Wuhan YZY Biopharma (2496) H1 2025 earnings summary

Executive summary

• H1 revenue was RMB37.187m, comprising license and R&D service income; net loss narrowed to RMB58.834m from RMB78.396m year over year.

• M701, Y101D and Y332 advanced; cash and cash equivalents rose to RMB166.182m at June 30, 2025.

Financial highlights

• Revenue was RMB37.187m, including RMB4.717m license income and RMB32.470m R&D service income; cost of revenue was RMB29.518m and gross profit RMB7.669m.

• Net loss was RMB58.834m versus RMB78.396m in H1 2024; basic and diluted loss per share was RMB0.30 versus RMB0.40.

• R&D expenses fell to RMB60.186m from RMB70.290m; administrative expenses fell to RMB12.088m from RMB13.064m.

• Other income increased to RMB7.684m from RMB4.786m, including RMB7.171m in government grants; finance costs rose to RMB2.384m from RMB2.029m.

Outlook and guidance

• H2 priorities include overseas collaboration, clinical progress and advancing additional preclinical candidates into clinical development.

• Plans include seeking U.S. IND approval for M701 in MPE, continuing its MA and MPE trials and accelerating domestic registration; M701 process characterization and validation are planned ahead of potential commercial launch.

• Y225 China IND approval was targeted by end-2025; Y101D’s pancreatic-cancer study report was expected before October 2025.