Jacobio-B (Stock code: 01167) released audited results for the year ended 31 December 2025.
Revenue and Profitability • Revenue came in at RMB53.50 million, entirely from milestone and service fees under the licence-out agreement with Shanghai Allist Pharmaceuticals. • Net loss narrowed 6.2 % year-on-year to RMB146.00 million (2024: RMB155.71 million), driven by lower operating costs. • Gross profit declined to RMB52.93 million (2024: RMB155.71 million) after recognising RMB0.59 million cost of revenue tied to clinical data services. • Adjusted loss (excluding share-based payments and FV changes) decreased to RMB138.60 million (2024: RMB145.73 million).
Cost Structure • Research & development expenses fell 42.9 % to RMB188.59 million as pivotal trial costs were absorbed by partner Allist and key programs remained in early-stage phases. • Administrative expenses dropped 20.2 % to RMB34.43 million on staff and overhead controls. • Finance income declined to RMB31.70 million amid lower deposit rates, while finance expenses rose to RMB12.94 million on higher borrowings.
Cash & Balance Sheet • Cash, bank balances and capital-protected deposits totalled RMB1.13 billion; net cash position maintained as borrowings stood at RMB94.76 million. • Net cash used in operating activities increased to RMB211.01 million; net cash used in investing activities amounted to RMB117.39 million after purchase of structured deposits. • Equity attributable to owners was RMB770.63 million; gearing not applicable due to net cash.
Clinical & Commercial Milestones • Glecirasib (KRAS G12C) gained NMPA approval in May 2025 for ≥2L NSCLC, recorded first commercial prescription the same month, and was listed on China’s NRDL in December. • A Phase III trial of first-line glecirasib + sitneprotafib (SHP2) in NSCLC is ongoing; Phase I/II combo data published in The Lancet Respiratory Medicine (ORR 71 %, mPFS 12.2 months). • A multi-tumour Phase II basket study and CRC Phase III trial are progressing; full CRC data published in The Lancet Gastroenterology & Hepatology (combo ORR 50 %). • Pan-KRAS inhibitor JAB-23E73 entered U.S. Phase I; China Phase I showed 38.5 % ORR in evaluable pancreatic cancer patients. The company signed an exclusive ex-China licence and collaboration with AstraZeneca AB in December 2025, securing a USD100 million upfront and up to USD1.92 billion in milestones plus tiered royalties. • Additional clinical assets advanced: p53 Y220C reactivator JAB-30355 completed Phase I dose escalation; BET inhibitor JAB-8263 established RP2D of 0.3 mg QD; Aurora A inhibitor JAB-2485 completed Phase I/IIa; HER2-STING iADC candidate JAB-BX467 selected for IND filing in H2 2026.
R&D Pipeline As of the announcement, Jacobio-B’s portfolio comprises seven clinical-stage assets, three IND-approved candidates, and multiple xADC (tADC/iADC) programs in IND enabling studies, reinforcing strategic focus on KRAS and novel immune-conjugated therapeutics.
Capital Management & Share Repurchase • During 2025 the company bought back 1.76 million shares for HKD12.66 million; repurchased shares are held as treasury stock for potential resale or incentive grants. • All HKD1.18 billion net proceeds from the December 2020 IPO have been fully deployed, primarily into KRAS programs, platform expansion and working capital.
Outlook Management will prioritise commercial expansion of glecirasib in China, global development of JAB-23E73 with AstraZeneca, advancement of KRAS tADC/iADC platforms and exploration of additional strategic collaborations. The board did not recommend a dividend for FY2025. The annual general meeting is scheduled for 5 June 2026.