Our administrative expenses amounted to RMB12.2 million, RMB111.2 million, RMB6.2 million and RMB22.7 million in 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively.
Financial Information · p. 231
Our administrative expenses increased during the Track Record Period, primarily due to increases in our share-based payment expenses and [REDACTED] expenses.
Our administrative expenses increased from RMB80.5 million in 2024 to RMB88.1 million in 2025 mainly due to an increase in equity-settled share-based payment expenses and the [REDACTED] expenses.
Business · p. 162
Furthermore, our adjusted net loss (a non-IFRS measure) reflects the add-back of the increased expenses incurred during the Track Record Period, including (i) [REDACTED] expenses related to our [REDACTED]; and (ii) equity-settled share-based payment expenses under our share-based arrangement to incentivize our employees.
Our general and administrative expenses amounted to RMB5.8 million, and RMB20.1 million for the years ended December 31, 2024 and 2025, respectively, accounting for 79.7% and 130.0% of our total revenue for the respective periods.
Financial Information · p. 228
The increase is mainly attributable to the [REDACTED] expenses and share-based payment expenses incurred in 2025.
Although our general and administrative expenses as a percentage of revenue were 27.2%, 17.8% and 55.3% in 2023, 2024 and 2025, respectively, our general and administrative expenses (excluding share-based payment expenses) were RMB122.9 million, RMB113.8 million and RMB139.8 million in 2023, 2024 and 2025, respectively.
(ii) the increase in general and administrative expenses of RMB19.9 million primarily due to the increase in share-based payment expenses which were mainly due to the amortization of share options which were granted to Mr. Li Yi under the Pre-IPO share option scheme in the second half of 2024
Business · p. 255
Share based payment expenses mainly represent the non-cash employee benefit expenses incurred in connection with our award to our Directors, management and key employees.
Share-based compensation represents expenses arising from granting share incentives to senior management and selected employees, which is non-cash in nature.
Summary · p. 20
The decrease of our net losses from 2023 to 2024 was primarily due to (i) a decrease of RMB75.2 million in change in fair value of redemption liabilities on equity shares, mainly because we terminated the redemption rights granted to our Pre-IPO Investors pursuant to certain supplemental agreements in 2024, and we no longer recognized any redemption liabilities on equity shares or any loss or gain on fair value changes of such liabilities thereafter; and (ii) a decrease of RMB45.2 million in research and development expenses, mainly attributable to decreases in clinical trial expenses and preclinical and CMC expenses, which aligned with the evolving progress of respective preclinical and clinical programs of our drug candidates; partially offset by an increase of RMB49.6 million in administrative expenses, mainly attributable to an increase in share-based compensation arising from increases in the number and value of share incentives granted, and an increase in professional service fees mainly in connection with the listing expenses incurred.
Our administrative expenses increased during the Track Record Period primarily because (i) our business grew and team expanded, (ii) our share incentive expenses increased, and (iii) we engaged professional services in relation to our out-license and collaboration agreements, equity financing and listing.
Financial Information · p. 440
The decrease in the percentage of research and development expenses relative to total operating expenses in 2024 was primarily due to increase in administrative expenses caused by share incentive expenses and listing expenses.
Our staff cost in administrative expenses increased from RMB50.2 million in 2022 to RMB76.3 million in 2023 primarily due to the increase in share-based payments of RMB25.1 million, which is non-cash in nature.
Financial Information · p. 380
Share-based payments are non-cash in nature and are employee related expenses arising from grant of share options under our share incentive plan.