LEADS BIOLABS-B (09887) announced its interim results for 2025, with research and development costs of approximately RMB 132 million, representing a 56.9% year-on-year increase. The company recorded a loss of approximately RMB 166 million during the period, down 7.8% compared to the same period last year, with a loss per share of RMB 1.06.

According to the announcement, the increase in R&D costs was primarily attributable to: (i) increased CMC development milestone expenses, mainly related to preparatory work for the Biologics License Application (BLA) submission of LBL-024; and (ii) increased clinical development expenses, primarily due to accelerated patient enrollment and clinical progress for LBL-024 and LBL-034.