HighTide Therapeutics (HIGHTIDE-B, 02511) reported a RMB232.10 million net loss for 2025, a 39.2% improvement from 2024’s RMB381.79 million, mainly due to sharply lower R&D costs.
• Income statement – Other income dropped 72.1% to RMB19.00 million, reflecting smaller government grants and lower investment income. – R&D expenses fell 54.7% to RMB164.47 million; third-party contracting costs accounted for 65% of the total versus 73% a year earlier. – Administrative expenses declined 27.2% to RMB59.10 million. – Finance costs increased to RMB2.36 million (2024: RMB1.53 million) on higher bank-loan interest. – Adjusted net loss (excluding share-based payments) narrowed to RMB205.01 million from RMB284.86 million.
• Balance sheet and liquidity – Cash, short-term deposits and current-maturity long-term deposits totaled RMB325.91 million at year-end. – Interest-bearing bank borrowings rose to RMB110.00 million (2024: RMB56.89 million), lifting the gearing ratio to 30.2% from 13.4%. – Current ratio improved to 5.4 from 4.7. – Financial assets at fair value through profit or loss were RMB176.81 million, equal to 32.1% of total assets; fair-value losses of RMB26.15 million were recorded.
• Fund-raising and use of proceeds – A June 2025 share placement raised net proceeds of HK$123.40 million; HK$110.40 million remained unutilised at year-end, earmarked for HTD1801 clinical and commercial work. – IPO proceeds balance stood at HK$9.30 million, slated for early-stage R&D.
• Pipeline highlights HTD1801 (core product) – Three Phase III SYMPHONY trials for type 2 diabetes mellitus met primary endpoints, with 24-week HbA1c reductions of up to 1.3%. – Head-to-head HARMONY trial showed superior HbA1c and lipid improvements versus dapagliflozin. – March 2026: China’s NMPA accepted the New Drug Application for HTD1801 in T2DM. – Phase IIb global study in MASH completed February 2026.
Other assets – HTD4010 advanced in alcoholic hepatitis; HTF1037 and HTF1057 remained in pre-clinical development for obesity and neurodegenerative diseases, respectively.
• Investments – Entire stake in Chaince Capital Fund disposed of for RMB14.10 million, generating a RMB1.28 million gain. – Apollo Multi-Asset Growth Fund recorded fair-value losses amid market volatility.
• Outlook Management will focus resources on securing regulatory approval and commercial partners for HTD1801 while progressing the broader CKM (cardio-kidney-metabolic) pipeline. The company emphasises adequate liquidity, with no charges on assets and no contingent liabilities reported.