Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 21,387,000, an increase of 6.5% compared to RMB 20,085,000 in 2023[4] - The net loss before tax for the year was RMB 168,235,000, a reduction of 32.5% from RMB 249,350,000 in the previous year[4] - The company's total equity as of December 31, 2024, was RMB 853,591,000, a decrease from RMB 1,020,628,000 in 2023[10] - The company's cash and cash equivalents decreased to RMB 140,126,000 from RMB 264,982,000 in the previous year[9] - The company's other income increased by approximately 6.5% from RMB 20.1 million for the year ended December 31, 2023, to approximately RMB 21.4 million for the year ended December 31, 2024, mainly due to government subsidies related to R&D activities amounting to RMB 6.4 million[73] - The company's administrative expenses decreased by approximately 25.5% from RMB 87.0 million for the year ended December 31, 2023, to approximately RMB 64.8 million for the year ended December 31, 2024[79] Research and Development - Research and development expenses decreased by 21.7% to RMB 135,134,000 from RMB 172,685,000 in 2023[4] - The company has initiated the development of two new recombinant vaccines targeting HSV-1 and HSV-2, increasing its pipeline to six preclinical products as of December 31, 2024[5] - The company completed the enrollment of 26,000 healthy participants aged 40 and above for the Phase III clinical trial of LZ901 in January 2024[5] - The LZ901 vaccine, a recombinant shingles vaccine, is the first globally with a tetravalent molecular structure, showing high immunogenicity and safety in clinical trials[60] - A Phase III clinical trial for LZ901 commenced in September 2023, aiming to enroll 26,000 healthy participants aged 40 and above by January 2024[61] - The company is developing two new vaccines targeting HSV-1 and HSV-2, currently in preclinical stages, addressing unmet medical needs globally[64] - The company has six clinical-stage products in its pipeline, including the core product LZ901, and six preclinical-stage products as of December 31, 2024[57] Assets and Liabilities - Total assets less current liabilities as of December 31, 2024, were RMB 951,606,000, down from RMB 1,070,382,000 in 2023[9] - The total value of property, plant, and equipment is RMB 517,786,000, an increase from RMB 422,831,000 as of December 31, 2023, representing a growth of approximately 22.4%[35] - The total amount of prepaid expenses and other receivables decreased to RMB 25,627,000 as of December 31, 2024, from RMB 62,267,000 as of December 31, 2023, a decline of approximately 58.8%[42] - The company's bank borrowings increased significantly from approximately RMB 7.0 million as of December 31, 2023, to approximately RMB 54.9 million as of December 31, 2024[88] - The debt-to-asset ratio rose to 18.7% as of December 31, 2024, compared to 12.5% as of December 31, 2023[92] Clinical Trials and Regulatory Approvals - The Biologics License Application (BLA) for LZ901 was submitted to the National Medical Products Administration in January 2025 and accepted in February 2025[5] - The company plans to submit a Biologics License Application (BLA) for LZ901 in January 2025, with commercialization expected in mid-2026 in China[61] - K3, a biosimilar to Humira®, is in development for autoimmune diseases, with a Phase I trial completed in December 2019, and a Phase III trial anticipated to start in mid-2026[62] - K193, a bispecific antibody for treating B-cell leukemia and lymphoma, is in Phase I trials, with completion expected in the second half of 2025[63] Employee and Corporate Governance - The group employed 164 full-time employees as of December 31, 2024, with a competitive salary and bonus structure[104] - The company's board of directors includes key figures such as Mr. Kong Jian and Ms. Zhang Yanping, who are also major shareholders[126] - The company has established an innovative precision protein engineering platform, enabling the development of human vaccines, monoclonal antibodies, and bispecific antibodies[58] - The company emphasizes compliance with the regulations set forth by the National Medical Products Administration of China[123] Financial Strategy and Future Outlook - The company has a total bank borrowing of RMB 54,914,000 as of December 31, 2024, compared to RMB 7,000,000 in 2023, indicating a significant increase[51] - The company anticipates that the net proceeds from the global offering will be fully utilized by the end of 2027[103] - The company does not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[116] - The company is actively expanding its market presence and exploring potential mergers and acquisitions[123]
绿竹生物-B(02480) - 2024 - 年度业绩