Summary by Futu AI
Kaituo Pharmaceuticals - B (Kaituo Pharmaceuticals Co., Ltd.) released its mid-year report in 2024, covering the financial and business performance highlights of the company. The report shows that the company's net loss in the first half of 2024 decreased by 1.406 billion RMB compared to the same period in 2023, a 66.3% decrease, mainly due to reduced research and development costs and administrative expenses. The company did not generate revenue from drug sales and decided not to distribute a mid-year dividend for the first half of 2024. Kaituo Pharmaceuticals - B is actively advancing the clinical development of its core products KX-826 and GT20029 in the dermatology field and expanding its cosmetic business globally. In addition, the company conducted a share placement in the first half of 2024, raising approximately 509.1 million Hong Kong dollars in net proceeds to support the company's expansion plans and growth strategy. During the reporting period, the company's audit committee reviewed the financial statements and discussed accounting principles and policies with management and independent auditors.