INNOGEN-B's stock price plummeted 5.46% during intraday trading on Thursday, continuing a downward trend following a significant surge earlier in the week.

The decline comes ahead of the expiration of the lock-up period for the company's cornerstone investors. According to company announcements, the lock-up period ended today, with the related shares becoming freely tradable tomorrow. The cornerstone investors collectively hold 4.201 million shares, creating potential selling pressure as these shares become available on the market.

Additionally, the company reported weak financial results for the 2025 fiscal year, with revenue of RMB 132 million primarily from its product ESUPAGLUTIDE α sales in China, but recorded a net loss of RMB 341 million, representing a year-on-year expansion of 95.41%. Research and development expenses for the period doubled to RMB 206 million, further contributing to investor concerns about the company's financial health.