Hanx Biopharmaceuticals released its audited results for the year ended 31 December 2025. Revenue has yet to be generated as the company remains at the clinical-stage, but a series of financial and operational highlights were disclosed.

Financial Snapshot • Net loss widened 12.50 % year on year to RMB131.49 million, driven mainly by higher R&D and administrative outlays.

• R&D expenses rose 19.73 % to RMB89.36 million, reflecting intensified investment in the clinical advancement of HX009, HX044, HX301 and the new ADC candidate HX111. Technical service expenses alone more than doubled to RMB39.21 million.

• Administrative costs came in at RMB58.06 million, up 25.71 %; listing-related fees accounted for RMB13.68 million of the total.

• Other income and gains more than doubled to RMB16.62 million, mainly due to a RMB13.98 million fair-value gain on contingent consideration from a prior associate disposal.

• Finance costs climbed 23.84 % to RMB11.62 million, reflecting higher interest on redemption liabilities and bank borrowings.

Balance-Sheet Strength • Cash and cash equivalents surged 281.28 % to RMB614.40 million, bolstered by the December 2025 Hong Kong IPO that netted approximately HKD531.30 million. None of the IPO proceeds had been deployed as of year-end.

• Total current assets reached RMB691.83 million versus RMB242.79 million a year earlier. Current liabilities fell to RMB95.11 million from RMB197.44 million, cutting the gearing ratio to 20.0 % (31 December 2024: 56.8 %).

• Interest-bearing bank borrowings stood at RMB47.00 million (RMB30.00 million current, RMB17.00 million non-current).

Pipeline & Operational Milestones • HX009 (PD-1/SIRPα bifunctional fusion protein) advanced to Phase IIa with encouraging interim responses in EBV+ non-Hodgkin lymphoma and acral/mucosal melanoma.

• HX044 (CTLA-4/SIRPα bifunctional fusion protein) began Phase Ia trials concurrently in China and Australia, enrolling 26 patients.

• HX301 (multi-target kinase inhibitor) entered Phase IIa in glioblastoma, while HX111 (OX40-targeted ADC) obtained NMPA IND approval, marking the company’s first ADC entry.

• Proprietary platforms VersatiBody™ and autoRx40™ continued to generate new bispecific and ADC candidates, supporting a pipeline now comprising three clinical-stage assets, one IND-approved candidate and multiple preclinical programs.

2026 Focus Management plans to: 1. Seek pivotal trial discussions for HX009 in EBV+ NHL and advance combination studies for HX044 and HX301. 2. Initiate first-in-human trials for HX111 in early 2026. 3. Progress multiple preclinical ADC and bispecific antibody projects toward IND submission.

Dividend & Outlook No final dividend was proposed. With expanded cash reserves and a leaner balance sheet, Hanx Biopharmaceuticals aims to accelerate clinical development and prepare for future commercialization while maintaining an active search for global partners and potential licensing opportunities.