Qyuns Therapeutics Co., Ltd. (abbrev. “QYUNS”) reported unaudited interim results for the six months ended 30 June 2026.
Financial Highlights • Revenue surged 105.4% year-on-year to RMB424.06 million, fuelled by RMB378.64 million of licensing income (mainly QX027N upfront fees and QX008N, QX031N milestones) and RMB40.40 million profit-sharing from ustekinumab biosimilar SAILEXIN/SAIJIENING (QX001S). • Gross profit rose 109.1% to RMB371.33 million; gross margin expanded to 87.6% (1H25: 86.0%). • Turn-around to net profit of RMB198.57 million versus a RMB30.93 million loss a year earlier. Adjusted profit (ex-share-based payments) reached RMB202.46 million. • R&D expenses fell 35.1% to RMB98.23 million after completion of QX002N Phase III and lower spending on QX005N trials, partly offset by higher costs for bispecific antibodies QX027N and QX035N. • Administrative expenses declined 34.5% to RMB31.62 million, mainly due to reduced share-based charges. • Cash and equivalents, deposits and FVPL investments stood at RMB1.02 billion (31 Dec 2025: RMB1.04 billion). Net current assets increased to RMB751.94 million. Gearing ratio eased to 56.0% (31 Dec 2025: 57.6%).
Operational Progress • Commercial product SAILEXIN/SAIJIENING recorded domestic sales exceeding RMB300 million (inc. VAT) in 1H26 via partner Huadong Medicine; QYUNS recognised RMB49.50 million (ex-VAT) from supply and profit-sharing. • Oturkibart (anti-IL-4Rα) met Phase III primary endpoints in prurigo nodularis and atopic dermatitis; NDAs targeted within 2026. • Crusekitug (anti-IL-17A) NDA for ankylosing spondylitis accepted in March 2026 after showing 16-week ASAS40 of 40.4% vs 18.9% placebo. • Three long-acting bispecific antibodies advanced: – QX027N: Phase I completed; global licence to Windward Bio includes up to USD700 million milestones; upfront fees and equity received. – QX030N: Phase I SAD cohorts completed in Australia under Caldera Therapeutics partnership (deal value up to USD555 million). – QX031N: First patient dosed in March 2026; partnered with Roche (USD75 million upfront plus milestones). • Manufacturing site in Taizhou passed additional GMP inspections; annual antibody substance capacity ~300 kg and fill-finish lines for vials and prefilled syringes operational.
Balance Sheet & Capital Management • Interest-bearing borrowings rose to RMB684.52 million; 92% are medium-term working-capital loans (2-3 year tenor). • Unutilised bank credit lines totalled RMB435.30 million. • In 1H26, 2.18 million H shares were repurchased for HK$39.65 million and held as treasury stock.
Post-Period Events • July 2026: QX027N obtained PRC IND approvals for COPD and CRSwNP indications. • July 2026: Partner Caldera Therapeutics agreed all-stock merger with Synlogic, aiming for Nasdaq listing. • July 2026: Acquisition of the remaining 34.0001% of manufacturing affiliate Cellularforce completed; now a wholly owned QYUNS subsidiary.
Outlook Management targets approval of at least five products by 2030, continued advancement of bispecific pipeline in respiratory, IBD and dermatology, optimisation of CMC and manufacturing efficiency, and disciplined build-out of hybrid commercial model.