Core Insights - The company expects to achieve its profitability target two years ahead of schedule, with a projected breakeven in 2025 [1][2] Financial Performance - In the first three quarters, the company's total revenue increased by 59.8% year-on-year, reaching 1.12 billion yuan, while the net loss narrowed by 74.78% to 72 million yuan [1] - Revenue from the core product, BTK inhibitor Oubatinib, reached 1.01 billion yuan in the first three quarters, surpassing the total revenue of the previous year [1] Strategic Partnerships - The company entered a licensing agreement with Prolium, which includes an upfront payment of 17.5 million USD and potential milestone payments totaling up to 503 million USD based on specific clinical and regulatory achievements [1] - A significant licensing agreement with Zenas regarding Oubatinib and other autoimmune pipeline products was established, with a total transaction value exceeding 2 billion USD, including an upfront payment of 100 million USD [2] Research and Development - Research and development expenses increased by 9.9% year-on-year, amounting to 680 million yuan for the first three quarters of 2025 [2] - The company aims to push five to six innovative drugs for approval and globalize three to four products, while developing five to ten differentiated clinical candidates [2] Cash Position - As of September 30, 2025, the company held approximately 7.76 billion yuan in cash and cash equivalents [2]

Core Viewpoint - InnoCare Pharma Inc., a wholly-owned subsidiary of Innovent Biologics, has signed a licensing agreement with Zenas BioPharma, granting Zenas rights to develop, produce, and commercialize the drug Orelabrutinib and two preclinical assets, with total payments exceeding $2 billion [1][2][4]. Group 1: Licensing Agreement Details - The agreement includes global exclusive rights for Orelabrutinib in multiple sclerosis (MS) and other non-MS indications outside Greater China and Southeast Asia, as well as exclusive rights for a preclinical IL-17 inhibitor and a preclinical oral TYK2 inhibitor [2][3]. - Zenas will pay an upfront fee of $100 million, milestone payments, and grant 7 million common shares to Innovent, with total potential payments exceeding $2 billion [2][4]. Group 2: Strategic Importance - This licensing deal marks the second business development (BD) initiative for Innovent in 2023, emphasizing the company's focus on international expansion and product commercialization over the next three years [1][7]. - The management has indicated that BD will be a priority, aiming to accelerate the global development and commercialization of Orelabrutinib and other pipeline products [4][7]. Group 3: Market Reaction - Following the announcement, Innovent's stock price fell by 6.24% on October 9 and continued to decline by 9.16% on October 10, indicating market skepticism regarding the licensing of non-core indications for Orelabrutinib [3][4]. Group 4: Previous Collaborations - Innovent has a history of international collaborations, including a previous agreement with BeiGene for Orelabrutinib, which was terminated in June 2023, but the company remains committed to exploring the drug's potential in various B-cell lymphomas [5][6][7].