Shares of TRANSTHERA-B (02617) continued their decline, falling over 4% during the morning session to hit a new low of HK$10.51. This follows a steep drop of nearly 60% in the previous trading day. The company's total market capitalization has now shrunk to less than HK$4.5 billion. Year-to-date, the stock has plummeted by more than 90%.

As of the latest update, the shares were down 3.73% at HK$10.83, with a trading turnover of HK$110 million.

Key Developments

The stock's decline coincides with a major share unlock event. On June 23, the company marked the one-year anniversary of its listing, triggering the second phase of a lock-up expiration. Approximately 382 million shares became eligible for trading, representing over 90% of the total share capital and effectively making the stock fully liquid.

Further pressure on the share price stems from the company's fundraising activities this year. TRANSTHERA-B has conducted three separate discounted share placements, with the issue price successively lowered from HK$92.85 to HK$40.83.

Financial Performance

According to its financial reports, TRANSTHERA-B had no commercial revenue as of the end of 2025. The company has reported consistent net losses over the past three years, with figures of RMB 343 million, RMB 275 million, and RMB 296 million for 2023, 2024, and 2025, respectively. Revenue during the same periods remained minimal at RMB 28.38 million, RMB 17.34 million, and RMB 9.22 million.