Financial Performance - Total revenues for the first half of fiscal year 2024 were RMB273.1 million (US$38.0 million), a decrease of 31.6% compared to RMB399.5 million in the same period of fiscal year 2023[8] - Net loss for the first half of fiscal year 2024 was RMB174.5 million (US$24.3 million), compared to RMB11.1 million in the same period of 2023[13] - Revenues for the six months ended September 30, 2023, were RMB 273,092,454, down from RMB 399,534,723 for the same period in 2022, representing a decrease of about 31.7%[26] - The net loss for the six months ended September 30, 2023, was RMB 174,522,798, compared to a net loss of RMB 11,125,365 for the same period in 2022, reflecting a significant increase in losses[26] - The company reported a basic and diluted loss per share of (1.88) for the six months ended September 30, 2023, compared to (0.18) for the same period in 2022[26] Profitability and Margins - Gross profit was RMB220.9 million (US$30.8 million), with a gross margin of 80.9%, up from 76.5% in the same period of fiscal year 2023[9] - Gross profit for the six months ended September 30, 2023, was RMB 220,905,312, compared to RMB 305,833,944 for the same period in 2022, indicating a decline of approximately 27.8%[26] Expenses - Selling and marketing expenses increased to RMB157.7 million (US$22.0 million) in the first half of fiscal year 2024, up from RMB150.2 million in the same period of fiscal year 2023[10] - Research and development expenses rose to RMB178.9 million (US$24.9 million) in the first half of fiscal year 2024, compared to RMB123.9 million in the same period of fiscal year 2023[12] - Total operating expenses increased from RMB 323,676,199 in the first half of 2022 to RMB 404,163,927 in the first half of 2023, an increase of about 25%[26] Cash and Liquidity - Cash and cash equivalents totaled RMB259.9 million (US$36.2 million) as of September 30, 2023, down from RMB370.4 million as of March 31, 2023[14] - Cash and cash equivalents decreased from RMB 370,108,059 on March 31, 2023, to RMB 259,905,532 on September 30, 2023, a decline of approximately 29.8%[23] - Cash at the end of the period was RMB 259,905,532, up from RMB 227,027,266 at the beginning of the period[32] - Net cash used in operating activities increased to RMB (145,831,735) for the six months ended September 2023, from RMB (107,395,153) in the prior year[32] - Proceeds from bank loans and other borrowings amounted to RMB 201,211,920, while repayments totaled RMB (156,356,071), resulting in net cash provided by financing activities of RMB 44,855,849[32] Assets and Liabilities - Total current assets decreased from RMB 1,035,978,664 on March 31, 2023, to RMB 934,605,218 on September 30, 2023, a decline of approximately 9.8%[23] - Total liabilities rose from RMB 991,300,326 on March 31, 2023, to RMB 1,054,186,774 on September 30, 2023, an increase of approximately 6.3%[23] - Shareholders' equity decreased from RMB 728,453,285 on March 31, 2023, to RMB 557,096,330 on September 30, 2023, a decline of about 23.4%[27] Clinical Development and Patents - The company completed enrollment of 4,500 participants in its Phase III clinical trial for the PIKA rabies vaccine, with interim results expected in the first half of 2024[5] - The United States Patent and Trademark Office issued a patent for PIKA YS-HBV-002, with clinical development expected to commence in 2024[7] Inventory and Depreciation - Write-down of inventories to net realizable value was RMB 10,678,694 for the six months ended September 2023, indicating a significant adjustment[32] - Depreciation of property, plant, and equipment increased to RMB 16,514,915 for the six months ended September 2023, compared to RMB 13,818,386 in the same period of 2022[32] Government Grants and Interest - The company recorded government grants of RMB 14,627,559 for the six months ended September 30, 2023, down from RMB 22,456,691 for the same period in 2022, a decrease of about 34.8%[26] - Interest paid decreased to RMB 10,132,047 for the six months ended September 2023, down from RMB 12,723,051 in the previous year[32] Cash Flows - Cash flows from investing activities showed a net cash outflow of RMB (23,421,694) for the six months ended September 2023, compared to RMB (19,024,351) in the prior year[32] - Non-cash lease expense was RMB 2,452,349 for the six months ended September 2023, slightly up from RMB 2,409,286 in the same period of 2022[32] - Fair value changes of warrant liability resulted in a loss of RMB (6,851,308) during the period[32]
YS Biopharma(YS) - 2024 Q3 - Quarterly Report