TYK Medicines (2410) H1 2026 earnings summary

Executive summary

• Conditional NMPA marketing approval obtained for TY-9591; commercialization targeted for H2 2026, with Qilu collaboration agreements signed in July.

• H1 net loss narrowed to RMB26.9m from RMB114.1m while revenue remained nil; improvement was driven mainly by a RMB129.5m gain on deemed disposal of a subsidiary.

Financial highlights

• H1 revenue, cost of sales and gross profit were nil; the next Livzon milestone payment trigger had not been reached by June 30, 2026.

• Other income and gains rose to RMB142.3m from RMB20.8m, including the RMB129.5m deemed-disposal gain and financing grants.

• Loss attributable to parent shareholders was RMB24.9m vs RMB112.2m; basic and diluted loss per share was RMB0.07 vs RMB0.30.

• R&D expense increased 7.0% to RMB94.9m, mainly due to higher staff costs; administrative expenses rose 61.3% to RMB62.6m, mainly due to investment and financing advisory fees.

• Finance costs rose 6.5% to RMB7.8m, mainly from higher interest on government funding, partly offset by lower bank-loan interest; no income tax was recorded.

Outlook and guidance

• TY-9591 commercialization targeted for H2 2026; Phase III L858R NSCLC enrollment expected to complete in Q4 2026, with NDA submission targeted for 2028.

• Enrollment in the TY-0540 plus fulvestrant study expected to finish by end-2026; CDK4 candidate IND filing expected in H2 2027 and TY-3002 filing in 2027.

• New solid-preparation factory Phase I lines expected to obtain GMP certification and be production-ready in Q1 2027; planned capacity is 150m tablets or capsules annually.