MICOT Pharmaceutical Technology Co. Ltd. (MICOT Pharma) reported a RMB 231.68 million net loss for 1H 2026, up 364.3% from RMB 49.90 million a year earlier, as research and development expenses more than tripled to RMB 127.73 million.

Adjusted net loss, which strips out share-based compensation (RMB 45.34 million), IPO costs (RMB 7.50 million) and redemption-liability interest (RMB 66.83 million), widened to RMB 112.01 million from RMB 49.02 million.

Operating cash flow swung to a RMB 109.18 million inflow versus a RMB 52.29 million outflow in 1H 2025, mainly buoyed by a RMB 200.00 million up-front licensing payment from Everest Medicines for MT1013.

Cash and financial assets jumped 355.2% to RMB 1.23 billion at 30 June 2026, aided by HK$989.30 million (about RMB 918.97 million) in net proceeds from the June IPO and the Everest payment. Net assets turned positive to RMB 957.06 million from a RMB 959.89 million deficit six months earlier, while the debt-to-asset ratio fell to 25.2% from 389.6% after redemption liabilities were reclassified to equity upon listing.

R&D Pipeline Highlights • Core product MT1013: Completed Phase III enrolment for CKD-SHPT; 424 patients enrolled with top-line data expected in 4Q 2026 and potential NDA filing in 1Q 2027. • Key products:  – XTL6001 finished Phase I; Phase II obesity/overweight trials to start 4Q 2026.  – MT1002 progressed in Phase II trials for acute ischemic stroke and hemodialysis anticoagulation; AIS Phase IIa LPLV achieved in 2Q 2026.  – MT200605 completed Phase II for AIS; Phase III enrolment slated for 4Q 2026; obtained U.S. FDA Orphan Drug Designation for Huntington’s disease. • MT2004 (FXR agonist) advanced to Phase II in China for DILI and holds U.S. IND for NASH.

Business Development In February 2026 MICOT Pharma granted Everest exclusive commercial rights to MT1013 in Mainland China, Hong Kong, Macau, Taiwan and the Asia-Pacific (ex-Japan), receiving the RMB 200.00 million up-front payment and eligible for up to RMB 1.04 billion in potential milestones plus royalties.

Capital & Liquidity All outstanding bank loans of RMB 48.10 million were fully repaid during the period. Unutilised bank facilities stood at RMB 442.18 million. The company held no treasury shares and declared no interim dividend.

Outlook Management targets completion of MT1013 Phase III data lock in 4Q 2026, initiation of XTL6001 Phase II obesity trial and MT200605 Phase III AIS trial, enhancement of its four technology platforms, and continued partnering opportunities to monetise the pipeline.