Financial Data and Key Metrics Changes - The company reported a full year 2024 revenue of RMB706.7 million, reflecting a significant 461% year-on-year growth, exceeding the guidance of RMB700 million [6][22] - Gross margin on a cash basis was 83% for the full year 2024, indicating strong operational efficiency [6][23] - Non-IFRS net loss narrowed to approximately RMB537.6 million, down by 25% year-on-year [7][24] - Cash balance stood at RMB1.6 billion, providing flexibility for future growth [8][25] Business Line Data and Key Metrics Changes - Total product revenue reached RMB706.7 million, with Nephicom generating RMB353.4 million, representing a year-on-year growth of 1581% [9][10] - Cerava contributed RMB252.8 million in revenue, marking a 256% increase year-on-year [10] - Distribution and selling expenses increased to RMB508.1 million, but the commercial expense to revenue ratio decreased significantly by 111.9 percentage points [24] Market Data and Key Metrics Changes - The company has successfully listed Natricon in the National Reimbursement Drug List (NRDL), which is expected to enhance patient access and drive growth [11][32] - Over 10,000 new IgAN patients have been prescribed Nephicom since its NRDL inclusion [68] - The company plans to expand its sales organization to 200 sales representatives to cover 80% of the addressable market potential [34] Company Strategy and Development Direction - The company aims to achieve cash level breakeven by the end of 2025, focusing on a dual engine growth strategy that includes strong commercial execution and internal developments [9][26] - The first engine focuses on a China-centric commercial platform with key products like Nephicom, XERAVA, and Valsivity, while the second engine emphasizes in-house R&D for innovative therapeutics [27][28] - The company is committed to expanding its pipeline in renal diseases and infectious diseases, with a focus on innovative therapeutics and diagnostics [29][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation from a biotech to a biopharma company, highlighting the strong revenue generation from continuing operations [26][89] - The company is optimistic about the future growth potential, particularly with the expected approval of key products and the expansion of its commercial infrastructure [28][62] - Management noted the importance of generating real-world evidence to support product positioning and adoption in the market [71][83] Other Important Information - The company has made significant advancements in its pipeline, including the development of mRNA cancer vaccines and in vivo CAR T programs [47][56] - The company has received U.S. IND approval for its personalized cancer vaccine program, marking a significant milestone [54] Q&A Session Summary Question: Can you share more on the NRDL implementations and competition in IgAN? - Management reported that over 10,000 new IgAN patients have been prescribed Nephicom since NRDL inclusion, with ongoing efforts to expand the sales team to better cover target hospitals [68][70] - The company believes Nephicom's unique profile and clinical data will position it favorably against emerging competition in the IgAN market [70][72] Question: What feedback has been received regarding etrasimod and its usage? - Early feedback from doctors and patients in the Great Bay Area has been positive, with the product positioned as a first-line therapy for biologics-naive patients [81][83] Question: Will there be more detailed safety data for EVA-one? - Management confirmed that one-year follow-up data will be shared, with ongoing efforts to provide updates on safety and efficacy [80][82]