InventisBio (SH:688382) Jing Ji Guan Cha Wang·2025-06-26 06:36Core Viewpoint - Yifang Biotech (688382.SH) reported a revenue of 169 million yuan for 2024, a year-on-year decrease of 9.02%, while the net loss attributable to shareholders was 240 million yuan, a reduction in loss of 15.41% [1] Financial Performance - The company’s revenue heavily relies on technology licensing and sales commissions, with 96% of revenue coming from these sources [1] - Milestone revenue from Gexolex (格索雷塞) accounted for 151 million yuan (89% of total revenue), while sales commissions from Beifutini (贝福替尼) contributed 16.38 million yuan (9.7%) [1] - The company reported that the revenue from milestone payments is one-time income, leading to significant fluctuations in annual revenue, thus the gross margin is reported as "not applicable" [1] Accounts Receivable - The overdue receivables amount to 180 million yuan, which are milestone payments from Betta Pharmaceuticals (贝达药业) [2] - Betta Pharmaceuticals has delayed the payment due to its own financial arrangements but has committed to fulfilling its payment obligations as per the agreement [2] - Yifang Biotech has made a provision for bad debts of 18 million yuan against the overdue amount, which is considered sufficient [2] Research and Development - R&D investment for 2024 was 384 million yuan, a decrease of 13.22% year-on-year, with a reduction of 36 R&D personnel [2] - The reduction in personnel was attributed to the completion of clinical trials for D-1553 (Gexolex), and the adjustments did not affect key positions or the overall R&D capability of the company [2] Business Outlook - The company has indicated potential risks related to ongoing losses and significant declines in performance, with most products still in clinical development and not yet generating sales revenue [3] - Future profitability is expected to improve as clinical development and commercialization progress, leading to milestone payments and sales sharing [3]