Wuhan YZY Biopharma (2496) H2 2024 earnings summary

Executive summary

• FY2024 revenue was RMB107.8m, led by licensing and R&D services under the CT Tianqing agreement; net loss narrowed to RMB97.6m from RMB191.7m in 2023.

• R&D priorities remained M701 and Y101D, with M701 in Phase III for malignant ascites and Phase II for malignant pleural effusion; Y101D pancreatic-cancer Phase II enrollment was complete.

Financial highlights

• Revenue RMB107.8m; license fee income RMB82.8m and R&D service income RMB25.0m. Gross profit was RMB85.1m after RMB22.7m cost of revenue.

• Net loss was RMB97.6m vs RMB191.7m in 2023; basic loss per share was RMB0.50 vs RMB1.04.

• R&D expenses rose to RMB165.0m from RMB155.1m, mainly reflecting M701 clinical-trial costs; administrative expenses were RMB26.6m vs RMB22.3m.

• No listing expenses were recorded in 2024, compared with RMB24.6m in 2023; finance costs increased to RMB4.1m from RMB2.4m.

Outlook and guidance

• 2025 priorities include advancing M701 MA and MPE trials, overseas collaboration, domestic registration preparation, and process validation for potential commercial launch.

• M701 MA BLA submission was planned for 2025; Y101D pancreatic-cancer Phase Ib/II trial completion was expected in Q2 2025.

• Y225 and Y232 IND approvals were expected by end-2025 and end-2026, respectively.