Financial Performance - The group's revenue increased from RMB 0 million for the year ended December 31, 2023, to RMB 5.0 million for the year ended December 31, 2024, primarily due to global sales of the new high-end cosmetic brand KOSHINÉ[3]. - The net loss decreased by RMB 905.5 million or 85.4% from RMB 1,060.8 million for the year ended December 31, 2023, to RMB 155.3 million for the year ended December 31, 2024, mainly due to reduced R&D costs[3]. - The total loss for the year ending December 31, 2024, was RMB 155.3 million, down from RMB 1,060.8 million for the year ending December 31, 2023[47]. - The adjusted loss and total comprehensive loss for the year ended December 31, 2024, was RMB 164.4 million, a significant improvement from RMB 1,037.8 million in 2023, reflecting a reduction of approximately 84.2%[63]. - The company reported a net loss of RMB 155,292,000 for 2024, significantly improved from a loss of RMB 1,060,820,000 in 2023, representing a reduction of approximately 85.3%[110]. - Basic loss per share improved to RMB (0.36) in 2024 from RMB (2.47) in 2023, indicating a positive trend[110]. Research and Development - R&D costs decreased by RMB 860.8 million or 91.7% from RMB 938.9 million for the year ended December 31, 2023, to RMB 78.1 million for the year ended December 31, 2024, due to a significant reduction in inventory impairment provisions[4]. - The company has five potential first-in-class/best-in-class drug candidates in clinical phases I-III and one new ingredient KT-939 in the whitening field[9]. - KX-826 has received approval for multiple clinical trials, including a combination treatment for male pattern hair loss, with significant milestones achieved in 2024[9]. - The company has developed 5 clinical-stage drugs and 1 new ingredient, obtaining clinical trial approvals in China, the US, and other regions[20]. - The R&D costs for the two core products KX-826 and GT20029 amounted to RMB 61.0 million, representing nearly 80% of total R&D expenditures[57]. Clinical Trials and Drug Development - The company announced the completion of the first patient enrollment in the Phase III clinical trial of KX-826 1.0% for treating male pattern hair loss in China, with an expected completion date by the end of 2025[12]. - The long-term safety Phase III clinical trial of KX-826 for hair loss in China achieved its primary endpoint, demonstrating statistical significance and clinical relevance, with excellent safety and efficacy results[12]. - The company has initiated a combination therapy trial of KX-826 with minoxidil for hair loss, which is expected to further explore the value of KX-826 in this area[16]. - The Phase II clinical trial for female hair loss in China showed clinically meaningful and statistically significant results in promoting hair growth[22]. - The Phase II clinical trial for GT20029 in treating acne has commenced with the first subject enrolled, using doses of 0.5% QD and 1% QD[32]. Marketing and Sales - Marketing costs increased by RMB 19.6 million or 280.3% from RMB 7.0 million for the year ended December 31, 2023, to RMB 26.6 million for the year ended December 31, 2024, mainly due to increased marketing and promotional expenses for the cosmetics business[5]. - The company is actively expanding its online sales channels, focusing on platforms like Tmall, JD.com, Douyin, and Xiaohongshu to enhance its digital marketing strategy[14]. - The company launched the KOSHINÉ brand, generating sales revenue of RMB 5.0 million during the reporting period, with a total of six products now available, including hair loss and acne treatment products[13]. - The company is focusing on customer resource expansion and member management to improve repurchase rates and member contribution to revenue[119]. - The company plans to enhance its commercialization capabilities and expand its product offerings in the dermatology field, focusing on market promotion and global expansion[46]. Financial Position and Liquidity - As of December 31, 2024, the group had cash and cash equivalents of RMB 147.4 million and unused bank credit facilities of RMB 35.6 million[5]. - Cash and cash equivalents decreased by RMB 308.9 million or 67.7% from RMB 456.3 million as of December 31, 2023, to RMB 147.4 million as of December 31, 2024[66]. - The current ratio dropped from 210.3% as of December 31, 2023, to 103.0% as of December 31, 2024, primarily due to the decrease in cash and cash equivalents[66]. - The net cash used in operating activities for the year ended December 31, 2024, was RMB 199.1 million, compared to RMB 387.6 million in 2023, indicating a reduction of approximately 48.6%[70][71]. - The company has secured a bank credit facility renewal of RMB 70,000,000, with RMB 35,000,000 drawn down as of March 2025[93]. Corporate Governance and Future Plans - The board has resolved not to declare any final dividend for the year ended December 31, 2024[6]. - The company is exploring potential collaboration opportunities to accelerate the commercialization of its pipeline across various disease areas[18]. - The company is committed to adhering to international financial reporting standards, ensuring transparency and accuracy in its financial disclosures[143]. - The company is actively pursuing new drug applications (NDA) to expedite the approval process for its innovative therapies[143]. - The company is in a transitional phase from R&D to commercialization for its cosmetic products, with plans to allocate more resources for market expansion[118].
开拓药业-B(09939) - 2024 - 年度业绩