LEADS BIOLABS-B (09887) announced its financial results for the year 2025. The company reported revenue of approximately 177 million yuan. Research and development costs reached about 289 million yuan, representing a year-on-year increase of 55.7%. The annual net loss was approximately 211 million yuan, which is a decrease of 29.8% compared to the previous year.

According to the announcement, the revenue was derived from an upfront and recent milestone payment of 177.3 million yuan received under a licensing agreement with Dianthus Therapeutics for LBL-047. The increase in R&D costs was primarily attributed to several factors: (i) increased expenses related to CMC development milestones, mainly associated with preparations for the Biologics License Application (BLA) submission for LBL-024; (ii) higher clinical development expenses due to accelerated patient enrollment and clinical progress for LBL-024 and LBL-034; and (iii) increased preclinical expenses as the company advances multiple pipeline assets into the Investigational New Drug (IND) preparation phase.