Summary by Futu AI
Ascletis-B Pharmaceutical Co., Ltd. (ASCLETIS-B) announced the unaudited interim performance for the six months ended June 30, 2024. During the period, the company's revenue decreased by 100% to zero from approximately RMB 465 million in the same period of 2023, mainly due to the effective control of the COVID-19 epidemic in mainland China, leading to a contraction in the demand for the ritonavir product market. Research and development costs increased by approximately RMB 43.5% to around RMB 132.4 million from approximately RMB 92.3 million, resulting in a 687.0% increase in losses to around RMB 130.3 million from approximately RMB 16.6 million. The company's cash and cash equivalents, fixed deposits, and others amount to around RMB 2,117.2 million, expected to be sufficient to support research and development activities and operations until 2028. Developments during the reporting period included completion of clinical trials for NASH patients, release of clinical trial results for acne treatment, among others. The board of directors does not recommend declaring interim dividends.
