Summary by Futu AI
KOJI PHARMACEUTICAL-B ANNOUNCED ITS ANNUAL RESULTS ON 31 DECEMBER 2023 WITH A NET LOSS OF RMB748 MILLION FOR THE REPORTING PERIOD, A DECREASE OF RMB892 MILLION FROM THE PREVIOUS YEAR'S RMB144 MILLION. Adjusted net loss was RMB733 million, a decrease of RMB115 million from RMB848 million in the previous year. Cash and bank balances were RMB1,850 million, a decrease of RMB2,268 million from RMB2,268 million in the previous year. The Company has made progress in technical innovation, product pipeline and business operations in the United States and China and received a notice from the National Drug Administration on March 1, 2024 with conditions to approve the application for new marketing of Saikaize®. In addition, the company has conducted a comprehensive review and improvement of cGMP and is working closely with the FDA to address the issues found by the inspection. The company made progress on the commercialization cooperation agreement with East China Pharmaceuticals and Medner and collected RMB200 million (VAT included) in January 2023.