TYK Medicines (2410) H1 2025 earnings summary

Executive summary

• Pre-commercial pipeline of 11 drug candidates; TY-9591 is the lead asset, with a conditional-marketing NDA submission targeted for Q4 2025.

• H1 2025 total comprehensive loss narrowed to RMB114.065m from RMB219.533m; revenue remained nil.

Financial highlights

• Revenue, cost of sales and gross profit were nil in H1 2025 and H1 2024; the next Livzon milestone payment had not been triggered by June 30, 2025.

• Other income and gains rose to RMB20.820m from RMB11.285m, mainly on higher income-related government grants and investment income from FVTPL assets.

• R&D costs fell 35.6% to RMB88.758m, primarily due to lower trial and testing expenses; administrative expenses declined 3.3% to RMB38.775m.

• Finance costs increased 35.3% to RMB7.349m; the 2024 comparative included a RMB47.459m fair-value loss on redemption liabilities.

Outlook and guidance

• TY-9591 conditional-marketing NDA submission is expected in Q4 2025; Phase III enrollment in EGFR L858R lung cancer is targeted for completion in Q2 2026, with NDA submission expected in 2028.

• TY-9591 combination-trial enrollment was complete by August 2025; preliminary data cleaning and analysis are expected by Q4 2025, followed by CDE discussions in Q1 2026.

• First-phase production lines are expected to obtain GMP compliance certification by 2026, with planned annual capacity of 150m tablets or capsules.

• Priorities include in-house R&D, next-generation ADCs, AI-assisted drug discovery, commercialization capabilities, and partnerships and licensing opportunities.