INNOGEN-B (02591) announced its interim financial results for the six months ended June 30, 2025, reporting revenue of RMB 56.446 million (compared to no revenue in the same period last year), gross profit of RMB 50.49 million, and research and development expenses of RMB 99.082 million, representing a year-on-year increase of 90.89%.

According to the announcement, the revenue was primarily generated from sales of Isupaglutide α in China. The increase in R&D expenses was mainly attributed to: (i) a RMB 18.1 million increase in raw material costs, primarily due to increased procurement expenses for raw materials used in production process improvements of Isupaglutide α and injection pens for Phase IIb/III clinical trials of Isupaglutide α for obesity and overweight treatment in China; and (ii) a RMB 29.5 million increase in pre-clinical research, clinical trials, and process improvement costs, mainly due to payments made to CDMO for Isupaglutide α production process improvements and increased CRO fees related to the ongoing Phase IIb/III clinical trials of Isupaglutide α for obesity and overweight treatment in China.