ImmuneOnco Biopharmaceuticals (Shanghai) Inc. reported FY-2025 revenue of RMB154.29 million, up 108.0% year-on-year, driven mainly by near-term and milestone payments from a 2024 out-licensing and collaboration agreement.
Net loss narrowed 30.7% to RMB219.29 million as stable R&D spend (RMB322.28 million vs. RMB322.76 million in 2024) combined with higher top-line contributions. Administrative expenses fell 16.8% to RMB53.94 million, while finance costs rose to RMB5.30 million on higher borrowings.
Cash, term deposits and wealth-management products totalled RMB1.02 billion at year-end, supported by two equity placings in November 2024 and October 2025 that raised a combined HK$574.8 million. The gearing ratio increased slightly to 28.1% after bank borrowings rose to RMB214.0 million. No dividend was proposed.
Key pipeline updates 1. IMM01 (timdarpacept) • Two Phase II studies (higher-risk MDS and CMML) met primary endpoints; first-line CMML Phase III interim enrolment (132 patients) completed March 2026. • Phase II Hodgkin lymphoma combination with tislelizumab showed 69.7% ORR; Phase III started July 2024. • Phase II trial approved January 2026 for atherosclerosis.
2. IMM2510 (palverafusp alfa) • 183 patients enrolled in ongoing Phase Ib/II monotherapy; squamous NSCLC interim ORR 35.3%. • China Phase II chemo-combo in first-line NSCLC dosing since December 2024; FDA IND clearance obtained July 2025. • Global rights reverted to ImmuneOnco in January 2026 after termination of the Axion Bio agreement; prior US$35 million payments retained.
3. IMM0306 (amulirafusp alfa) • Phase IIa FL cohort posted 91.2% ORR; Phase III protocol approved November 2025. • Autoimmune expansion: SLE Phase Ib enrolment advanced; multiple Phase II INDs (LN, IgG4-RD, PMN, SC-SLE) cleared.
4. Early-stage assets include ActRIIA fusion protein IMM72 (SAD completed) and metabolic candidates IMM91 and IMM9101 in IND-enabling studies.
Other developments • Disposal of a non-core subsidiary generated up to RMB98.19 million (completed February 2025). • Full circulation of 14.11 million domestic shares into H-shares completed May 2025, lifting total issued shares to 431.51 million.
Outlook Management will prioritise pivotal trials for IMM01 and IMM0306, advance multi-regional studies for IMM2510, and continue to leverage its RMB1.02 billion liquidity to progress 12 ongoing clinical programs. No guidance on profitability or commercial launch timelines was provided.