Nanjing Leads Biolabs (9887) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was nil; net loss narrowed 7.8% YoY to RMB166.4m, while adjusted loss widened as R&D spending increased.

• LBL-024 completed pivotal EP-NEC trial enrollment in August 2025; LBL-034 also advanced into Phase II.

• Listed on July 25, 2025; net Global Offering proceeds reached HK$1,363.1m after full exercise of options.

Financial highlights

• Revenue was nil in H1 2025 and H1 2024; loss for the period was RMB166.4m versus RMB180.4m.

• Adjusted loss was RMB148.6m versus RMB94.4m in H1 2024.

• R&D costs rose 56.9% to RMB131.8m; administrative expenses fell 39.0% to RMB35.8m.

• Finance costs increased to RMB3.6m from RMB2.4m, mainly due to higher bank borrowing interest expense.

• Basic and diluted loss per share improved to RMB1.06 from RMB1.22.

Outlook and guidance

• LBL-024 NMPA BLA filing for EP-NEC is expected by Q3 2026; pivotal trial enrollment was completed in August 2025.

• Planned LBL-024 Phase II starts include BTC, HCC, melanoma and OC in Q3 2025; TNBC in H2 2025; and ESCC and gastric cancer in H1 2026.

• LBL-024 NSCLC combination Phase II enrolled its first patient in July 2025; LBL-034 Phase II enrolled its first patient in August.

• Expected IND filings: LBL-054-ADC and LBL-061 in H2 2026; LBL-058 in H1 2027.

• Strategy includes asset-light manufacturing, global development and commercialization partnerships, and possible selected U.S. trials.