Alebund Pharmaceuticals (Alebund) released its 2026 interim results, reporting a strong top-line lift driven by a one-off licensing transaction and steady growth from its commercialised anaemia therapy Mircera.

Financial highlights

• Revenue jumped 761.2 % year on year to RMB 104.16 million, fuelled by RMB 79.30 million of licensing income from the out-licensing of pan-phosphate transporter inhibitor AP306 to R1 Therapeutics and RMB 24.82 million of Mircera sales (+105.0 %).

• Gross profit rose to RMB 91.09 million (1H25: RMB 5.26 million), pushing gross margin to 87.5 % as the revenue mix shifted towards high-margin licensing income; Mircera’s product gross margin improved to 47.3 %.

• R&D expenditure increased 28.4 % to RMB 141.40 million, reflecting Phase III completion for AP301, initiation of a global Phase IIb trial for AP306 and continued pre-clinical work on AP308.

• Net loss narrowed 22.5 % to RMB 162.55 million; adjusted net loss (excluding share-based payment and listing costs) came in at RMB 130.10 million, down 12.6 %.

• Cash and cash equivalents stood at RMB 1.34 billion (31 Dec 2025: RMB 0.36 billion), bolstered by HK$ 1.36 billion of net IPO proceeds (including full exercise of the over-allotment option on 24 July 2026). Current ratio improved to 9.81; gearing fell to 34.9 %.

Pipeline and commercial execution

• AP301 (oral iron-based phosphate binder): China New Drug Application accepted by the NMPA on 7 August 2026; global Phase III multi-regional clinical trial completed enrolment in May.

• AP306 (first-in-class pan-phosphate transporter inhibitor): global Phase IIb MRCT in the US and China dosed its first patient in July; Alebund retains Greater China rights and holds a 21.25 % stake in R1 Therapeutics.

• AP303 (oral dual PPAR α/γ agonist): three Phase I/Ib trials published in Kidney International Reports demonstrating safety and dose-related pharmacodynamics; Phase II approvals obtained in both China and the US.

• AP308 (engineered IgA protease): IND clearance from the US FDA; Phase I start targeted for 2H26.

• Mircera: sales more than doubled to RMB 24.82 million as the nephrology sales force expanded hospital coverage ahead of potential AP301 launch.

Capital markets

The company’s H-shares commenced trading on the Hong Kong Stock Exchange on 29 June 2026 (stock code: 09637), raising HK$ 1.36 billion net for clinical development, pipeline expansion, manufacturing scale-up and working capital.

Outlook

Management expects the NMPA review of AP301 to conclude in 2027, while top-line data from the ongoing global Phase IIb study of AP306 are anticipated in Q2 2027. Cash reserves of RMB 1.34 billion are considered sufficient to fund current clinical and manufacturing plans.