HBM (2142) H2 2024 earnings summary

Executive summary

• Achieved second consecutive year of profitability in 2024 with US$2.74M net profit and US$38.1M revenue, driven by recurring milestone and platform-based revenues.

• Record-high operating cash flow of US$30.68M (+60%), and cash position of US$168M as of 12/31/2024.

• Major global partnerships and licensing deals with AstraZeneca, Pfizer, Moderna, Windward Bio, and Candid Therapeutics, validating the technology platform.

• Strategic focus on immunology & inflammation therapeutics and continuous innovation through Nona Biosciences' antibody platform.

• R&D and administrative expenses decreased significantly, supporting profitability.

Financial highlights

• Revenue grew 196% year-over-year to US$38.1M in 2024, with recurring revenue up to US$16.9M.

• Net profit of US$2.74M in 2024, marking sustained profitability.

• Operating cash flow reached US$30.68M, up 60% from the previous year.

• R&D expenses decreased 53.4% year-over-year to US$21M in 2024; administrative expenses down 32.3% to US$13.2M.

• Cash and cash equivalents increased to US$168M as of 12/31/2024.

Outlook and guidance

• Cash reserves projected to reach US$400-500M by end of 2025, supported by milestone payments and royalties.

• Estimated US$50-80M in milestone payments expected in 2025 and 2026.

• Plans to accelerate portfolio progress in immunology and oncology, with at least two new IND filings expected in 2025.

• Focus on centralizing resources, optimizing strategic planning, and expanding clinical-stage pipeline.

• Proceeds from AstraZeneca share subscription (US$105.3M) to fund R&D and operations.