Financial Performance - The company recorded revenue of RMB 403 million for the six months ended June 30, 2023, attributed to R&D cost reimbursements from the collaboration agreement with AbbVie for the development, manufacturing, and commercialization of SHP2 inhibitors[9]. - Revenue for the six months ended June 30, 2023, was RMB 40.3 million, a decrease of 26% from RMB 54.7 million for the same period in 2022[72]. - Gross profit decreased to RMB 2.4 million for the six months ended June 30, 2023, compared to RMB 8.8 million for the same period in 2022[74]. - The net loss for the period increased from RMB 127.8 million for the six months ended June 30, 2022, to RMB 166.3 million for the same period in 2023[12]. - The adjusted loss was RMB 158.3 million, compared to an adjusted loss of RMB 128.4 million for the same period in 2022, representing an increase of 23.3%[84]. - Operating loss for the six months was RMB 184,563 thousand, compared to a loss of RMB 135,414 thousand in the prior year, highlighting ongoing financial challenges[162]. - The company reported a loss of RMB 166,281,000 for the six months ended June 30, 2023, compared to a loss of RMB 127,825,000 for the same period in 2022, representing a 30% increase in losses year-over-year[163]. Research and Development - R&D expenses increased by RMB 22.2 million or 12.6% to RMB 198.8 million for the six months ended June 30, 2023, primarily due to clinical trial progress and increased personnel costs associated with the expansion of relevant R&D departments[10]. - The key trial for JAB-21822 (Glecirasib, KRAS G12C inhibitor) for NSCLC patients has been approved by CDE, with patient recruitment expected to complete by September 2023[16]. - Glecirasib has received BTD from CDE for the treatment of KRAS G12C mutation in second-line or above pancreatic cancer patients, with preliminary clinical data planned for submission at the 2024 ASCO GI conference[17]. - The I/IIa clinical trial of JAB-3312 (SHP2 inhibitor) in combination with Glecirasib is actively recruiting patients in China, with preliminary data to be presented at the 2023 ESMO annual meeting[19]. - The I phase dose escalation of JAB-8263 (BET inhibitor) is ongoing in the US and China, with active treatment signals observed in hematological malignancies[20]. - The global I/IIa trial of JAB-2485 (Aurora A kinase inhibitor) is being conducted in the US and China, with the first patient dosed in January 2023 and clinical benefits observed in the first cohort[21]. - The clinical trial for JAB-BX102 (anti-CD73 monoclonal antibody) is currently in the I/IIa dose escalation phase, with the RP2D expected to be determined in the first half of 2024[22]. - JAB-26766 (PARP7 inhibitor) received IND approval for a clinical trial in advanced solid tumors in China in June 2023, with plans for the trial underway[23]. - The IND application for JAB-24114 (Glutamine-utilizing Enzyme inhibitor) was approved in March 2023, indicating progress in the development pipeline[23]. - JAB-23400 (KRAS multi-inhibitor) is a novel oral agent targeting multiple KRAS mutations, with an IND application planned for submission in the first half of 2024[25]. - JAB-30300 (P53 Y220C activator) is set to have its IND application submitted in the second half of 2023, targeting solid tumors with P53 Y220C mutations[26]. - The iADC platform has been developed, combining active STING agonists with anti-HER2 and anti-CD73 antibodies, with IND submissions expected between 2024 and 2025[27]. - The company has eight clinical-stage assets and several others in the IND pre-activation stage, showcasing a robust drug development pipeline[30]. Financial Position and Cash Flow - As of June 30, 2023, the cash and bank balances were RMB 1,297.9 million, slightly down from RMB 1,298.7 million as of December 31, 2022[91]. - The company had no net debt as cash and cash equivalents exceeded total borrowings as of June 30, 2023[94]. - The net cash used in operating activities for the six months ended June 30, 2023, was RMB 219.8 million, an increase of RMB 107.9 million compared to the same period in 2022[88]. - The net cash generated from investing activities for the six months ended June 30, 2023, was RMB 170.6 million, a significant increase of RMB 172.3 million compared to a net cash used of RMB 1.7 million in the same period of 2022[89]. - The net cash generated from financing activities for the six months ended June 30, 2023, was RMB 189.3 million, an increase of RMB 192.3 million compared to a net cash used of RMB 3.0 million in the same period of 2022[89]. - The company has unutilized bank loan facilities amounting to RMB 180.0 million as of June 30, 2023[91]. - The company has capital commitments of RMB 8.7 million as of June 30, 2023, primarily related to the purchase of property, plant, and equipment[96]. - The company reported total assets of RMB 1,595,002,000 as of June 30, 2023, an increase from RMB 1,574,647,000 as of December 31, 2022[165]. - The company’s total liabilities increased to RMB 332,275,000 as of June 30, 2023, compared to RMB 292,123,000 at the end of 2022, reflecting a rise of approximately 13.8%[165]. Corporate Governance and Management - The board of directors has confirmed compliance with the corporate governance code, with a commitment to maintaining high standards of corporate governance[102]. - The audit committee has reviewed the unaudited interim results and confirmed compliance with applicable accounting principles and standards[103]. - Dr. Cai has resigned as an independent non-executive director and chairman of the audit committee effective March 23, 2023, with Dr. Lu appointed as his replacement[107]. - The company has established an Employee Stock Ownership Plan (ESOP) through Blesspharma Ltd and Honourpharma Ltd, with shares held for employee incentive purposes[111]. - The company has no additional disclosure obligations under the Listing Rules apart from what is disclosed in the interim report[108]. - The company is aware of major shareholders holding 5% or more of the shares as of June 30, 2023, but specific details are not provided in the current report[113]. Shareholder Information - As of June 30, 2023, Dr. Wang holds 220,766,850 shares, representing 27.82% of the total issued shares of 793,562,280[109]. - Dr. Wang's special purpose companies and Willgenpharma Ltd are considered to hold shares indirectly, contributing to his overall equity[110]. - The total number of issued shares as of June 30, 2023, is 793,562,280 shares[116]. - The total equity held by Dr. Wang and associated entities is significant, indicating a strong influence over company decisions[116]. - The shareholding percentages reflect a concentrated ownership, with several entities holding over 5%[114]. Future Plans and Strategic Initiatives - The company aims to establish strategic partnerships with leading multinational corporations to enhance the success rate of its drug candidates[29]. - The company is pursuing global partnerships to expand the development and commercialization of its candidate drugs[70]. - The company plans to submit IND applications for JAB-BX400 between 2024 and 2025[62]. - The company aims to expand its pipeline with innovative therapies targeting various promising signaling pathways in targeted therapy and tumor immunology[64]. - The company expects to utilize all unutilized net proceeds by the end of 2025[152].
加科思-B(01167) - 2023 - 中期财报