Financial Performance - The company reported other income of RMB 28.1 million, a decrease of 60.4% year-on-year [1] - Research and development expenses amounted to RMB 117 million, down 7.3% year-on-year [1] - The net loss for the period was approximately RMB 149 million, a reduction of 47.5% year-on-year [1] - Loss attributable to shareholders was about RMB 148 million, a decrease of 47.22% year-on-year [1] Strategic Developments - The company achieved a significant milestone by licensing out soralimixin (BRII-693), a new antibiotic for treating severe MDR/XDR Gram-negative bacterial infections [2] - In July 2025, the company announced a partnership with Health元集团 to grant rights for research, development, and commercialization of soralimixin (BRII-693) in Greater China [2] - This partnership allows the company to focus its internal resources on core HBV projects while advancing the regional development and commercialization of soralimixin (BRII-693) [2] - Clinical data generated during the development process may support the drug's development in other regions [2]

Group 1 - The majority of Hong Kong biotech stocks experienced declines, with notable drops in several companies [1] - Specifically, Gilead Sciences fell by 15.06%, while Yunkang Group and Pigeon BioPharma dropped over 14% and 9% respectively [2] - Other companies such as China Antibody and Jiahua Bio also saw declines exceeding 7% [1][2] Group 2 - The latest market prices and total market capitalizations for the affected companies include: - Gilead Sciences at 15.510 with a market cap of 14.946 billion - Yunkang Group at 2.300 with a market cap of 1.429 billion - Pigeon BioPharma at 31.760 with a market cap of 12.258 billion - Tengsheng BioPharma at 2.210 with a market cap of 1.590 billion - China Antibody at 3.210 with a market cap of 4.371 billion - Jiahua Bio at 4.460 with a market cap of 2.347 billion [2]

Summary of Key Points Core Viewpoint - The Hong Kong biotechnology sector experienced a significant decline, with most stocks falling sharply, indicating a bearish trend in the market [1]. Company Performance - **Gilead Sciences (歌礼制药-B)**: Decreased by 15.06%, latest price at 15.510, market cap at 14.946 billion [2]. - **Yunkang Group (云康集团)**: Fell by 14.18%, latest price at 2.300, market cap at 1.429 billion [2]. - **PAG Pharmaceuticals (派格生物医药-B)**: Dropped by 9.15%, latest price at 31.760, market cap at 12.258 billion [2]. - **Tengsheng Boao (腾盛博药-B)**: Declined by 8.30%, latest price at 2.210, market cap at 1.590 billion [2]. - **China Antibody (中国抗体-B)**: Decreased by 7.49%, latest price at 3.210, market cap at 4.371 billion [2]. - **Jiahua Biotech (嘉和生物-B)**: Fell by 7.08%, latest price at 4.460, market cap at 2.347 billion [2]. - **Sillod Pharmaceuticals (思路迪医药股份)**: Dropped by 6.06%, latest price at 7.910, market cap at 2.042 billion [2]. - **Tiger Med (泰格医药)**: Decreased by 5.73%, latest price at 54.250, market cap at 46.711 billion [2]. - **Kangji Medical (加科思-B)**: Fell by 5.69%, latest price at 8.120, market cap at 6.404 billion [2]. - **WuXi AppTec (药明巨诺-B)**: Dropped by 5.14%, latest price at 5.720, market cap at 2.382 billion [2]. - **Three Leaf Clover Biotech (三叶草生物-B)**: Decreased by 5.13%, latest price at 0.740, market cap at 0.960 billion [2]. - **Yiming Oncology (宜明昂科-B)**: Fell by 4.76%, latest price at 12.810, market cap at 5.218 billion [2]. - **Junshi Biosciences (君实生物)**: Decreased by 4.69%, latest price at 34.540, market cap at 35.462 billion [2]. - **Zhonghui Biotech (中慧生物-B)**: Fell by 4.39%, latest price at 51.150, market cap at 20.125 billion [2]. - **Zhaoyan New Drug (昭衍新药)**: Decreased by 4.38%, latest price at 23.140, market cap at 17.343 billion [2].

Brii Biosciences Limited 騰盛博藥生物科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2137） 董事會召開日期 騰盛博藥生物科技有限公司（「本公司」）董事會（「董事會」）僅此宣佈，董事會會 議將於2025年8月21日（星期四）舉行，藉以（其中包括）審閱及批准發佈本公司及 其附屬公司截至2025年6月30日止六個月的未經審核之中期業績及其刊發，以及 處理其他事項。 承董事會命 騰盛博藥生物科技有限公司 主席 Zhi Hong博士 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 香港，2025年8月11日 於本公告日期，董事會包括執行董事Zhi Hong博士及李安康博士；以及獨 立非執行董事Martin J Murphy Jr博士、Grace Hui Tang女士、徐耀華先生、 Gregg Huber Alton先生及楊台瑩博士。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 騰盛博藥生物科技有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02137 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 719,334,991 | | 12,723,500 | | 732,058,491 | | 增加 / 減少 (-) | | | 42,392 | | | | | | 本月底結存 | | | 719,377,383 | | 12,723,500 ...

Financial Performance - Total revenue for 2023 was RMB 617,000, a significant decrease from RMB 51,626,000 in 2022, indicating a decline of approximately 98.8%[12] - Other income for 2023 was RMB 163,728,000, down from RMB 107,857,000 in 2022, reflecting a decrease of about 51.8%[12] - The net loss for 2024 was RMB 512,381,000, which is an increase of 177.5% from the net loss of RMB 184,370,000 in 2023[12] - Other income decreased from RMB 163.7 million in 2023 to RMB 141.4 million in 2024, primarily due to a decline in bank interest income and government subsidies[43] - Other gains and losses shifted from a gain of RMB 252.4 million in 2023 to a loss of RMB 197.7 million in 2024, mainly due to non-cash losses from the fair value of financial assets and impairment of intangible assets[44] - The adjusted loss for the year was RMB 496.3 million for the year ended December 31, 2024, compared to RMB 120.1 million for the year ended December 31, 2023[50] - The company has faced significant net losses since its establishment and is expected to continue incurring losses in the foreseeable future[110] - The company has a history of significant losses and will require additional financing to fund its operations, which may not be secured under acceptable terms[110] Research and Development - Research and development expenses for 2024 were RMB 249,847,000, a reduction of 37.8% compared to RMB 402,705,000 in 2023[12] - The company is focusing on expanding its early research pipeline in new targets and platform technologies, enhancing its commitment to innovative solutions for global patients[6] - The company is focusing on infectious diseases, particularly its HBV projects and three core assets: BRII-179, elebsiran, and tobevibart, which are showing promising multi-modal approaches for higher functional cure rates in HBV patients[14] - The optimized recombinant vaccine BRII-179 has demonstrated strong HBsAg and broad T-cell responses, indicating its potential in enhancing immune responses against HBV[14] - The company expects to obtain key interim data between 2025 and 2026, which will guide further clinical actions towards achieving the highest functional cure rates for HBV[15] - The company plans to present data from ongoing combination studies involving BRII-179, elebsiran, and PEG-IFNα between 2025 and 2026, focusing on their effectiveness in treating chronic HBV[28] - The company plans to further evaluate its combination therapy programs to enhance functional cure rates for HBV infections, with a focus on initiating confirmatory clinical studies in the Greater China region[39] - The company is advancing multiple clinical trials for HBV treatments, with key data from the ENSURE study showing higher HBsAg seroclearance rates when combining siRNA with PEG-IFNα compared to monotherapy[24] Financial Position - Total assets as of December 31, 2024, were RMB 2,706,625,000, down from RMB 3,198,251,000 in 2023, representing a decrease of approximately 15.4%[12] - The company’s non-current liabilities increased to RMB 23,124,000 in 2024 from zero in 2023, indicating a shift in financial obligations[12] - The total liabilities decreased to RMB 100,545,000 in 2024 from RMB 125,869,000 in 2023, showing a reduction of approximately 20%[12] - Cash and cash equivalents decreased from RMB 2,661.4 million as of December 31, 2023, to RMB 2,413.4 million as of December 31, 2024, primarily due to operating expenses and third-party contract costs[48] - The current ratio increased to 3,118% as of December 31, 2024, from 2,211% as of December 31, 2023, due to the payment of most third-party contract costs and the amortization of deferred revenue[52] Strategic Focus - The company is actively seeking partnerships to further develop its promising projects in the MDR/XDR and HIV fields[25] - The company aims to enhance functional cure rates for a broader patient population through targeted combination therapy designs[18] - The company is seeking collaborations for promising non-HBV projects, including long-acting treatments for HIV and multi-drug resistant Gram-negative infections[16] - The company is strategically increasing investments in its leading HBV candidates as they enter late-stage clinical development[22] - The company aims to expand its pipeline through strategic licensing opportunities and business development, aligning with its long-term vision and priorities[40] Corporate Governance - The company is focused on expanding its board with experienced professionals in finance, auditing, and pharmaceutical sectors to enhance governance and strategic direction[80] - The management team emphasizes the importance of strategic planning and risk management in navigating market challenges and opportunities[80] - The company has adopted a share incentive plan to provide incentives and rewards to its employees[61] - The board of directors includes Zhi Hong as the Chairman and CEO, and Li Ankang as an executive director[126] - The company has no significant transactions or contracts involving directors or related entities during the reporting period[131] Employee and Shareholder Information - The group employed a total of 98 full-time employees as of December 31, 2024, down from 128 in 2023[137] - Total compensation costs for the year ended December 31, 2024, amounted to RMB 194 million, a decrease of 36% from RMB 302 million for the year ended December 31, 2023[62] - Major shareholders include ARCH Venture Fund IX, L.P. with 45,205,210 shares, representing 6.18% of the total shares[145] - The company has established a unified, value-based corporate culture and brand globally, enhancing performance and employee engagement[96] Market and Competitive Landscape - The company has experienced intense competition, which may lead to other companies discovering or commercializing competitive drugs before it does[110] - Approximately 87 million people in China are affected by chronic HBV, making it the country with the highest prevalence of the virus, and the company is focusing on improving functional cure rates for these patients[26] Future Outlook - The company plans to allocate HKD 1,466.6 million (56%) of the net proceeds to the HBV functional cure project, with HKD 681.8 million already utilized[112] - The company expects to fully utilize the revised unutilized net proceeds by the end of 2027[112] - The company has not fully utilized the net proceeds from the global offering, indicating ongoing funding needs for operations[111]

Core Viewpoint - The company reported a net loss of 508 million yuan with no operating revenue, marking a year-on-year increase of 190.66% after the cessation of its COVID-19 neutralizing antibody drug production. The market capitalization has plummeted from over 36 billion HKD to less than 1.8 billion HKD [1]. Financial Performance - The company did not achieve operating revenue in 2024, only generating other income of 141 million yuan. This was impacted by a decrease in bank interest income by 20.8 million yuan due to lower deposit rates and a 13.6% reduction in government subsidy income [2]. - As of the end of 2024, the company's cash and cash equivalents decreased by 9.3% to 2.413 billion yuan due to operational and R&D expenditures [2]. - Administrative expenses were reduced by 22% to 153 million yuan, primarily due to pipeline focus and organizational optimization, resulting in a decrease in employee costs by 39.7 million yuan. The number of employees dropped from 146 in 2022 to 98 in 2024, marking the first time the workforce fell below 100 [2]. R&D Pipeline - R&D expenditures decreased by 38% to 250 million yuan, mainly due to prioritizing the hepatitis B virus (HBV) functional cure project and strategic organizational optimization, which led to a reduction in third-party contract costs by 80 million yuan and employee costs by 68 million yuan [3]. - The company initially established a pipeline of 10 innovative candidate products in 2022 but only reported progress on 7 major candidates in the 2024 annual report. Key products include BRII-179, Elebsiran, and Tobevibart, all currently in Phase II clinical trials [3]. Strategic Focus - The primary focus remains on infectious diseases, particularly the three core candidates in the hepatitis B pipeline. The company aims to enhance the functional cure rate for hepatitis B through combination therapies [4][5]. - The company has strategically acquired rights to BRII-179 to ensure a stable supply for future clinical development after the bankruptcy of VBI Vaccines, which previously held rights to the product [5]. - The company is seeking partners to advance other promising projects, such as long-acting HIV therapies and treatments for multi-drug resistant infections, while emphasizing that commercialization discussions are premature [6].

Summary of the Conference Call Company and Industry - **Company**: 博济医药 (Boji Pharmaceutical) - **Industry**: Hepatitis B treatment and research Key Points and Arguments Research and Development Progress - In 2024, Boji Pharmaceutical made significant advancements in the research for functional cure of Hepatitis B, optimizing its pipeline by terminating or pausing some projects to focus on clinical research for Hepatitis B functional cure [3][5] - The company has three core candidates in its Hepatitis B pipeline: V179, psi, and tobia_bar_antibody, which are expected to achieve higher rates of functional cure through various combinations [3][5] - The Elexxion study revealed that siRNA combined with long-acting interferon significantly improves the functional cure rate compared to long-acting interferon alone, with data showing a notable increase in Hepatitis B surface antigen clearance rates [3][8] - The 2BT study evaluated a three-drug combination therapy aimed at maximizing functional cure rates, confirming the strategy of combination therapy and guiding registration pathway decisions [3][9] Financial Status - As of December 31, 2024, the company had over 2.4 billion RMB in cash and cash equivalents, sufficient to support operations until after 2028 [3][16] - R&D expenses decreased by 38% from 400 million RMB in 2023 to 250 million RMB in 2024, reflecting a focus on pipeline optimization [3][16] Market Strategy - In China, Boji Pharmaceutical focuses on developing three Hepatitis B assets recognized as breakthrough therapies by the CDE, targeting the largest Hepatitis B patient population globally [3][7] - The company collaborates with Lear to obtain fast track and breakthrough therapy designations from the FDA for HDV treatment, as well as orphan drug designations from the EMA [3][7] Clinical Trials and Future Plans - The company plans to initiate Phase III clinical trials in 2026, aiming for optimized functional cure outcomes [3][25] - Key milestones to watch for in 2025 include data from imaging studies and ongoing clinical trials, which will inform future development and registration pathways [3][14] Unique Drug Mechanisms and Patent Protection - V179 is a recombinant protein vaccine that induces strong immune responses, while psi is an siRNA and tobia_bar_antibody is a comprehensive antibody, each with unique mechanisms [3][5][19] - The company has extensive patent protection for its Hepatitis B candidates, with B179's patent expected to last until 2040 [3][19] Long-term Strategy - Boji Pharmaceutical aims to optimize its organizational structure and control operational costs while focusing on advancing Hepatitis B projects and seeking partnerships for other potential candidates [3][18] - The company is committed to creating long-term value for shareholders by expanding treatment options and patient accessibility through innovative therapies [3][18] Commercialization Strategy - The company is considering various commercialization strategies, including partnerships and direct market expansion in key cities, to enhance its market development capabilities [3][30] - Future commercialization plans will be based on the results of Phase III clinical trials [3][29] Additional Insights - The company is actively seeking partnerships to advance non-HBV projects, including those targeting multi-drug resistant infections and HIV therapies [3][6][17] - The focus remains on Hepatitis B cure research, with a commitment to not deviate from this core mission [3][32]

Financial Performance - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 2,413.4 million, a decrease of RMB 248.0 million or 9.3% compared to RMB 2,661.4 million as of December 31, 2023, primarily due to operational and R&D expenditures[4] - Other income for the year ended December 31, 2024, was RMB 141.4 million, down RMB 22.3 million or 13.6% from RMB 163.7 million for the year ended December 31, 2023, mainly due to a decrease in bank interest income[4] - The company reported a net loss of RMB 512.4 million for the year ended December 31, 2024, an increase of RMB 328.0 million or 177.9% compared to a net loss of RMB 184.4 million for the previous year, primarily due to investment-related losses[4] - The basic and diluted loss per share for the year ended December 31, 2024, was RMB 0.70, compared to RMB 0.24 for the previous year[9] - The company reported a pre-tax loss of RMB 508,162 thousand for 2024, compared to a loss of RMB 174,829 thousand in 2023[28] - The adjusted loss for the year was RMB 496.3 million in 2024 compared to RMB 120.1 million in 2023, indicating a significant increase in losses[68] Research and Development - R&D expenses for the year ended December 31, 2024, were RMB 249.8 million, a reduction of RMB 152.9 million or 38.0% from RMB 402.7 million for the previous year, attributed to pipeline focus and organizational optimization[4] - The company made significant progress in its HBV functional cure project, with ongoing Phase II trials providing valuable data[5] - Elebsiran, tobevivart, and BRII-179 have been granted breakthrough therapy designation by the CDE, recognizing their innovative potential in HBV treatment[7] - The company’s BRII-693 project for MDR/XDR infections received IND approval from the CDE for a Phase I PK bridging study in China[7] - The company plans to release further data sets from ongoing studies in 2025 and 2026, which will guide its later-stage development and registration strategies[6] - The company is focusing on its HBV functional cure program, which is expected to have significant therapeutic impact for patients in China and globally[34] - Key data results from ongoing HBV studies are planned to be announced between 2025 and 2026, guiding the company's late-stage development and registration strategy[35] - The company is advancing multiple combination studies for HBV treatment in China, aiming to improve the functional cure rate for chronic HBV patients, with approximately 87 million affected by the disease in the region[45] - The ENSURE study demonstrated a higher HBsAg clearance rate in patients receiving elebsiran combined with PEG-IFNα compared to those on PEG-IFNα monotherapy, marking a significant advancement in functional cure potential[49] - The company plans to present key data from the ENSURE, ENRICH, and ENHANCE studies between 2025 and 2026, focusing on identifying optimal functional cure methods for HBV[42] Assets and Liabilities - Non-current assets decreased from RMB 415,473,000 in 2023 to RMB 292,503,000 in 2024, a decline of approximately 29.5%[10] - Current assets decreased from RMB 2,782,778,000 in 2023 to RMB 2,414,122,000 in 2024, a decline of about 13.2%[10] - Total liabilities decreased from RMB 3,072,382,000 in 2023 to RMB 2,606,080,000 in 2024, a reduction of about 15.2%[11] - The company's net assets decreased from RMB 3,072,382,000 in 2023 to RMB 2,606,080,000 in 2024, a decline of approximately 15.2%[11] - The company reported a significant reduction in intangible assets from RMB 267,420,000 in 2023 to RMB 179,710,000 in 2024, a decrease of about 32.8%[10] - The company recognized lease liabilities of RMB 10.0 million as of December 31, 2024, under operating lease arrangements[76] Corporate Governance - The company emphasizes high standards of corporate governance to protect shareholder interests[92] - The board consists of two executive directors and five independent non-executive directors, ensuring a high level of independence[93] - The audit and risk committee, composed of three independent non-executive directors, oversees the financial reporting process and risk management[96] - The company will continue to review the effectiveness of its corporate governance structure, including the potential separation of the roles of chairman and CEO[93] - All directors confirmed compliance with the company's securities trading code during the reporting period[94] Strategic Focus and Partnerships - The company has paused low-priority projects to focus on advanced HBV cure initiatives, with MDR/XDR and HIV project developments contingent on external partnerships[49] - The company is actively seeking partnerships to further develop its promising projects in the MDR/XDR and HIV fields[44] - The company plans to seek partnerships for its non-HBV clinical projects and will not allocate further internal resources to these projects[81] Market Presence and Future Plans - The company is listed on the NASDAQ under the ticker symbol VBIV, indicating its presence in the global market[107] - The company is headquartered in Cambridge, USA, positioning it strategically within a major biotech hub[107] - The annual general meeting is scheduled for June 17, 2025, where further strategic directions may be discussed[103] Employee and Compensation - As of December 31, 2024, the total employee count is 98, with 67 in R&D (68%) and 31 in administration (32%)[80] - Total compensation costs for the year ending December 31, 2024, amounted to RMB 194 million, a decrease of 36% from RMB 302 million for the year ending December 31, 2023[81] - The company has adopted a share incentive plan to provide incentives and rewards to employees[81] Financial Management - The company emphasizes capital preservation and liquidity in its treasury policy, primarily investing in low-risk instruments[82] - The company has made sufficient provisions for employee benefits according to applicable regulations[81] - The company has no foreign currency hedging policy currently in place but will consider hedging significant foreign exchange risks as needed[79]

Summary of Tengsheng Bo Pharmaceutical Conference Call Company and Industry Overview - **Company**: Tengsheng Bo Pharmaceutical - **Industry**: Hepatitis B treatment and infectious disease therapeutics Key Points and Arguments 1. **Core Pipeline in Hepatitis B Treatment**: Tengsheng Bo Pharmaceutical focuses on infectious diseases, particularly Hepatitis B, with three therapeutic drugs: SIRNA (B835), specific antibodies (B877), and a therapeutic vaccine (B179). B835 and B877 aim to reduce Hepatitis B surface antigens, while B179 acts as an immune stimulant, inducing T and B cell responses in approximately 40% of patients, leading to serological conversion [3][4][5]. 2. **Clinical Trials and Research**: - The INSURE study showed that adding SIRNA increased the 48-week seroconversion rate from 5% to 33% when combined with long-acting interferon [4][6]. - The ENRICH study is crucial for evaluating the impact of B179 pre-treatment followed by siRNA and antiviral drugs on Hepatitis B surface antigen seroconversion. Successful replication of INSURE study data will advance registration trials [4][7]. 3. **Innovative Treatment Approach**: The company emphasizes restoring patients' immune responses through immune stimulants to clear viral materials released from cccDNA, thereby reducing the risk of end-stage liver disease and achieving functional cures [4][5][6]. 4. **Key Data Milestones in 2025**: - March: Release of INSURE study's fourth group 24-week interim data. - May and November: Follow-up data from INSURE study. - ENRICH study's 24-week interim analysis will be shared in the second half of the year [10][11]. 5. **Differentiation from Competitors**: Tengsheng Bo Pharmaceutical's unique combination of SIRNA, antibodies, and immune stimulants allows for personalized treatment strategies, significantly enhancing cure rates and providing a competitive edge [8][9]. 6. **Future Clinical Trial Plans**: The ENRICH study is set to start in July 2024, with completion expected in November. The company anticipates entering Phase III clinical trials for Hepatitis B treatment by 2026, contingent on the consistency and reproducibility of clinical trial data [4][7][14]. 7. **Current Limitations of Mainstream Treatments**: Existing treatments, such as nucleoside analogs and long-acting interferons, can control but not completely eliminate the virus, leaving patients at risk for severe liver diseases [5][6]. 8. **Other Pipeline Developments**: Besides Hepatitis B, the company is advancing projects in HIV and antibiotics, including a new polymyxin for resistant bacteria and two investigational HIV drugs [12]. 9. **Investor Interest in B179**: Investors are particularly interested in B179 due to its unique therapeutic vaccine profile and the completeness of available data, with a focus on whether it can significantly differentiate itself in the Hepatitis B treatment landscape [20][22]. 10. **Financial Stability**: As of 2024, the company has over $300 million in cash reserves, sufficient to support its pipeline development until the Hepatitis B treatment reaches the market [32]. Additional Important Content - **Monitoring Immune Response**: The company continuously monitors surface antigen levels and immune responses during trials, which is critical for understanding treatment efficacy [23][30][31]. - **Potential for Future Collaborations**: The data generated from ongoing studies may attract partnerships with larger pharmaceutical companies, enhancing the company's market position [21][22]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction, clinical advancements, and market positioning of Tengsheng Bo Pharmaceutical in the Hepatitis B treatment sector.