Financial Performance - Revenue for the year ended December 31, 2024, was RMB 38.4 million, slightly down from RMB 39.3 million in 2023[10]. - Other income and gains decreased significantly from RMB 2,571.4 million in 2023 to RMB 97.2 million in 2024, primarily due to the recognition of most funds received from CEPI in 2023[12]. - The net loss for the year increased from RMB 138.5 million in 2023 to RMB 903.4 million in 2024, primarily due to non-recurring impacts from previously recognized income and inventory impairment provisions[14]. - Adjusted net loss, excluding share-based compensation expenses, was RMB 887.2 million for 2024 compared to RMB 85.0 million in 2023[10]. - The adjusted net loss for the year ended December 31, 2024, was RMB 887,150 thousand, compared to RMB 85,024 thousand in 2023, indicating a significant increase in losses[16]. - The company recorded a pre-tax loss of RMB 903.43 million for 2024, compared to a loss of RMB 138.54 million in 2023, indicating a substantial increase in losses[43]. - The adjusted loss for the year was RMB 887.15 million in 2024, compared to RMB 85.02 million in 2023, indicating a significant deterioration in financial performance[43]. Cash and Assets - Total cash and bank balances decreased from RMB 1,095.5 million as of December 31, 2023, to RMB 556.5 million as of December 31, 2024, mainly due to loan repayments and ongoing R&D investments[11]. - Total current assets decreased from RMB 1,899.5 million as of December 31, 2023, to RMB 663.2 million as of December 31, 2024[57]. - Cash and bank balances decreased from RMB 1,095.5 million as of December 31, 2023, to RMB 556.5 million as of December 31, 2024, primarily due to loan repayments and ongoing R&D activities[58]. - The company's capital commitments decreased from RMB 16.1 million as of December 31, 2023, to RMB 13.1 million as of December 31, 2024[64]. Research and Development - Research and development expenses were reduced by approximately 72% from RMB 649.9 million in 2023 to RMB 183.4 million in 2024, reflecting the completion of certain clinical activities[13]. - The company continues to prioritize respiratory vaccine products in its strategic R&D focus[13]. - The company achieved major progress in expanding its product portfolio and optimizing business operations, particularly with the RSV vaccine SCB-1019 entering clinical trials[17]. - SCB-1019 has shown promising immunogenicity and safety data in Phase I clinical trials, with results indicating potential best-in-class efficacy and safety among RSV vaccines[20]. - The company received IND approval from the FDA to initiate a repeat dosing clinical trial for SCB-1019, targeting 160 elderly participants aged 60 to 85[20]. - The company plans to initiate clinical trials in 2025 to evaluate SCB-1019 for RSV vaccine booster shots and combined respiratory vaccines[31]. Vaccine Development and Market Strategy - The company has two authorized vaccines: a COVID-19 booster vaccine and a quadrivalent seasonal influenza vaccine, with ongoing clinical trials for an RSV candidate vaccine[4]. - The quadrivalent influenza vaccine AdimFlu-S generated approximately RMB 46.8 million in revenue for the flu season, despite a sales return of RMB 11.6 million[11]. - The company successfully obtained approval for the AdimFlu-S quadrivalent seasonal influenza vaccine, enabling faster market access and distribution in China before the autumn-winter vaccination season[20]. - The company signed an exclusive agreement with a local biotech firm to distribute the AdimFlu-S vaccine in China, further expanding its market presence[24]. - The company is focused on establishing a leading respiratory vaccine portfolio to address unmet needs in preventing severe respiratory infectious diseases[27]. Operational Efficiency - Administrative expenses decreased by about 62% from RMB 198.8 million in 2023 to RMB 75.2 million in 2024, due to cost-saving measures and improved operational efficiency[13]. - Sales and distribution expenses decreased from RMB 548.66 million in 2023 to RMB 197.05 million in 2024, attributed to a more mature and efficient commercialization system[47]. - The company aims to enhance operational efficiency and maintain a strong cash position to support sustainable financial development[42]. Employee and Management - The group has a total of 300 employees as of December 31, 2024, with a total salary cost of RMB 162.9 million for the year[67]. - Employee distribution by function: R&D 115 (38.3%), Manufacturing and CMC 100 (33.3%), General and Administration 51 (17.0%), Sales and Marketing 34 (11.4%)[67]. - The company has a strong board with members possessing extensive experience in vaccine development, strategic management, and financial oversight[85][94]. - The management team is committed to ensuring high-quality pharmaceutical and vaccine access for patients in China and beyond[86]. Governance and Compliance - The company has complied with all relevant laws and regulations without any serious violations as of the reporting date[111]. - The company has no significant environmental incidents or complaints affecting its business during the reporting period[110]. - The report emphasizes compliance with regulations regarding director transactions[200]. Shareholder Information - As of December 31, 2024, Dr. Liang holds 209,871,665 shares, representing 16.18% of the company's equity[145]. - Major shareholder JNRY owns 91,217,442 shares, accounting for 7.03% of the company's equity[147]. - Major shareholder AUT-XXI holds 66,375,987 shares, which is 5.12% of the company's equity[147]. - Major shareholder Shanghai Tianhe possesses 69,999,500 shares, equating to 5.40% of the company's equity[147]. Future Outlook - The company is focused on developing innovative vaccines to address unmet needs, particularly in the pediatric vaccine market[102]. - The company is actively involved in shaping healthcare policies to improve patient access to quality medicines and vaccines in the Chinese market[87]. - The company is in the commercialization phase and is working on developing vaccine production and distribution capabilities[104].
三叶草生物-B(02197) - 2024 - 年度财报