Qyuns Therapeutics (2509) H2 2024 earnings summary

Executive summary

• FY2024 revenue was RMB 158.79M, mainly from licensing, R&D services and CDMO income; reported net loss narrowed 33% YoY to RMB 349.7M.

• Pipeline advanced across autoimmune and allergic diseases; SAILEXIN received its first marketing approval and QX002N met its AS Phase III primary endpoint.

Financial highlights

• FY2024 revenue was RMB 158.79M, gross profit RMB 92.2M, loss from operations RMB 326.4M and net loss RMB 349.7M.

• Adjusted loss excluding non-cash share-based compensation was RMB 274.2M, down 30% YoY; reported net loss narrowed 33%.

• R&D expense declined 8.27% YoY to RMB 334.28M; administrative expense declined 29.57% to RMB 115.93M, mainly reflecting lower share-based payment expense.

• Cash and cash equivalents plus financial assets at fair value through profit or loss rose 47.63% to RMB 556.13M at year-end.

• CDMO income of RMB 23.8M was classified as revenue, with related costs reclassified to cost of sales.

Outlook and guidance

• Priorities include advancing clinical development and regulatory submissions, expanding domestic and global commercialization partnerships, and progressing differentiated autoimmune medicines.

• QX002N Phase III completion and QX005N Phase III primary endpoint data were expected in H2 2025; QX004N psoriasis Phase II data were expected mid-2025.

• Expected liquidity sources include SAILEXIN supply and profit sharing, QX008N and QX004N milestones, QX005N development cost sharing and debt financing.

• Further priorities include optimizing manufacturing efficiency and capacity use, exploring overseas expansion and developing talent.