ALPHAMAB-B (09966) announced its annual results for the period ending December 31, 2025. The company recorded revenue of RMB 566 million, representing a decrease of 11.54% compared to the previous year. It reported an annual loss of RMB 114 million, a shift from profit to loss year-on-year. The loss per share was RMB 0.12. According to the announcement, research and development expenses increased from RMB 404 million for the year ended December 31, 2024, to RMB 572 million for the year ended December 31, 2025. This increase was primarily attributable to (i) a rise in the number of ongoing clinical trials; (ii) the expansion of the scale of the company's clinical studies; and (iii) progress in clinical trials for the company's drug candidates. A detailed breakdown of R&D expenses by nature for the indicated years is provided in the table below.