW3011’s U.S. Phase II PV study was planned for H1 2025; 9MW0813 was expected to submit its NDA after receiving feedback on its pre-NDA meeting request.