基于2025年的整体研发进展，公司在报告期内持续保持了高强度的研发投入；同时由于公司现阶段营业 收入主要源于授权和合作，且技术授权和技术合作收入的构成在不同年度存在一定差异，相关收入规模 较2024 年度有所变动。公司本期技术授权和技术合作收入尚无法覆盖各项成本及费用，预计2025 年度 将继续出现亏损的情况，但公司主营业务、核心竞争力没有发生重大不利变化。 公司预计2025年实现营业收入3724.52万元，扣除与主营业务无关的业务收入和不具备商业实质的收入 后的营业收入为3724.52万元，低于1亿元。 本期业绩变化的主要原因：2025 年度，公司业绩变化主要受到研发投入强度与营收构成的共同影响。 随着研发管线的扎实推进，多个核心临床项目已进入关键阶段，并取得积极进展，研发投入维持在较高 水平：口服选择性雌激素受体降解剂(SERD)D- 0502 正在国内开展二线治疗注册 III 期临床试验；TYK2 抑制剂D-2570 已启动多个自身免疫性疾病领域的临床探索，包括正在国内开展的溃疡性结肠炎II 期临 床试验、银屑病注册 III 期临床试验，以及在美国开展的I 期临床试验等；URAT1 抑制剂 D-0120 ...

格隆汇1月29日丨益方生物(688382.SH)公布，经财务部门初步测算，公司预计2025年度实现利润总 额-2.92亿元，预计实现归属于母公司所有者的净利润-2.92亿元，归属于母公司所有者扣除非经常性损 益后的净利润为-3.04亿元。 公司预计2025年实现营业收入3724.52万元，扣除与主营业务无关的业务收入和不具备商业实质的收入 后的营业收入为3724.52万元，低于1亿元。 基于2025年的整体研发进展，公司在报告期内持续保持了高强度的研发投入；同时由于公司现阶段营业 收入主要源于授权和合作，且技术授权和技术合作收入的构成在不同年度存在一定差异，相关收入规模 较2024 年度有所变动。公司本期技术授权和技术合作收入尚无法覆盖各项成本及费用，预计2025 年度 将继续出现亏损的情况，但公司主营业务、核心竞争力没有发生重大不利变化。 本期业绩变化的主要原因：2025 年度，公司业绩变化主要受到研发投入强度与营收构成的共同影响。 随着研发管线的扎实推进，多个核心临床项目已进入关键阶段，并取得积极进展，研发投入维持在较高 水平：口服选择性雌激素受体降解剂(SERD)D- 0502 正在国内开展二线治疗注册 ...

2025年公司通过与全球合作伙伴建立长期稳定的深度协作，商业项目按计划推进。（1）核心业务板块 保持稳健增长：DEL（包括DEL库的设计、合成和筛选及拓展应用）作为公司的基石业务报告期内保持 了稳步增长，且该业务保持了较高的毛利率，带来了利润的整体提升；与此同时，英国子公司进一步巩 固了FBDD/SBDD平台（基于分子片段与三维结构信息的药物发现技术）的稳步发展，主要业务板块收 入实现稳步增长的同时，DEL和FBDD/SBDD客户项目取得阶段性进展，均实现对应项目里程碑收入。 （2）新技术业务板块方面的商业转化逐步显现：OBT板块（基于寡核苷酸的药物研发平台）在持续拓 展传统核苷单体合成业务的同时，报告期内借助递送分子相关服务，实现了小核酸一站式项目的商业转 化，报告期内收入同比增长显著；报告期内公司自主设计并搭建的自动化高通量化学合成平台高效运 转，带动了ChemSer（基于小分子化学合成、平行合成等相关服务）收入的同比增长。公司主营业务收 入稳健增长及毛利率同步提升带来了本期利润增加。 格隆汇1月27日丨成都先导(688222.SH)公布，经公司财务部门初步测算，预计2025年年度实现归属于母 公司所有者 ...

消息面上，君实生物发布公告称，公司已完成发行2026年度第一期科技创新债券，发行总额为人民币10 亿元，期限为3+2年，于2031年1月26日到期，发行利率为2.70%，募集资金预计将主要用于公司核心的 药物研发、科技创新及相关业务拓展，有助于进一步巩固其在生物医药领域的研发实力和市场竞争力， 符合其作为科技创新企业的战略发展需求。 君实生物(01877)再涨超5%，截至发稿，涨4.55%，报24.84港元，成交额1.79亿港元。 ...

Core Viewpoint - Heng Rui Medicine announced that its subsidiaries, Shanghai Heng Rui Medicine and Shanghai Sheng Di Medicine, received clinical trial approval from the National Medical Products Administration for SHR-7787 injection and Adebali monoclonal antibody injection, with trials to commence shortly [1] Group 1: Clinical Trial Approvals - SHR-7787 injection is classified as a Class 1 therapeutic biological product, with a cumulative R&D investment of approximately 54.1 million yuan [1] - Adebali monoclonal antibody injection was approved for market launch in 2023, with a cumulative R&D investment of about 1.101 billion yuan [1] Group 2: R&D Challenges - The drug development and market launch cycle is lengthy and involves multiple stages, presenting uncertainties [1]

证券日报网讯1月21日，九芝堂（000989）在互动平台回答投资者提问时表示，由于药物研发的特殊 性，从临床试验到投产上市的周期长、环节多，易受到诸多不可预测的因素影响，临床试验进度及结 果、未来产品市场竞争形势均存在诸多不确定性，公司将积极关注进展情况并及时履行信息披露义务， 敬请广大投资者注意投资风险。 ...

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has received clinical trial approval from the National Medical Products Administration for two drugs, SHR-9839 and HRS-4642, indicating progress in its oncology pipeline [1][2]. Group 1: Drug Information - SHR-9839 is a humanized antibody drug developed by the company, intended for the treatment of advanced solid tumors by blocking two key signaling pathways related to tumor development. The total R&D investment for SHR-9839 has reached approximately 93.9 million yuan (about 13.5 million USD) [1]. - HRS-4642 is a KRAS G12D inhibitor in a liposome formulation, specifically designed to bind to KRAS G12D and inhibit the phosphorylation of MEK and ERK proteins, with no similar drugs approved in the market. The cumulative R&D investment for HRS-4642 is approximately 254.2 million yuan (about 36.5 million USD) [2]. - HRS-2141 tablets (I) and (II) have also received clinical trial approval for type 2 diabetes treatment, with a cumulative R&D investment of about 5.4 million yuan (about 0.8 million USD) [6]. Group 2: Regulatory Approval - The company has received the clinical trial approval notice for SHR-9839 and HRS-4642, allowing it to proceed with clinical trials [1][2]. - The approval for HRS-2141 tablets was granted based on compliance with the relevant drug registration requirements, allowing the company to initiate clinical trials for the diabetes indication [6].

Core Viewpoint - Corvus Pharmaceuticals experienced a significant stock price increase of 165.96% following positive Phase 1 trial results for soquelitinib in treating atopic dermatitis, indicating strong efficacy and safety, which has attracted investor interest in the company's future developments [1][3]. Group 1: Company Performance - Corvus Pharmaceuticals closed at $21.41 with a trading volume of 82 million shares, which is 3,032% above its three-month average of 2.6 million shares [1]. - The company plans to advance to a Phase 2 trial for soquelitinib later this quarter, highlighting its commitment to further drug development [3]. - Prior to the stock surge, Corvus had a market capitalization of less than $500 million, and management announced a $150 million share offering to leverage the increased stock price [4]. Group 2: Market Context - The broader market saw declines, with the S&P 500 falling 2.06% and the Nasdaq Composite down 2.39%, indicating a challenging environment for many stocks [2]. - In the biotechnology sector, other companies like Olema Pharmaceuticals and Ventyx Biosciences had modest gains, suggesting mixed investor sentiment in the industry [2].

Core Viewpoint - Heng Rui Medicine (600276) has received approval from the National Medical Products Administration for clinical trials of HRS-2141 tablets (I) and (II), which will commence shortly [1] Group 1: Product Development - HRS-2141 tablets (I) and (II) are fixed-dose combination formulations designed to synergistically lower blood sugar through complementary pharmacological mechanisms [1] - Currently, there are no similar drugs approved for marketing domestically or internationally [1] Group 2: Financial Investment - As of the date of the announcement, the cumulative research and development investment for this drug project amounts to approximately 5.4 million yuan (unaudited) [1]

Group 1 - The company announced the completion of a placement agreement on January 20, 2026, successfully placing a total of 2.1 million shares at a price of HKD 92.85 per share to at least six subscribers [1] - The 2.1 million shares represent approximately 0.70% of the existing issued H shares and about 0.53% of the total issued shares of the company, with the post-placement issued H shares increasing to about 0.69% [1] - The total proceeds from the placement amount to approximately HKD 195 million, with a net amount of about HKD 190 million after deducting placement commissions and related costs, resulting in a net issue price of approximately HKD 90.54 per share [1] Group 2 - The company plans to allocate approximately 60% of the net proceeds, or about HKD 114 million, to fund clinical trials for its core product Tinengotinib in the treatment of cholangiocarcinoma (CCA) and other indications [2] - About 30% of the net proceeds, or approximately HKD 57.04 million, will be used for the research and development of other products, including TT-00973, TT-01488, and other molecules [2] - Approximately 10% of the net proceeds, or about HKD 19.01 million, will be allocated for working capital and general corporate purposes [2]