Nanjing Leads Biolabs (9887) H2 2025 earnings summary

Executive summary

• 2025 revenue reached RMB177.3m from nil in 2024, driven by LBL-047 licensing payments; reported loss narrowed to RMB211.4m from RMB301.2m.

• The July 2025 IPO raised US$189m; year-end cash and highly liquid financial assets reached RMB1,548.1m, supporting a stated four-year operating runway at the current pace.

• Pipeline progress centered on LBL-024 and LBL-034, with LBL-024 BLA filing targeted for Q3 2026 and further clinical readouts expected in 2026.

Financial highlights

• Revenue was RMB177.3m versus nil in 2024, all from upfront and near-term LBL-047 license payments from Dianthus.

• R&D costs rose 55.7% to RMB289.1m, reflecting LBL-024 BLA preparation, faster clinical development and preclinical advancement; administrative expenses fell 5.7% to RMB82.7m.

• Reported loss narrowed to RMB211.4m from RMB301.2m; adjusted loss was RMB180.0m in 2025. Income tax expense was RMB15.5m, representing withholding tax on LBL-047 licensing revenue.

• Other income and gains were RMB31.0m; finance costs were RMB7.2m versus RMB5.8m in 2024.

Outlook and guidance

• LBL-024 pre-BLA submission to NMPA is planned for Q2 2026, followed by BLA filing for 3L+ EP-NEC in Q3 2026; China approval is estimated for mid-2027.

• LBL-024 data updates are planned at ESMO and WCLC 2026; first patient in its Phase III confirmatory trial is expected before year-end 2026, and NSCLC enrollment completion is targeted for Q2 2026.

• IND filings for LBL-054, LBL-061, LBL-076 and LBL-066 are expected in Q4 2026 or Q1 2027; five other candidates target PCC nomination in H1 2026.

• Strategy targets 3–5 preclinical assets entering IND-enabling development annually, 3 commercialized products and 4–8 late-clinical-stage products by 2030, and 5 products in global multi-center trials by 2027, including 2 in Phase III.