Mabwell (Shanghai) Bioscience (688062) Q3 2024 earnings summary

Executive summary

• Q3 revenue rose 167.73% YoY to RMB 25.57m; 9M revenue increased 41.79% to RMB 141.10m, while 9M attributable net loss was RMB 694.09m.

• Commercial progress and late-stage pipeline advances included three marketed products, three assets in pivotal Phase III trials, and additional international commercialization agreements.

Financial highlights

• Q3 attributable net loss was RMB 249.11m; 9M attributable net loss was RMB 694.09m versus RMB 673.29m in 9M 2023.

• 9M adjusted net loss, excluding non-recurring items, was RMB 714.64m; basic and diluted EPS were both -RMB 1.74.

• 9M operating costs and expenses totaled RMB 844.47m; R&D expense was RMB 481.01m, down 2.65% YoY, and sales expense was RMB 168.47m.

• 9M operating loss was RMB 692.03m; total comprehensive loss was RMB 697.03m.

Outlook and guidance

• 9MW0813 Phase III head-to-head trial data were expected around year-end 2024, with a marketing application planned for 2025.

• 9MW2821 began enrollment in two pivotal Phase III trials for cervical cancer and first-line urothelial cancer combination treatment.