Financial Performance - Other income and revenue decreased from RMB 293.9 million for the year ended December 31, 2022, to RMB 115.8 million for the year ended December 31, 2023, a decline of 60.6% primarily due to a decrease in net foreign exchange gains[2]. - Loss for the year decreased from RMB 601.5 million for the year ended December 31, 2022, to RMB 581.2 million for the year ended December 31, 2023, a reduction of 3.9%[3]. - Adjusted loss for the year decreased from RMB 550.2 million for the year ended December 31, 2022, to RMB 533.9 million for the year ended December 31, 2023, a decrease of 3.0% attributed to reduced sales and distribution expenses, R&D costs, and administrative expenses[17]. - Total revenue for 2023 was RMB 67,305 thousand, down from RMB 160,135 thousand in 2022, indicating a decline of about 58.1%[66]. - The company reported a pre-tax loss of RMB (581,183) thousand for 2023, an improvement from a loss of RMB (601,488) thousand in 2022[77]. - The company’s gross profit for the year was RMB 55,012 thousand, compared to RMB 132,004 thousand in the previous year[116]. - The adjusted loss for the year was RMB (533,904) thousand, an improvement from RMB (550,184) thousand in the previous year[117]. - The company’s basic loss per share for 2023 was calculated based on a weighted average of 615,438,058 shares, compared to 617,822,464 shares in 2022[79]. - Revenue decreased from RMB 1,601 million in 2022 to RMB 673 million in 2023, a decline of approximately 57.9%[91]. Expenses and Costs - Sales and distribution expenses decreased from RMB 355.4 million for the year ended December 31, 2022, to RMB 192.7 million for the year ended December 31, 2023, a reduction of 45.9% due to commercialization cooperation with Hansoh Pharmaceutical[16]. - Research and development expenses decreased significantly from RMB 307,132,000 in 2022 to RMB 183,269,000 in 2023, a reduction of approximately 40.5%[92]. - Administrative expenses decreased from RMB 167.1 million for the year ended December 31, 2022, to RMB 148.1 million for the year ended December 31, 2023, a reduction of RMB 19.0 million[145]. - Employee costs increased to RMB 151,674,000 in 2023 from RMB 142,137,000 in 2022, representing a rise of about 6.8%[92]. - The company’s share-based payment expenses amounted to RMB 47,279 thousand, down from RMB 51,304 thousand in the previous year[122]. Revenue Growth and Agreements - The company recorded revenue of RMB 359,949 thousand in the Greater China region for 2023, a significant increase from RMB 228,715 thousand in 2022, representing a growth of approximately 57.3%[53]. - The company entered into a commercialization agreement with Hansoh Pharmaceutical for Selinexor in mainland China, with a potential upfront payment of up to RMB 200 million[33]. - In August 2023, the company entered into a commercialization agreement with Hansoh Pharmaceutical for XPOVIO® (Selinexor) in mainland China, with a maximum upfront payment of RMB 200 million, including RMB 100 million upon signing the agreement[41]. - The company expects future revenue growth due to the inclusion of its product in the national medical insurance catalog effective January 1, 2024[91]. Assets and Liabilities - The company’s non-current assets totaled RMB 365,817 thousand in 2023, compared to RMB 237,162 thousand in 2022, representing a growth of approximately 54.2%[53]. - The total liabilities decreased from RMB 363,061,000 in 2022 to RMB 179,766,000 in 2023, a decline of about 50.5%[86]. - Trade receivables as of December 31, 2023, were RMB 9,684,000, significantly lower than RMB 29,767,000 in 2022, indicating a decrease of approximately 67.5%[83]. - The company’s debt-to-asset ratio increased to 29.1% as of December 31, 2023, up from 20.0% in the previous year[125]. - The company has no significant contingent liabilities as of December 31, 2023[150]. Research and Development - The company received IND approval from the FDA in March 2023 to initiate a Phase I trial for ATG-031 in patients with advanced solid tumors or B-NHL[39]. - The new "2+1" T cell engager platform AnTenGagerTM is making steady progress, designed to conditionally activate T cells and reduce the risk of cytokine release syndrome (CRS)[40]. - The company reported a total of 103 employees in R&D, accounting for 51.2% of total employees[123]. - The company plans to allocate approximately 25% of the net proceeds from fundraising to ongoing and planned clinical trials for four other clinical-stage drug candidates, amounting to RMB 568.67 million[182]. Government Grants and Other Income - The company received government grants totaling RMB 29,881 thousand in 2023, compared to RMB 10,426 thousand in 2022, reflecting an increase of approximately 187.5%[59]. - The company’s other income totaled RMB 68,709 thousand in 2023, up from RMB 38,649 thousand in 2022, marking an increase of about 77.9%[59]. - The total other income and gains for the year were RMB 115,786 million, compared to RMB 293,904 million in the previous year[187]. Future Plans and Investments - The company plans to continue recording revenue from the sales of XPOVIO® (Selinexor) in mainland China, while Hansoh Pharmaceutical will charge service fees[41]. - The company has no significant investment or capital asset plans as of December 31, 2023[100]. - The company has pledged a total of RMB 43.4 million of leased land to secure bank financing[127]. - Approximately 14% of the net proceeds from fundraising is planned to be used to expand the pipeline, including the discovery of new drug candidates[136]. - The company plans to invest in expanding its pipeline, including discovering new drug candidates and business development activities, with a budget allocation of 14% of net proceeds, amounting to RMB 318.46 million[191]. Compliance and Governance - The company’s financial performance for the year ended December 31, 2023, has been reviewed and deemed compliant with relevant accounting standards and regulations[192]. - The board of directors includes executive director Dr. Jianming Mei, who also serves as the chairman and CEO, promoting effective execution of strategic initiatives[152]. - The company does not recommend the distribution of dividends for the year ended December 31, 2023[164].
德琪医药-B(06996) - 2023 - 年度业绩