Financial Performance - Revenue for the year ended December 31, 2023, was RMB 39.3 million, generated from the commercial launch of SCB-2019 and the quadrivalent seasonal influenza vaccine in China[125]. - The group reported a revenue of RMB 39,255 thousand for 2023, with a gross profit of RMB 24,241 thousand[101]. - The total comprehensive loss for the year was RMB 138.5 million, a significant improvement from RMB 2.45 billion in the previous year[170]. - The net loss for the year decreased from RMB 2,451.9 million to RMB 138.5 million, attributed to the recognition of CEPI funding and a reduction in R&D and administrative expenses[128]. - The adjusted net loss, excluding share-based compensation, was RMB 85.0 million for the year ended December 31, 2023, compared to RMB 2,356.9 million in 2022[130]. - The group incurred a loss before tax of RMB 138,539 thousand in 2023, significantly improved from a loss of RMB 2,451,903 thousand in 2022[101]. - The company's administrative expenses decreased by RMB 211.4 million or approximately 52% to RMB 198.8 million for the fiscal year ending December 31, 2023, mainly due to reductions in employee salaries and benefits[175]. - Research and development expenses for 2023 amounted to RMB 649,885 thousand, a decrease from RMB 1,465,324 thousand in 2022[101]. Cash Flow and Financial Position - As of December 31, 2023, the group recorded a net liability of RMB 732,833,000 and a cumulative loss of RMB 9,640,268,000[79]. - The group's cash and cash equivalents amounted to RMB 735,864,000, indicating sufficient operational funds for the next twelve months[79]. - The group's cash and bank balances decreased from RMB 1,856.5 million as of December 31, 2022, to RMB 1,095.5 million as of December 31, 2023, primarily due to ongoing R&D investments and operating expenses[191]. - Total current assets as of December 31, 2023, amounted to RMB 1,899.5 million, including cash and cash equivalents of RMB 1,095.5 million[191]. - Total current liabilities as of December 31, 2023, were RMB 2,277.0 million, including contract liabilities of RMB 1,577.8 million[192]. - The group is in a net cash position as of December 31, 2023, making the debt-to-equity ratio not applicable[88]. - The group has pledged fixed deposits totaling RMB 343.4 million to secure bank loans[90]. Trade and Deferred Income - Trade payables totaled RMB 752,876,000 as of year-end 2023, a decrease from RMB 856,964,000 in 2022, reflecting a reduction of approximately 12.1%[2]. - Deferred income from CEPI amounted to RMB 44,364,000 in 2023, down from RMB 2,496,900,000 in 2022, indicating a significant decrease of approximately 98.2%[5]. - The company confirmed recognition of deferred income of RMB 2,540,497,000 (equivalent to USD 389,865,000) in 2023, as all conditions related to CEPI funding were met[11]. - As of December 31, 2023, the deferred revenue balance was RMB 17,414,000, which includes cash grants of RMB 11,733,000 from CEPI for several work packages pending CEPI approval, and the value of certain donated vials from previous years amounting to RMB 5,681,000[13]. - The company decided to abandon remaining vials related to the CEPI donation agreement, resulting in a write-off of RMB 58,787,000 in deferred income[12]. Corporate Governance and Compliance - The company has adopted the principles and provisions of the corporate governance code, ensuring high standards of corporate governance to protect shareholder interests and enhance company value[17]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing the financial reporting process and internal control systems[22]. - The company has confirmed that there were no violations of the standard code by employees during the reporting period[19]. - The company has not purchased, sold, or redeemed any of its shares during the reporting period[20]. Research and Development - The company announced significant progress in product development, including the initiation of Phase I clinical trials for the RSV candidate vaccine SCB-1019[131]. - The company has developed a diverse pipeline of candidate vaccines aimed at preventing various diseases, leveraging its strong R&D and commercialization capabilities[137]. - The RSV candidate vaccine SCB-1019 has successfully completed the enrollment of the first batch of participants in its Phase I clinical trial in Australia[143]. - The company plans to continue prioritizing resources to accelerate the development of the RSV candidate vaccine to capture high-growth market opportunities[167]. - The company aims to address unmet medical needs in the treatment of malignant ascites and pleural effusion through its TRAIL-trimer candidate product SCB-313[141]. Market and Commercialization - The company has established an exclusive agreement for the distribution of the quadrivalent influenza vaccine AdimFlu-S in mainland China, showcasing its commercial capabilities[139]. - The AdimFlu-S (QIS) vaccine was launched in 28 provinces in China as of September 2023, following an exclusive distribution agreement with a local partner[132]. - The commercialization of seasonal influenza vaccines will expand to Brazil once approved, targeting the Southern Hemisphere's influenza season, which is the second largest seasonal influenza vaccine market globally[155]. - The company plans to commercialize SCB-1019 using the same Trimer-Tag platform as its COVID-19 vaccine, with production set to occur at its Changxing facility, which has passed multiple GMP inspections[152]. Future Outlook - The expected timeline for the use of the remaining proceeds includes a focus on expanding commercialization capabilities for respiratory vaccine products, including seasonal flu and COVID-19 vaccines, by June 2024[60]. - The company emphasizes that the expected timeline for the use of proceeds is based on the best estimates of future R&D progress and market conditions, which may change[31]. - The company plans to allocate 65.0% of the net proceeds for the R&D, production, and commercialization of core products and related products[27].
三叶草生物-B(02197) - 2023 - 年度业绩