Mabwell (Shanghai) Bioscience (688062) Q1 2026 earnings summary

Executive summary

• Q1 revenue rose 184.89% YoY to RMB127.60m, driven by DISC MEDICINE licensing revenue and higher drug sales; attributable net loss narrowed to RMB241.94m from RMB291.73m.

• R&D spend was RMB164.50m, down 21.12% YoY, while operating cash outflow widened to RMB234.16m from RMB216.62m.

Financial highlights

• Revenue was RMB127.60m versus RMB44.79m YoY; total loss was RMB240.15m versus RMB292.40m.

• Attributable net loss was RMB241.94m versus RMB291.73m; adjusted for non-recurring items, loss was RMB241.81m versus RMB293.42m.

• Operating costs totaled RMB356.75m versus RMB336.09m; R&D expense was RMB164.50m versus RMB208.55m.

Outlook and guidance

• Three phase III trials for 9MW2821 UC monotherapy, UC combination therapy, and CC monotherapy are scheduled for interim analyses in 2026; interim data may support pre-NDA meetings with China’s CDE.

• 9MW2821 CC combination phase Ib/II is planned to complete in H2 2026, followed by planned phase III initiation.

• A US clinical trial application for 6MW5311 is planned for submission to the FDA in Q2 2026; its China trial application was formally accepted in April.

• 18F-FD4 received China NMPA approval in March 2026 to begin phase I testing.