LUZHU BIOTECH-B (02480) announced its 2025 annual results, revealing other income of approximately RMB 11.031 million, a decrease of 48.4% year-on-year. Research and development expenses amounted to RMB 96.475 million, down by 28.6% compared to the previous year. The company's net loss was about RMB 150 million, which represents a reduction of 10.6% from the prior year.

The decrease in R&D expenses was primarily attributed to (a) reduced clinical trial costs for LZ901, in line with the progress of its Phase III clinical trial in China, and (b) the full recognition of employee costs related to share-based payments under the existing share incentive scheme in 2024, with no such costs recognized in 2025.

During the fiscal year ended December 31, 2025, the company achieved several significant corporate milestones. In January 2025, the group submitted a Biologics License Application (BLA) for its core product, LZ901, to the National Medical Products Administration (NMPA), which was subsequently accepted in February 2025. In the third quarter of 2025, the NMPA completed procedures including clinical trial site verification and manufacturing site inspection. As of the date of this announcement, the NMPA is still reviewing the BLA for LZ901. Commercialization of LZ901 can only proceed after obtaining BLA approval and a lot release certificate.