PegBio Co., Ltd. (PEGBIO CO-B, 02565) released its audited results for the year ended 31 December 2025.
Financial Performance • Loss for the year narrowed 26.4% to RMB208.55 million, versus RMB283.35 million in 2024. • Basic and diluted loss per share decreased to RMB0.55 from RMB0.77. • Adjusted net loss (excluding RMB82.42 million of share-based compensation) was RMB126.13 million, compared with RMB137.88 million in 2024. • The reduction in losses was driven by lower R&D expenditure (down 47.2% to RMB50.39 million) and lower administrative costs (down 22.7% to RMB143.32 million), reflecting declining share-based compensation and post-listing expense normalization.
Balance Sheet and Liquidity • Total assets almost tripled to RMB599.23 million (2024: RMB218.36 million), while total equity rose to RMB448.59 million (2024: RMB57.47 million). • Cash and cash equivalents surged to RMB467.54 million, supported by net proceeds of HK$231.80 million from the May 2025 IPO and HK$295.70 million from a December 2025 placing. • Interest-bearing borrowings fell to RMB84.97 million (2024: RMB100.00 million); gearing ratio improved sharply to 20.9% from 176.6%. • Net cash used in operating activities was RMB151.91 million, down from RMB183.44 million a year earlier.
Pipeline and Regulatory Milestones • Core product PB-119 (Visepegenatide), a long-acting GLP-1 receptor agonist for type 2 diabetes, received NMPA marketing approval in November 2025. Commercial launch is targeted for 1H 2026; no product revenue was recorded in the reporting period. • PegBio is advancing six additional candidates. Key assets include PB-718 (long-acting GLP-1/GCG dual agonist) with completed Phase Ib/IIa trials for obesity, and PB-1902 (oral opioid receptor antagonist) with two completed Phase I studies in China. Pre-IND and early clinical programs for PB-722, PB-2301, PB-2309 and APGP6 progressed through molecule optimisation and preclinical evaluation.
Capital Deployment • IPO funds are earmarked primarily for PB-119 commercialisation (RMB106.70 million) and PB-718 development (RMB73.30 million). As of 31 December 2025, 12.55% of IPO proceeds had been spent. • Placing proceeds will support R&D infrastructure, debt repayment, further pipeline development, and overseas expansion; all funds remained unutilised at year-end.
Outlook Management will focus on the commercial roll-out of PB-119, continued advancement of metabolic-disease pipelines and disciplined capital allocation. The Board proposed no final dividend for 2025.