Qyuns Therapeutics (2509) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached RMB206.49 million, up 359.7% YoY; licensing contributed RMB180.77 million and R&D/CDMO services RMB22.00 million.

• SAILEXIN expanded to pediatric psoriasis and shipped over 60,000 units by June 30; QX002N met Phase III AS endpoints, while QX005N advanced in Phase III.

• The pipeline includes 1 marketed product and 9 drug candidates; QX030N was licensed globally to Caldera with a US$10 million upfront payment and an approximately 24.88% equity interest.

Financial highlights

• Revenue was RMB206.49 million versus RMB44.92 million in H1 2024; gross profit was RMB177.62 million versus RMB37.76 million.

• Loss for the period narrowed to RMB30.93 million from RMB183.14 million; loss attributable to ordinary shareholders was RMB28.33 million.

• Adjusted loss, excluding equity-settled share-based payment expenses, was RMB5.22 million versus RMB132.50 million; share-based payment expense fell to RMB25.71 million from RMB50.64 million.

• R&D expense rose 4.25% YoY to RMB151.39 million; administrative expense fell 31.36% to RMB48.27 million.

• Net cash used in operating activities was RMB91.76 million; investing and financing activities generated RMB137.73 million and RMB95.81 million, respectively. Period-end cash and cash equivalents were RMB499.32 million.

Outlook and guidance

• Target at least five products approved for marketing by 2030; priorities include advancing bispecifics, expanding respiratory, IBD and dermatology pipelines, and strengthening global partnerships.

• QX002N AS BLA submission was planned for 2025; QX005N PN Phase III primary endpoint data were expected by year-end, with AD data expected in early 2026.

• Planned filings include QX027N China and U.S. INDs in Q3 2025, QX031N China and U.S. INDs in Q4 2025, and QX030N Australia CTN in Q4 2025.

• QX008N COPD Phase III was expected to begin in H1 2026; QX035N China and U.S. IND filings were planned for H2 2026.