Core Viewpoint - The company reported a mid-term loss of RMB 166.4 million for the first half of 2025, a decrease of 7.8% year-on-year, while R&D costs increased significantly due to various clinical development activities [1] Financial Performance - The loss for the first half of 2025 was RMB 166.4 million, which is a 7.8% reduction compared to the previous year [1] - R&D expenses amounted to RMB 132 million, reflecting a year-on-year increase of 56.92% [1] R&D and Clinical Development - The increase in R&D costs is primarily attributed to higher expenditures related to CMC development milestones and accelerated clinical development for products LBL-024 and LBL-034 [1] - The company is focusing on expanding the indications for its core product LBL-024, targeting additional cancers beyond lung neuroendocrine carcinoma and small cell lung cancer, including cholangiocarcinoma, non-small cell lung cancer, hepatocellular carcinoma, melanoma, ovarian cancer, triple-negative breast cancer, esophageal squamous cell carcinoma, and gastric cancer [1] Operational Strategy - The company maintains a light asset strategy in developing manufacturing and commercialization capabilities, which provides significant advantages in economic feasibility and operational efficiency [1] - A GMP-compliant pilot production facility has been established, capable of supporting early clinical development for selected candidate drugs, with an annual production capacity of up to 20 batches of single-use bioreactors of 200L or 500L [1]
维立志博-B(09887.HK)上半年研发开支1.32亿元 同比增长56.92%