药捷安康-B(02617) - 2025 - 中期业绩

Financial Performance Overview For the six months ended June 30, 2025, the company reported a net loss of RMB 122.87 million, an improvement from RMB 160.39 million in the prior year, primarily due to a significant reduction in R&D costs Interim Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company's net loss improved to RMB 122.87 million, driven by reduced R&D expenses Key Profit or Loss Data | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | – | – | | Other income | 986 | 4,197 | | Other gains | 2,652 | 6,221 | | Research and development costs | (98,432) | (142,494) | | Administrative expenses | (27,471) | (28,080) | | Loss before tax | (122,866) | (160,387) | | Loss for the period and attributable to owners of the Company | (122,866) | (160,387) | - Basic and diluted loss per share improved from RMB (0.42) in 2024 to RMB (0.32) in 2025[3] Interim Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, total comprehensive loss narrowed to RMB 122.89 million, with minimal impact from exchange differences Key Comprehensive Income Data | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (122,866) | (160,387) | | Exchange differences on translation of overseas operations | (28) | 48 | | Total comprehensive loss for the period | (122,894) | (160,339) | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets increased to RMB 692.86 million, driven by a significant rise in financial assets at fair value through profit or loss, with equity also growing due to the recent listing Key Financial Position Data | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 43,768 | 44,350 | | Total current assets | 649,092 | 585,251 | | Financial assets at fair value through profit or loss | 186,792 | 3,027 | | Cash and cash equivalents | 449,072 | 569,506 | | Total current liabilities | 110,248 | 103,361 | | Total equity | 582,201 | 525,033 | Notes to the Interim Condensed Consolidated Financial Information This section provides detailed notes to the interim condensed consolidated financial information, covering company details, basis of preparation, accounting policy changes, and specific financial data analysis 1. Company Information TransThera Biosciences (Nanjing) Co., Ltd. was established in 2014, restructured in 2021, and listed on the HKEX Main Board on June 23, 2025, focusing on pharmaceutical R&D - The company was established in Nanjing, China on April 15, 2014, and restructured into a joint stock company in July 2021[7] - The company was listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 23, 2025[9] - The Group is primarily engaged in pharmaceutical product research and development[8] 2. Basis of Preparation The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual financial statements - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 Interim Financial Reporting[10] - It should be read in conjunction with the Group’s annual consolidated financial statements for the year ended December 31, 2024[10] 3. Changes in Accounting Policies Accounting policies for the interim financial information are consistent with the prior year, with the adoption of IAS 21 amendment 'Lack of Exchangeability' having no impact due to the Group's convertible transaction currencies - The amendment to International Accounting Standard 21 "Lack of Exchangeability" was adopted for the first time[11][12] - These amendments had no impact on the interim condensed consolidated financial information as the Group's transaction currencies are all convertible[12] 4. Operating Segment Information The Group has only one reportable operating segment, innovative drug development, thus no further segment analysis or geographical information is presented - The Group has only one reportable operating segment: innovative drug development[13] - No geographical segment information is presented as almost all non-current assets are located in mainland China[14] 5. Other Income and Other Gains For the six months ended June 30, 2025, total other income and gains decreased by 65.1% to RMB 3.6 million, primarily due to reduced bank interest income and government grants Analysis of Other Income and Other Gains | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 899 | 1,432 | | Government grants | 87 | 2,765 | | Fair value gains on financial assets at fair value through profit or loss | 2,652 | 6,216 | | Net foreign exchange gains | – | 5 | | Total | 3,638 | 10,418 | - Other income and gains decreased by 65.1%, primarily due to a RMB 4.1 million reduction in bank deposit interest and wealth management income, and a RMB 2.7 million decrease in government grants[60] 6. Other Expenses For the six months ended June 30, 2025, other expenses increased significantly to RMB 522 thousand, primarily driven by net foreign exchange losses Analysis of Other Expenses | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net foreign exchange losses | 396 | – | | Donations | 126 | 138 | | Others | – | 11 | | Total | 522 | 149 | 7. Loss Before Tax For the six months ended June 30, 2025, the Group's loss before tax improved to RMB 122.87 million, influenced by reduced R&D costs and fair value gains Key Deductions for Loss Before Tax | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,046 | 1,568 | | Depreciation of right-of-use assets | 1,468 | 1,778 | | Amortisation of intangible assets | 136 | 136 | | Fair value gains on financial assets at fair value through profit or loss | (2,652) | (6,216) | | Professional fees | 1,958 | 1,058 | | Listing expenses | 9,880 | 11,669 | | Employee benefit expenses | 28,415 | 32,866 | | Net foreign exchange losses/(gains) | 396 | (5) | | Government grants | (87) | (2,765) | | Bank interest income | (899) | (1,432) | 8. Finance Costs For the six months ended June 30, 2025, finance costs, primarily lease liability interest, slightly decreased to RMB 79 thousand Analysis of Finance Costs | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on lease liabilities | 79 | 89 | 9. Income Tax Expense For the six months ended June 30, 2025, no income tax provision was made due to operating losses across entities and unlikelihood of future taxable profits - No income tax provision was made for the six months ended June 30, 2025[24] - This is because the Group did not generate any taxable profits in mainland China, Hong Kong, and the United States[22][23][24] - No deferred tax assets were recognized for losses and deductible temporary differences, as it is unlikely that taxable profits will be available in the foreseeable future[24] 10. Dividends For the six months ended June 30, 2025, the company neither paid nor declared any dividends - For the six months ended June 30, 2025, the company neither paid nor declared any dividends[25] 11. Loss Per Share Attributable to Ordinary Equity Holders of the Company For the six months ended June 30, 2025, basic and diluted loss per share improved to RMB (0.32), with no potential dilutive ordinary shares Loss Per Share Calculation | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the Company (RMB thousand) | (122,866) | (160,387) | | Weighted average number of ordinary shares assumed to be in issue during the year | 382,210,894 | 381,616,633 | | Loss per share (basic and diluted) (RMB) | (0.32) | (0.42) | - No adjustment has been made to the basic loss per share amounts presented for dilution, as the Group had no potentially dilutive ordinary shares in issue during the reporting period[26] 12. Property, Plant and Equipment As of June 30, 2025, property, plant and equipment decreased by 10.3% to RMB 8.47 million, primarily due to normal depreciation, with minimal asset acquisitions and no disposals Changes in Property, Plant and Equipment | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property, plant and equipment | 8,472 | 9,441 | - Property, plant and equipment decreased by 10.3%, primarily due to normal depreciation of fixed assets[63] - For the six months ended June 30, 2025, the Group acquired assets at a cost of RMB 77 thousand and did not dispose of any assets[29] 13. Prepayments, Other Receivables and Other Assets As of June 30, 2025, non-current prepayments, other receivables, and other assets increased to RMB 16.86 million, mainly due to higher deductible input VAT not recoverable within one year Prepayments, Other Receivables and Other Assets | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current | 16,857 | 14,866 | | Total current | 12,974 | 12,545 | - Prepayments, other receivables, and other assets in non-current assets increased by 13.4%, primarily due to an increase in deductible input VAT not recoverable or offset within one year[65] 14. Trade and Other Payables As of June 30, 2025, trade payables increased by 7.3% to RMB 87.17 million, driven by R&D activities, with other payables and accrued listing fees also rising Trade and Other Payables | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 87,165 | 81,243 | | Government grants | 6,400 | 6,400 | | Accrued staff salaries, bonuses and welfare | 5,148 | 7,550 | | Accrued listing expenses | 8,488 | 4,487 | | Total | 107,600 | 100,198 | - Trade payables increased by 7.3%, primarily driven by the progress of research and development activities[67] - Trade payables are interest-free and generally settled within one year, while other payables and accruals are unsecured, interest-free, and repayable on demand[32][33] Management Discussion and Analysis This section provides management's detailed discussion and analysis of the company's business, operating results, financial position, and liquidity, including pipeline progress and key financial changes Business Review TransThera Biosciences is a clinical-stage innovative drug company focused on small molecule therapies for oncology, inflammation, and cardiometabolic diseases, with core product Tinengotinib showing significant progress Overview The company is a clinical-need-oriented innovative drug company dedicated to discovering and developing small molecule therapies for oncology, inflammation, and cardiometabolic diseases - The company is a clinical-need-oriented, registration-clinical-stage innovative drug company focused on small molecule innovative therapies for oncology, inflammation, and cardiometabolic diseases[34] - Its mission is to provide innovative and differentiated therapeutic solutions for global patients, driven by original technology[34] Our Pipeline As of June 30, 2025, the company's pipeline includes six clinical-stage and multiple pre-clinical candidates across oncology and non-oncology, with core product Tinengotinib advancing rapidly - As of June 30, 2025, the company's main pipeline includes six clinical-stage and multiple preclinical-stage candidate products[34] - The core product, Tinengotinib (TT-00420), has potential in multiple oncology indications including cholangiocarcinoma, prostate cancer, liver cancer, breast cancer, biliary tract cancer, and pan-FGFR solid tumors[38] - The non-oncology pipeline includes TT-01688 (S1P1 modulator), TT-00920 (PDE9 inhibitor), TT-01025 (VAP-1 inhibitor), and TT-02332 (NLRP3 inhibitor)[40][41] Core Product (Tinengotinib) Tinengotinib (TT-00420) is a proprietary global multi-kinase inhibitor targeting FGFR/VEGFR, JAK, and Aurora kinases, with breakthrough and orphan drug designations, currently in global registration trials for cholangiocarcinoma and showing promising data in other indications - Tinengotinib is a proprietary, globally patented pipeline product developed by the company, targeting FGFR/VEGFR, JAK, and Aurora kinases[38][42] - It has received China NMPA Breakthrough Therapy Designation for cholangiocarcinoma, US FDA Fast Track Designation for cholangiocarcinoma and mCRPC, FDA Orphan Drug Designation for cholangiocarcinoma, and EMA Orphan Drug Designation for biliary tract cancer[38][42] - The cholangiocarcinoma indication is undergoing a Phase II registration clinical trial in China (expected to complete in H2 2025) and an international multi-center Phase III clinical trial in other global regions (patient enrollment expected to complete in H2 2026)[44][47] - Monotherapy for metastatic castration-resistant prostate cancer showed good efficacy (ORR 46%, DCR 85%), with a Phase II clinical trial for combination therapy with novel hormonal agents approved and initiated in the US and China[48][50] - Collaboration with Akeso Biopharma to explore combination therapy for hepatocellular carcinoma, with a Phase II clinical trial approved by NMPA and expected to start in H2 2025[44][51] - Monotherapy in HR+/HER2- breast cancer patients achieved an ORR of 50%, and in patients who converted to TNBC, the ORR reached 60%[52] Other Oncology Pipeline Products TT-01488 is a potential best-in-class non-covalent reversible BTK inhibitor for relapsed/refractory hematological malignancies, showing good tolerability and 57% ORR in Phase I; TT-00973 is a novel AXL/FLT3 inhibitor for AXL-overexpressing solid tumors, showing good tolerability and partial response in Phase I - TT-01488 is a potential best-in-class, non-covalent, reversible BTK inhibitor designed to overcome acquired resistance to frontline covalent BTK inhibitor therapies[38][56] - TT-01488 is undergoing a Phase I clinical study in China for B-cell lymphoma, showing good tolerability and an ORR of 57% in 14 evaluable patients[57] - TT-00973 is a potential best-in-class novel AXL/FLT3 inhibitor with high activity in inhibiting AXL phosphorylation and activation in tumor cells[39][57] - TT-00973 is undergoing a Phase I study for solid tumors in China, showing good tolerability and partial responses observed in some patients[57] Non-Oncology Pipeline Products Non-oncology pipeline includes TT-01688 (S1P1 modulator for UC/AD, completed Ib/II), TT-00920 (PDE9 inhibitor for chronic heart failure, completed Phase I), and TT-01025 (VAP-1 inhibitor for NASH, completed Phase I) - TT-01688 is a highly selective oral S1P1 modulator in-licensed from LG Chem, for the treatment of ulcerative colitis (UC) and atopic dermatitis (AD)[40][58] - TT-01688 completed its Phase Ib clinical trial for UC in July 2024 and its Phase II clinical trial for AD in January 2025[58] - TT-00920 is a proprietary, highly selective oral PDE9 inhibitor for chronic heart failure, which has completed Phase I trials in healthy subjects in China and the US[40][59] - TT-01025 is a proprietary, irreversible VAP-1 inhibitor intended for oral treatment of NASH, which completed its Phase I study in healthy subjects in China in April 2022[41][59] Analysis of Key Items of Operating Results For the six months ended June 30, 2025, the Group's other income and gains significantly decreased, while R&D costs notably reduced due to TT-00420's US clinical trials nearing completion, and administrative expenses remained stable Other Income and Gains For the six months ended June 30, 2025, other income and gains decreased by 65.1% to RMB 3.6 million, primarily due to a RMB 4.1 million reduction in bank interest and wealth management income, and a RMB 2.7 million decrease in government grants - Other income and gains decreased by 65.1% from RMB 10.4 million to RMB 3.6 million[60] - This was primarily due to a RMB 4.1 million reduction in bank deposit interest and wealth management income, and a RMB 2.7 million decrease in government grants[60] Research and Development Costs For the six months ended June 30, 2025, R&D costs decreased by 30.9% to RMB 98.4 million, mainly due to a RMB 46.7 million reduction in clinical trial expenses as two US trials for TT-00420 completed major operations, while preclinical expenses increased by RMB 1.9 million - Research and development costs decreased by 30.9% from RMB 142.5 million to RMB 98.4 million[61] - Clinical trial expenses decreased by RMB 46.7 million, mainly due to reduced clinical trial fees for the TT-00420 project, as two US clinical trials completed major operational work[62] - Preclinical expenses increased by RMB 1.9 million, primarily due to increased R&D investment in preclinical projects compared to the previous period[62] Administrative Expenses For the six months ended June 30, 2025, administrative expenses remained relatively stable, decreasing slightly by 2.2% to RMB 27.5 million - Administrative expenses decreased by 2.2% from RMB 28.1 million to RMB 27.5 million[61] Analysis of Key Items of Financial Position As of June 30, 2025, property, plant and equipment and right-of-use assets decreased due to depreciation/amortization, while other non-current assets rose from deductible input VAT; cash and equivalents declined due to R&D and operating expenses, trade payables increased with R&D progress, and share capital grew significantly from the Hong Kong IPO Property, Plant and Equipment As of June 30, 2025, property, plant and equipment decreased by 10.3% to RMB 8.5 million, primarily due to normal depreciation of fixed assets - Property, plant and equipment decreased by 10.3% from RMB 9.4 million to RMB 8.5 million[63] - This was primarily due to normal depreciation of fixed assets[63] Right-of-Use Assets As of June 30, 2025, right-of-use assets decreased by 7.6% to RMB 17.9 million, primarily due to normal amortization of these assets - Right-of-use assets decreased by 7.6% from RMB 19.3 million to RMB 17.9 million[64] - This was primarily due to the normal amortization of right-of-use assets[64] Other Non-Current Assets As of June 30, 2025, other non-current assets increased by 13.4% to RMB 16.9 million, mainly due to an increase in deductible input VAT not recoverable within one year - Other non-current assets increased by 13.4% from RMB 14.9 million to RMB 16.9 million[65] - This was primarily due to an increase in deductible input VAT that cannot be recovered or offset within one year[65] Cash and Cash Equivalents As of June 30, 2025, cash and cash equivalents decreased by 21.1% to RMB 449.1 million, primarily due to purchases of R&D services and operating expenditures - Cash and cash equivalents decreased by 21.1% from RMB 569.5 million to RMB 449.1 million[66] - This was primarily due to purchases of R&D services and operating expenditures[66] Trade Payables As of June 30, 2025, trade payables increased by 7.3% to RMB 87.2 million, primarily driven by the progress of R&D activities - Trade payables increased by 7.3% from RMB 81.2 million to RMB 87.2 million[67] - This was primarily driven by the progress of our research and development activities[67] Lease Liabilities As of June 30, 2025, lease liabilities decreased by 30.0% to RMB 3.1 million, primarily due to lease payments for right-of-use assets during the period - Lease liabilities decreased by 30.0% from RMB 4.4 million to RMB 3.1 million[68] - This was primarily due to lease payments for right-of-use assets during the period[68] Share Capital As of June 30, 2025, share capital increased by 4.0% to RMB 396.9 million, primarily due to the company's listing on the HKEX Main Board on June 23, 2025, with a public offering of 15,281,000 shares - Share capital increased by 4.0% from RMB 381.6 million to RMB 396.9 million[69] - This was primarily due to the company's listing on the Main Board of The Stock Exchange of Hong Kong Limited on June 23, 2025, with a public offering of 15,281,000 shares[69] Liquidity and Financial Resources The Group primarily uses cash for R&D services and operating expenses, maintaining sufficient cash and equivalents, totaling RMB 635.86 million as of June 30, 2025, with a debt-to-asset ratio improving to 16.0% and no bank loans Liquidity Overview The Group primarily uses cash for R&D services and operating expenses, maintaining sufficient cash and cash equivalents, which totaled RMB 635.86 million as of June 30, 2025 - Cash is primarily used for purchasing R&D services and operating expenditures[70] - As of June 30, 2025, cash and cash equivalents, along with wealth management products, totaled RMB 635.86 million[70] Gearing Ratio As of June 30, 2025, the gearing ratio improved to 16.0% from 16.6% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was 16.0% (December 31, 2024: 16.6%)[71] Exchange Rate Fluctuation Risk The Group faces transactional currency risks but currently has no hedging policy; management monitors these risks and will consider hedging if necessary, with no significant foreign exchange risk as of June 30, 2025 - The Group faces certain transactional currency risks and currently has no foreign exchange hedging policy[72] - Management monitors foreign exchange risks and will consider hedging when necessary[72] - As of June 30, 2025, the Group had no significant foreign exchange risk arising from its operations[72] Bank Loans and Other Borrowings As of June 30, 2025, the Group had no bank loans or other forms of borrowings - As of June 30, 2025, the Group had no bank loans or other forms of borrowings[73] Other Information During the reporting period, the Group had no pledged assets, significant investments, acquisitions, disposals, or material contingent liabilities; future major investment plans are disclosed in the prospectus Pledged Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[74] Material Investments / Material Acquisitions and Disposals Except as disclosed in the Management Discussion and Analysis, the Group made no material investments or significant acquisitions and disposals of subsidiaries during the reporting period - The Group made no material investments or significant acquisitions and disposals of subsidiaries during the reporting period[75] Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[76] Future Plans for Material Investments and Capital Assets Except as disclosed in the 'Future Plans and Use of Proceeds' section of the prospectus, the Group has no major investment and capital asset plans as of the date of this announcement - Except as disclosed in the "Future Plans and Use of Proceeds" section of the prospectus, the Group has no major investment and capital asset plans as of the date of this announcement[77] Other Information This section provides other important information on employee and remuneration policies, interim dividends, litigation and compliance, securities transactions, post-balance sheet events, use of IPO proceeds, and corporate governance Employees and Remuneration Policy As of June 30, 2025, the Group had 121 employees, with 76.9% in R&D; total employee benefits expenses were RMB 36.32 million, with remuneration based on market levels, government policies, and individual performance, in strict compliance with Chinese law Employee Function Distribution | Function | Number | Percentage | | :--- | :--- | :--- | | Research and Development | 93 | 76.9% | | General and Administrative | 28 | 23.1% | | Total | 121 | 100.0% | - Total employee benefit expenses for the reporting period were RMB 36.32 million[78] - Remuneration and benefits are determined based on market levels, government policies, and individual performance, including salaries, bonuses, and equity incentives, in strict compliance with Chinese law[78] Interim Dividend The company will not declare any interim dividend for the six months ended June 30, 2025 - The company will not declare any interim dividend for the six months ended June 30, 2025[79] Litigation and Compliance During the reporting period, the Group had no material breaches of laws and regulations or non-compliance events that could significantly adversely affect its business, financial position, or operating results - During the reporting period, the Group had no material breaches of laws and regulations, nor any non-compliance events that the directors believed could materially adversely affect its business, financial position, or operating results as a whole[80] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange[81] - As of June 30, 2025, the company held no treasury shares[81] Material Post-Balance Sheet Events Subsequent to June 30, 2025, and up to the date of this announcement, the Group has not undertaken any material post-balance sheet events - Subsequent to June 30, 2025, and up to the date of this announcement, the Group has not undertaken any material post-balance sheet events[82] Use of Net Proceeds from Listing The company's H-shares listed on June 23, 2025, raising approximately HKD 161.3 million net proceeds, primarily allocated (84%) to Tinengotinib's multi-regional Phase III clinical trials for cholangiocarcinoma, with the remainder for working capital and general corporate purposes (10%); all proceeds remained unutilized as of June 30, 2025 - The global offering received net proceeds of approximately HKD 161.3 million[83] Intended Use of Net Proceeds from Listing | Use | Percentage of Net Proceeds | Net Proceeds (HKD million) | Amount Utilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | | Tinengotinib cholangiocarcinoma multi-regional registration Phase III clinical trial (Europe) | 42% | 68.5 | 0 | | Tinengotinib cholangiocarcinoma multi-regional registration Phase III clinical trial (United States) | 26% | 41.2 | 0 | | Tinengotinib cholangiocarcinoma multi-regional registration Phase III clinical trial (South Korea) | 8% | 13.1 | 0 | | Tinengotinib cholangiocarcinoma multi-regional registration Phase III clinical trial (Taiwan) | 8% | 12.4 | 0 | | Tinengotinib cholangiocarcinoma multi-regional registration Phase III clinical trial (United Kingdom) | 6% | 10.1 | 0 | | Working capital and other general corporate purposes | 10% | 16.1 | 0 | | Total | 100% | 161.3 | 0 | - As of June 30, 2025, all net proceeds remained unutilized[84] Corporate Governance The company is committed to high corporate governance standards; the Chairman and CEO roles are combined, which the Board believes ensures leadership consistency and efficiency, with a diverse and experienced board ensuring balanced power; the company has complied with all CG Code provisions since listing, except for the combined roles - The company is committed to achieving high standards of corporate governance, implementing effective internal control measures, and enhancing the Board's transparency and accountability to all shareholders[85] - The roles of Chairman and Chief Executive Officer are combined and held by Dr. Wu, which deviates from Code Provision C.2.1 of the Corporate Governance Code, but the Board believes this is beneficial for ensuring leadership consistency and efficiency[85] - The Board comprises two executive directors, two non-executive directors, and three independent non-executive directors, ensuring independence[85] - Except for the aforementioned disclosure, the company has complied with all code provisions under the Corporate Governance Code from the listing date up to June 30, 2025[85] Compliance with the Model Code The company adopted the Model Code as its code of conduct for directors' and supervisors' securities transactions, with all confirming full compliance during the reporting period - The company has adopted the Model Code as its own code of conduct for securities transactions by its directors and supervisors[87] - All directors and supervisors have each confirmed full compliance with the required standards set out in the Model Code during the reporting period[87] Audit Committee Review The Audit Committee reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, discussing matters with senior management and Ernst & Young, who reviewed the statements per HKICPA standards - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025[88] - The Audit Committee discussed matters such as accounting policies and practices, and internal controls with members of senior management and the company's auditor, Ernst & Young[88] - The company's auditor, Ernst & Young, has reviewed the financial statements in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[88] Publication of Interim Results Announcement and Interim Report This announcement is published on the HKEX and company websites; the interim report for the six months ended June 30, 2025, will be dispatched to shareholders requesting printed corporate communications and published on the aforementioned websites Publication of Interim Results Announcement and Interim Report This announcement is published on the HKEX and company websites; the interim report for the six months ended June 30, 2025, will be dispatched to shareholders requesting printed corporate communications and published on the aforementioned websites - This announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.transthera.com)[89](index=89&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to shareholders who have requested printed corporate communications and will be published on the aforementioned websites in due course[89] Definitions This section provides definitions for key terms used in this announcement to ensure consistent understanding of the report content Definitions This section provides definitions for key terms used in this announcement to ensure consistent understanding of the report content - This section defines key terms used in this announcement, such as "Articles of Association", "Audit Committee", and "Core Product"[90][91][92] - "Core Product" refers to the company's core product, Tinengotinib[90] - "Listing Date" refers to June 23, 2025, the date on which the H shares were listed on the Main Board of the Stock Exchange of Hong Kong Limited[91]