PegBio (2565) H1 2026 earnings summary

Executive summary

• PB-119 commercialization advanced through a mainland China agreement with Tenry Pharmaceutical, a first HK$61.0 million royalty payment and post-period prescriptions at multiple institutions.

• Focus remained on metabolic-disease therapies, pipeline development, an AI-enabled R&D platform and international technology collaborations.

Financial highlights

• H1 2026 operating loss was RMB214.233 million vs RMB92.135 million in H1 2025; period loss was RMB216.196 million vs RMB93.672 million.

• Adjusted net loss was RMB181.750 million vs RMB51.100 million; share-based compensation was RMB34.446 million vs RMB42.572 million.

• Basic and diluted loss per share was RMB0.55 vs RMB0.25; no product-sales revenue had been generated by June 30, 2026.

• R&D expense was RMB109.808 million vs RMB26.294 million; selling and marketing expense was RMB20.943 million vs RMB4.765 million.

• Administrative expenses were RMB72.2 million vs RMB61.3 million; other income and gains/(losses), net, was a RMB11.270 million loss, primarily reflecting unrealized FX movements.

Outlook and guidance

• Paidakang market access, promotion, channel coverage and patient services remain priorities; conditions for a second HK$49 million royalty payment were met after period-end, with receipt expected within the agreement’s payment period.

• Planned advancement includes APGP6, PB-2312, CR059 and other pipeline projects, with pace dependent on research results, clinical value, competition and R&D resource allocation.

• Overseas clinical development, licensing, commercialization and delivery-technology partnerships remain part of the global development strategy; further funding will be needed for R&D objectives.