Financial Performance - Loss for the reporting period increased from RMB 166.3 million for the six months ended June 30, 2023, to RMB 169.1 million for the same period in 2024[20]. - The company reported a loss of RMB 169,053 thousand for the six months ended June 30, 2024, compared to a loss of RMB 166,281 thousand for the same period in 2023, indicating a slight increase in losses of approximately 1.1%[152]. - Adjusted loss for the six months ended June 30, 2024, was RMB 163.5 million, compared to RMB 158.3 million for the same period in 2023[86]. - The company reported a basic loss per share of RMB 0.22 for both the six months ended June 30, 2024, and 2023, with a weighted average number of shares outstanding of 776,652,000 and 769,773,000 respectively[179]. - The company incurred a loss of RMB 169,053,000 attributable to owners for the six months ended June 30, 2024, compared to a loss of RMB 166,281,000 in the same period of 2023[179]. Research and Development - R&D expenses decreased by RMB 22.0 million or 11.1% to RMB 176.8 million for the six months ended June 30, 2024, compared to RMB 198.8 million for the same period in 2023[18]. - The company is committed to enhancing its R&D platform to maintain competitiveness in the biopharmaceutical industry[73]. - The company aims to strengthen its drug discovery platform and advance its pipeline to achieve global market leadership in innovative cancer therapies[69]. - The product pipeline includes nine clinical-stage assets and several others in the IND stage, showcasing broad applicability across various tumor types[35]. - The company plans to seek significant opportunities in targeted therapies and tumor immunology to expand its pipeline[69]. Clinical Trials and Drug Development - NDA for Glecirasib monotherapy in ≥2L NSCLC submitted in May 2024 and received priority review qualification[24]. - Glecirasib combined with JAB-3312 showed good efficacy and safety in 1L NSCLC, with the III phase trial initiated on August 7, 2024[24]. - Glecirasib is the first KRAS G12C inhibitor to enter the registration trial for ≥2L PDAC, with the first patient enrolled in October 2023[25]. - Glecirasib received orphan drug designation from the FDA for pancreatic cancer indication in April 2024[25]. - Phase II single-arm trial for Glecirasib in various cancers approved in August 2024, with impressive clinical results reported[26]. Financial Position and Cash Flow - As of June 30, 2024, the company's cash and bank balances amounted to RMB 1,060.2 million, down from RMB 1,147.8 million as of December 31, 2023[92]. - The net cash used in operating activities was RMB 180.4 million, a decrease of RMB 39.4 million compared to RMB 219.8 million for the same period in 2023[91]. - The net cash generated from investing activities for the six months ended June 30, 2024, was RMB 43.7 million, down RMB 126.9 million from RMB 170.6 million in the prior year[91]. - The net cash generated from financing activities for the six months ended June 30, 2024, was RMB 25.8 million, a decrease of RMB 163.5 million compared to RMB 189.3 million for the same period in 2023[91]. - The company recorded a net current asset value of RMB 899.5 million as of June 30, 2024, a decrease of RMB 63.8 million from RMB 963.3 million as of December 31, 2023[97]. Shareholder and Corporate Governance - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a strong independent element[101]. - The company has adopted the Corporate Governance Code and confirmed compliance with its provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[101]. - Deloitte has been appointed as the new auditor effective June 7, 2024, following the resignation of PwC, with no disagreements reported[105]. - The company has established an audit committee in compliance with the Listing Rules, consisting of qualified independent directors[101]. - The company advises caution to shareholders and potential investors regarding the successful development and commercialization of its products[54][56][57][58][59]. Income and Revenue - Other income increased from RMB 0.8 million for the six months ended June 30, 2023, to RMB 7.5 million for the six months ended June 30, 2024, primarily due to increased government subsidies related to R&D projects[77]. - Revenue from licensing and collaboration agreements was RMB 40.3 million for the six months ended June 30, 2023, with no revenue recognized for the same period in 2024 due to the termination of the agreement with AbbVie[74]. - The gross profit from licensing and collaboration agreements decreased from RMB 2.4 million for the six months ended June 30, 2023, to zero for the same period in 2024[76]. - The company recognized revenue of RMB 40,335,000 from agreements during the reporting period[164]. - The company generated revenue of RMB 40,335,000 from a single customer for the six months ended June 30, 2023, with no revenue reported for the same period in 2024[167]. Share Repurchase and Equity - During the reporting period, the company repurchased a total of 2,335,200 shares at a total cost of HKD 3,849,042, with a maximum price of HKD 1.86 and a minimum price of HKD 1.51 per share[102][103]. - As of June 30, 2024, the total number of issued shares was 791,755,080, including the repurchased shares[108]. - The company aims to utilize repurchased shares for resale at market price to raise additional funds, among other purposes, depending on market conditions[102]. - The total number of issued and fully paid ordinary shares remained at 791,755,080 as of June 30, 2024, unchanged from January 1, 2024[191]. - The total equity as of June 30, 2024, was RMB 906,544,000, a decrease from RMB 1,262,727,000 as of June 30, 2023[156].
加科思-B(01167) - 2024 - 中期财报