TransThera Sciences (Nanjing) (2617) H1 2025 earnings summary

Executive summary

• Clinical-stage pipeline included six clinical-stage candidates and multiple preclinical candidates at 30 June 2025, focused on oncology, inflammatory and cardiometabolic diseases.

• H1 net loss narrowed to RMB122.9 million from RMB160.4 million YoY; R&D spending fell 30.9% as Tinengotinib trials advanced.

• Listed on the Hong Kong Stock Exchange on 23 June 2025, raising net proceeds of approximately HK$161.3 million.

Financial highlights

• H1 2025 net loss was RMB122.9 million versus RMB160.4 million in H1 2024; basic and diluted loss per share was RMB0.32 versus RMB0.42.

• R&D costs decreased 30.9% YoY to RMB98.4 million; clinical trial expenses fell from RMB101.2 million to RMB54.5 million, mainly reflecting lower TT-00420 spending.

• Other income and gains fell 65.1% YoY to RMB3.6 million, reflecting lower interest income and government grants.

• Administrative expenses decreased 2.2% YoY to RMB27.5 million.

• Operating cash outflow was RMB108.7 million, versus RMB123.0 million in H1 2024.

Outlook and guidance

• Tinengotinib’s China registrational Phase II CCA trial was expected to complete in H2 2025; international Phase III enrollment was expected to complete in H2 2026.

• Primary endpoint results for TT-01488 Phase I were expected in H2 2025; TT-00973 Phase I was expected to complete in H1 2026.

• A Phase II Tinengotinib combination study for HCC, with either Cadonilimab or Ivonescimab, was expected to commence in H2 2025.

• Net IPO proceeds were allocated mainly to Tinengotinib’s multiregional CCA Phase III trial; full use of remaining proceeds was expected by 31 December 2027.