HBM (2142) H1 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 was US$23.7 million, down from US$41.0 million year-over-year, with profit at US$1.4 million versus US$2.9 million in the prior period.

• Major licensing and collaboration agreements were signed, including a global license with AstraZeneca (US$19 million upfront, up to US$604 million/US$575 million in milestones) and a license with Seagen Inc.

• The BLA for Batoclimab (HBM9161) for gMG was accepted by the NMPA in July 2024, marking a key regulatory milestone.

• R&D and administrative expenses decreased significantly, reflecting optimized investments and cost-saving measures.

• Nona Biosciences platform drove global business expansion, with increased collaboration revenue and technology licensing.

Financial highlights

• Revenue decreased 42% year-over-year to US$23.7 million, mainly from molecule license and research service fees.

• Profit for the period was US$1.4 million, down from US$2.9 million year-over-year.

• R&D costs dropped to US$13.1 million from US$28.4 million, and administrative expenses to US$7.9 million from US$8.6 million.

• Cash and cash equivalents increased to US$183.0 million as of 30 June 2024, up from US$140.3 million at year-end 2023.

• No interim dividend was declared for the period.

Outlook and guidance

• Plans to accelerate clinical development of key assets and expand the platform into immunology and inflammation.

• Continued focus on platform-generated assets and global collaborations to drive future growth.

• Emphasis on leveraging unique platform for sustainable growth and asset value realization.