BOAN BIOTECH (06955) has published its interim results for the six months ended June 30, 2026, revealing a net loss attributable to shareholders of RMB 83.009 million, a sharp swing from the RMB 20.514 million profit recorded in the corresponding period last year. The company posted revenue of RMB 233 million for the period, representing a decline of 40.77% year-on-year, with a loss per share of RMB 0.13.

The company attributed the revenue contraction primarily to market expectations surrounding the impending implementation of government-led centralized procurement policies. Despite the top-line pressure, the company continued to advance its commercialization efforts across multiple regions. In January 2026, its 60mg denosumab injection (Boyoubei) received marketing approval from Bolivia's National Agency for Drugs and Health Technologies (AGEMED). By May 2026, the company's dulaglutide injection (Boyouping) was approved for marketing in the Macao Special Administrative Region, indicated for glycemic control in adults with type 2 diabetes. Also in May 2026, the 120mg denosumab injection (Boluojia) secured approval from the National Medical Products Administration (NMPA) for a new indication: treating patients with bone metastases from solid tumors or multiple myeloma to delay or reduce the risk of skeletal-related events (SREs), including pathological fractures, spinal cord compression, and bone radiotherapy or surgery.

As of the announcement date, the company has successfully launched five products (Boyounuo, Boyoubei, Boluojia, Boyouping, and Boyoujing) in mainland China and other countries or regions. These products have been distributed to more than 3,210 target hospitals and institutions across China, with several post-marketing clinical observational studies already underway. Management remains confident that sales will continue to grow, driven by new product and indication approvals in mainland China and overseas, accumulating clinical data, broader hospital and distribution channel coverage, and strategic collaborations with experienced partners.

On the domestic pipeline front, in April 2026, the company's independently developed anti-CD25 antibody BA1106, in combination with a PD-1 inhibitor (BA1104, a biosimilar candidate to nivolumab injection), received acceptance of its Phase II clinical trial application by the CDE for first- or second-line treatment of non-small cell lung cancer (NSCLC). The Center for Drug Evaluation (CDE) subsequently approved the Phase II trial application in July 2026. In May 2026, updated Phase I data for the investigational ADC drug BA1301, targeting CLDN18.2, were presented at the 2026 American Society of Clinical Oncology (ASCO) annual meeting. BA1301 demonstrated encouraging efficacy signals and a favorable safety profile in an expanded cohort of patients with advanced solid tumors. In July 2026, the Investigational New Drug (IND) application for BA1203, an antibody-cytokine prodrug targeting the PD-1 and IL-2 pathways, was accepted by the CDE. To the company's knowledge, BA1203 will be the first masked PD-1/IL-2 antibody-cytokine prodrug retaining alpha-subunit binding activity to enter clinical development in China. By August 2026, the investigational CD228-targeting ADC BA1302 had completed the single-agent dose-escalation stage (Phase Ia) of its Phase I trial and is set to advance to the Phase Ib dose-expansion phase in China. Concurrently, the IND application for BA2201 was accepted by the CDE, while another preclinical candidate, BA1304, is approaching the IND submission stage.

In overseas pipeline developments, in May 2026, Biologics License Applications (BLAs) for BA6101 (denosumab injection, 60mg) and BA1102 (denosumab injection, 120mg) were submitted to the U.S. Food and Drug Administration (FDA), with the agency accepting both applications in July 2026. These BLAs seek approval for all currently approved indications of the respective reference products: BA6101 for osteoporosis-related treatments, and BA1102 for bone metastases from solid tumors, multiple myeloma, giant cell tumor of bone, and hypercalcemia of malignancy. Additionally, in August 2026, the company submitted a BLA to Brazil's National Health Surveillance Agency (ANVISA) for BA9101 (aflibercept solution for intravitreal injection), intended for the treatment of neovascular (wet) age-related macular degeneration (nAMD) and diabetic macular edema (DME) in adults.