Financial Data and Key Metrics Changes - Total revenue for the first nine months of fiscal year 2024 was RMB 438.1 million, a year-over-year decline of 24.6% compared to RMB 581.2 million in the same period of fiscal 2023 [7][20] - Gross profit was RMB 351.7 million, with a gross margin of 80.3%, compared to RMB 449.0 million in the previous year [20][21] - The net loss for the period was RMB 252.3 million, compared to a net loss of RMB 64.2 million in the comparable period of 2023 [22] Business Line Data and Key Metrics Changes - The company experienced a decline in product sales during the first nine months but expects to return to a growth trajectory with double-digit year-over-year growth in product sales for the three-month period ending March 31, 2024 [6][20] - The YSJA rabies vaccine has sold over 25.6 million doses to approximately 1,746 CDC customers, representing over 6% of CDC customers in China since its launch [7][10] Market Data and Key Metrics Changes - The company has maintained its leadership position in the rabies vaccine market in China despite previous supply chain disruptions [5][6] - The sales network has expanded to cover 30 out of 31 province-level CDCs in China, enhancing market presence [10] Company Strategy and Development Direction - The company has initiated a series of operational enhancements, including improved supply chain management and cost controls, to fortify its foundation for future growth [8][9] - There is a strategic focus on advancing the product pipeline, particularly the PIKA rabies vaccine and PIKA HBV 002 vaccine, with plans for commercialization [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to a growth trajectory and expects product revenue to increase at a double-digit rate in fiscal year 2025 [6][23] - The company is addressing past production issues and is focused on operational efficiency and inventory management to meet market demand [9][10] Other Important Information - The company has implemented measures to enhance internal controls and governance, including changes to the board of directors and senior management [8] - The interim results of the PIKA rabies vaccine Phase III clinical study indicate it has met primary endpoints and shows potential for a best-in-class profile [12][17] Q&A Session Summary Question: Overview of the timeline for the registration and commercialization of the PIKA rabies vaccine - Management indicated that the final report for the Phase III trial is being prepared, with plans to apply for conditional approval in various countries. Marketing authorization could take around one to two years [27][29] Question: Update on the development status of other drugs in the portfolio - The company plans to start the Phase 1 study for the chronic hepatitis B vaccine in May or June, with a focus on developing a treatment that could offer a single regimen compared to current lifelong antiviral medications [31][33]
YS Biopharma(YS) - 2024 Q3 - Earnings Call Transcript