Ocumension Therapeutics reported audited results for the year ended 31 December 2025, highlighted by a near doubling of top-line revenue and the company’s first positive adjusted EBITDA since inception.
Revenue and Profitability • Revenue rose 92.7% year-on-year to RMB804.40 million, driven mainly by higher sales of ophthalmic products such as Xalatan®, Azep® and newly in-licensed assets from Alcon, alongside stronger royalty income from the commercial launch of Boyoujing® (aflibercept). • Comprehensive gross profit reached RMB360.92 million, lifting the gross margin to 44.9%. • Adjusted net loss narrowed 51.1% to RMB89.88 million, while non-IFRS adjusted EBITDA swung to a positive RMB50.25 million versus a loss of RMB114.07 million in 2024. • Reported net loss reduced 40.8% to RMB158.82 million.
Cost Structure • Selling and marketing expenses increased 16.7% to RMB265.69 million as hospital coverage expanded to 22,720 sites (2,858 Grade III hospitals) with a 334-strong commercial team. • R&D expenses declined 34.1% to RMB75.08 million, reflecting lower third-party contracting and share-based payment costs. • Administrative expenses slipped 5.0% to RMB179.70 million.
Cash Flow and Balance Sheet • Cash and cash equivalents stood at RMB377.46 million, down from RMB729.21 million, partially due to deployment into short-term wealth-management products. • Total assets reached RMB4.09 billion, while net assets were RMB3.68 billion. • Borrowings increased to RMB158.21 million (2024: RMB16.55 million) to bolster working capital; the group remained in a net cash position.
Commercial and R&D Progress • Core product Youshiying® (fluocinolone intravitreal implant) maintained steady growth and secured National Reimbursement Drug List inclusion. • Boyoujing® obtained NMPA approval for wet AMD and DME, adding another revenue engine in the fundus segment. • Phase II data for OT-202 (Syk/VEGFR-2 dual inhibitor) in dry-eye disease were published in Ophthalmology, marking the first China-developed Class 1 innovative dry-eye drug featured in the journal. • OT-301 (NCX 470) achieved its primary endpoint in a Phase III trial; NDA submission is planned within 2026. • The Suzhou site completed 27 commercial batches in 2025 and targets significant volume growth in 2026, including localized production of Youshiying® for cost reduction.
Outlook and Targets Management aims to extend the positive EBITDA trajectory in 2026 through: 1. Deeper commercial synergies with Alcon for dry-eye and surgical portfolios. 2. Full-scale ramp-up of Boyoujing® and enhanced penetration of Youshiying®. 3. Advancement of near-term catalysts such as OT-502 (dexamethasone implant) and OT-802 (pilocarpine, presbyopia). 4. Expansion of CDMO services to create a dual engine of product revenue and manufacturing income.
Dividend No final dividend was proposed for FY2025.
Corporate Governance The board reported full compliance with the HKEX Corporate Governance Code, except for one remedied deviation relating to director re-election timing.
These results position Ocumension for continued scale-up in China’s fast-growing ophthalmic pharmaceutical market while moving toward sustainable profitability.