Cloudbreak Pharma (HKG:2592) expects a pre-tax net profit of at least $4.5 million in the first half of 2025, compared with a pre-tax net loss of $52.1 million a year prior, a late Monday Hong Kong bourse filing said.

Shares of the clinical-stage ophthalmology biotechnology company were up over 3% in Tuesday afternoon trading.

The firm attributed the forecast to a turnaround to positive fair value changes of convertible redeemable preferred shares from negative a year prior, reflecting a one-time fair value adjustment as of June 30.