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]
腾盛博药-B(02137) - 2024 - 年度业绩