Our loss for the period increased from RMB48.2 million for the eight months ended August 31, 2024 to RMB88.3 million for the eight months ended August 31, 2025, primarily because we incurred increasing research and development expenses as we continue to conduct and expand our clinical development programs and advance the research and development of pipeline product candidates that are at preclinical stages and the increasing administrative expense due to the increasing listing related expenses.
Summary · 第 27 页
We expect a significant increase in net loss for the year 2025 due to our continuous expenditures on research and development coupled with clinical development progresses while under the condition of limited source of income.
We expect a significant increase in net loss in the year ending December 31, 2025, primarily because we expect to incur significant research and development expenses as we continue to advance the R&D of our drug candidates, while we do not expect to generate substantial revenue from the commercialization of our drug candidates in 2025.
Summary · 第 26 页
We expect to incur significant expenses and net loss for at least the next several years as we further our pre-clinical and clinical research and development efforts, seek regulatory approval for our candidates, launch commercialization of our pipeline candidates, and add personnel necessary to operate our business.
Financial Information · 第 443 页
While we had net operating cash outflows and net losses during the Track Record Period, we believe our liquidity requirements will be satisfied by using funds from a combination of our cash and cash equivalents, net proceeds from the Global Offering and other funds raised from the capital markets from time to time.
During the Track Record Period, we made net losses primarily because we were still in the stage of rapid business expansion and invested heavily in our R&D activities and selling and marketing activities, which was within the expectation of our Directors.
Financial Information · 第 450 页
However, our net loss increased by 40.9% from RMB84.0 million for the five months ended May 31, 2024 to RMB118.3 million for the five months ended May 31, 2025, primarily due to the listing expenses and share-based payments expenses we incurred.
Summary · 第 16 页
We expect to experience a slight increase in net loss for the year ending December 31, 2025, primarily due to the expected listing expenses and substantial research and development expenses and selling and marketing expenses as we continuously enhance our R&D capabilities and further expand our business operations.
We recorded loss for the year of US$56.2 million, US$69.6 million and US$92.2 million for the years ended December 31, 2022, 2023 and 2024.
Summary · 第 35 页
We expect to remain a loss position for the year ending December 31, 2025, primarily due to expected significant operating expenses in order to carry out research and development project.
Summary · 第 35 页
Over the years, as we experience a substantial increase in production volume and capitalize on our continued efforts to optimize the operational efficiencies across geographies, we anticipate significant improvements in cost efficiency and profitability driven by the advantages of economies of scale.
As we strive to advance our pipeline and enhance our drug development capabilities, we expect that we will continue to recognize net losses in 2025, primarily because (i) we will continue to incur significant costs and expenses in relation to our R&D activities as we carry out and expand our preclinical and clinical development programs, and (ii) we will incur fair value change loss due to financial liabilities at fair value through profit or loss in relation to our Preferred Shares prior to the Listing.
Summary · 第 28 页
Furthermore, upon the successful commercialization of one or more of our ADC candidates, we expect to fund our operations in part with income generated from sales of our commercialized drugs.
We expect to continue to incur net loss for the year ending December 31, 2024 as we continue to advance our research and development activities.
Summary · 第 26 页
Our results of operations are significantly affected by our cost structure, particularly research and development costs, administrative expenses and finance costs.
Financial Information · 第 453 页
We expect our research and development costs to continue to increase for the foreseeable future as we move these drug candidates, either from preclinical studies to clinical trials, or further to more advanced clinical trials, and as we continue to support the clinical trials of our drug candidates as treatments for additional indications.
黑芝麻智能国际控股有限公司Black Sesame International Holding Limited02533.HK
往绩记录期间持续净亏损且2024年预期继续亏损
We had a net (loss)/profit of RMB(2,356.5) million, RMB(2,753.9) million, RMB(4,855.1) million, RMB(1,106.7) million and RMB1,203.3 million in 2021, 2022, 2023 and the three months ended March 31, 2023 and 2024, respectively.
Summary · 第 26 页
Our adjusted net losses (non-IFRS measure) were primarily due to the significant amounts of selling expenses, general and administrative expenses and R&D expenses incurred during the Track Record Period.
Summary · 第 27 页
In the future, we aim to maintain sustainability and achieve profitability through: (i) enriching and expanding our products and solutions; (ii) expanding customer base; and (iii) enhancing our operational efficiency and economies of scale.
We expect to incur a net loss in 2024, primarily because we expect to incur (i) significant research and development expenses as we continue to advance our drug development pipeline and (ii) significant equity-settled share-based payment expenses as we need to amortize granted equity incentives over the related vesting period, while we do not expect to generate substantial revenue in 2024 as we only plan to begin commercializing QX001S, our most advanced drug candidate, in the fourth quarter of 2024.
Summary · 第 29 页
We and Zhongmei Huadong plan to begin commercializing QX001S upon expected BLA approval in the fourth quarter of 2024.
国鸿氢能科技（嘉兴）股份有限公司Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd.09663.HK
往绩记录期间持续亏损且预计至少至2025年
We recorded net losses for the years ended 31 December 2020, 2021 and 2022 and the five months ended 31 May 2023 primarily due to (i) share-based payments we recorded for the years ended 31 December 2020 and 2021 from equity transactions of equity interests in the Single Largest Shareholder and Share Incentive Scheme, (ii) impairment loss on intangible asset related to 9SSL fuel cell stacks license and impairment loss on inventories, (iii) the impairment loss of our trade receivables, and (iv) the continuous expansion of our business scale during the Track Record Period and the resulting increase in the relevant expenses.
Summary · 第 18 页
In addition, we expect to continue to record net losses until at least 2025.
Summary · 第 18 页
We expect to record a substantial amount of net loss and operating cash outflow in 2023 as we continue to increase investment in research and development activities, incur employee-related expenses to recruit and retain talents and expand our production scales.
We currently expect we will incur significant net loss in 2023, primarily as a result of the low market price of market hogs during the period from January to October 2023.
Summary · 第 2 页
We recorded a net loss of RMB2,184.5 million for the five months ended 31 May 2023 primarily because of the low market prices for pigs and yellow-feathered broilers during the period.
Summary · 第 24 页
Our average monthly net loss during the period from June to October 2023 improved as compared with our average monthly net loss for the period from January to May 2023.
We currently have no products approved for commercial sale and have not generated any revenue from product sales.
Financial Information · 第 406 页
Since the end of the Track Record Period, our business has continuously grown, but we expect that we will continue to record net loss in 2023, primarily because (i) we expect to incur research and development expenses as we continue to carry out and expand our clinical development programs and advance the research and development of preclinical assets; and (ii) we expect to incur listing expenses in connection with our proposed Listing.
As we strive to advance our pipeline and enhance our drug development capabilities, we expect that we will continue to recognize net losses in 2023, primarily because we will continue to incur significant costs and expenses in relation to our R&D activities as we carry out and expand our preclinical and clinical development programs.
Summary · 第 21 页
For the years ended December 31, 2021 and 2022, our costs and expenses in relation to R&D activities, which represented our cost of sales and research and development expenses, were RMB748.2 million and RMB1,122.8 million, respectively.
Financial Information · 第 503 页
Based on the expected approval timeline of each late-stage project in our pipeline, we expect to receive conditional marketing approval from the NMPA for A167 (PD-L1 mAb), our first innovative drug in NDA registration stage, in the second half of 2023 or the first half of 2024.
We expect that we will continue to incur loss for the year ending December 31, 2023, primarily from (i) increasing expenses for clinical development and pre-clinical research and
Summary · 第 29 页
(ii) listing expenses. All of our Preferred Shares will be automatically and irrevocably converted into the Shares upon Listing, after which we do not expect to recognize any further loss or gain on the fair value changes of financial instruments issued to investors.
Summary · 第 29 页
Although we currently have no product approved for commercial sale and have not generated any revenue from product sales, we expect to commercialize one or more of our drug candidates over the coming years as they move towards the final stages of development.