Financial Performance - For the year ended December 31, 2023, administrative expenses were RMB 196.5 million, an increase of RMB 27.9 million or 16.5% compared to RMB 168.6 million for the year ended December 31, 2022, primarily due to increased employee costs [3]. - The group reported a pre-tax loss of RMB 184.4 million for the year ended December 31, 2023, compared to a loss of RMB 489.8 million for the previous year [5]. - The basic and diluted loss per share for the year ended December 31, 2023, was RMB 0.24, compared to RMB 0.67 for the previous year [26]. - The company reported a loss attributable to shareholders of RMB 174,829 thousand for the year ended December 31, 2023, compared to a loss of RMB 484,312 thousand for the year ended December 31, 2022, representing a significant improvement [64]. - The company reported a net loss of RMB 184.4 million for the year ended December 31, 2023, compared to a net loss of RMB 489.8 million for the year ended December 31, 2022 [110]. - Adjusted net loss for the year ended December 31, 2023, was RMB 120.1 million, significantly improved from RMB 411.9 million in the previous year [110]. - Other income for the year was RMB 163.7 million, an increase of RMB 55.8 million or 51.7% compared to RMB 107.9 million for the year ended December 31, 2022, mainly due to increased bank interest income from rising interest rates [22]. - The company reported a significant turnaround in other income and losses, moving from a loss of RMB 12.3 million in 2022 to a profit of RMB 252.4 million in 2023, driven by fair value gains on financial assets [105]. Revenue and Sales - The group generated revenue from pharmaceutical sales of RMB 617,000 for the year, a significant decrease from RMB 51.6 million in 2022 [17]. - Total revenue for the year ended December 31, 2023, was RMB 163.7 million, an increase from RMB 107.9 million in the previous year, driven by bank interest income rising to RMB 108.0 million [126]. Research and Development - R&D expenses for the year ending December 31, 2023, amounted to RMB 402.7 million, reflecting the company's commitment to drug development [98]. - Research and development expenses for the year ended December 31, 2023, were RMB 402.7 million, down from RMB 440.6 million in the previous year [129]. - The company has established a pipeline of over 10 innovative candidate products, focusing on infectious diseases and central nervous system diseases, with a key project aimed at functional cure for HBV primarily in China [71]. - The company is actively seeking partnerships to continue developing its CNS candidates and HIV projects, aiming for commercialization in China and other Asia-Pacific regions [123]. - The company plans to expand its pipeline through in-house R&D and licensing opportunities, focusing on therapies for HBV and other diseases [100]. Strategic Initiatives - The company is focused on advancing treatments for infectious diseases and other significant public health burdens in China and globally [28]. - The company plans to initiate additional combination therapy studies in the second half of 2024 to enhance HBV functional cure rates, focusing on BRII-179 and other therapies [42]. - The company is seeking strategic funding partners to accelerate the development of BRII-693, addressing the growing threat of antimicrobial resistance [53]. - The company aims to optimize its organizational structure to support sustainable long-term growth and address global public health challenges [100]. Acquisitions and Partnerships - The company has agreed to acquire all rights, title, and interest related to BRII-179 from VBI, including a technology transfer and a license for VBI-1901 in the Asia-Pacific region, excluding Japan [40]. - The company has entered into agreements with VBI for the acquisition of BRII-179 and related technologies, enhancing its product portfolio [101]. - The company is actively seeking commercial partners for the commercialization of PreHevbriTM, having submitted two IND applications for registration in China [80]. - The FDA granted QIDP designation to BRII-693, providing incentives for its development in the U.S., including eligibility for priority review [82]. Employee and Administrative Costs - Employee costs for the year ended December 31, 2023, were RMB 126.5 million, up from RMB 100.8 million in the previous year, attributed to an increase in average employee numbers and a one-time charge for share-based compensation [108]. - The company’s prepaid expenses rose to RMB 47,685 thousand in 2023 from RMB 19,589 thousand in 2022, indicating a 143% increase [65]. - Research and development payables decreased to RMB 20,539 thousand in 2023 from RMB 113,531 thousand in 2022, reflecting an 82% reduction [66]. - As of December 31, 2023, the total employee count was 128, with a compensation cost of RMB 302 million, up from RMB 294 million in 2022 [141][167]. Governance and Compliance - The board has established an audit and risk committee composed of three independent non-executive directors to oversee financial reporting and risk management [148]. - The board consists of two executive directors, one non-executive director, and five independent non-executive directors, ensuring a high level of independence [176]. - The company has adopted its own code of conduct for securities trading by directors, which is at least as stringent as the standards set out in the listing rules [177]. Future Outlook - The company plans to initiate a global Phase 3 registration trial for hospital-acquired bacterial pneumonia in 2025, following the submission of a pre-IND application for BRII-693 in April 2023 [90]. - The company expects to utilize the net proceeds from its fundraising by the end of 2026 [143]. - The company will hold its annual general meeting on June 25, 2024, with a share transfer registration suspension from June 20 to June 25, 2024 [174].
腾盛博药-B(02137) - 2023 - 年度业绩