The company announced its 2022 annual results and business progress. The company has achieved a number of important clinical, commercialization, and corporate development milestones, further strengthened the company's overall position on behalf of patients' interests in dealing with major public health challenges, and continues to work to develop functional curative treatments for hepatitis B in China and potential pioneering treatments for postpartum depression and severe depression in the US, laying a stable foundation for advancing these two major clinical development projects.

In addition to leading HBV and PPD and MDD clinical programs, the company and partners are advancing a rich product pipeline of more than 10 differentiated treatments, including anxiety disorders and severe depression, human immunodeficiency virus (HIV) infection, multiple drug resistance (MDR) and broadly drug resistant (XDR) gram-negative infections, and non-tuberculous mycobacterium (NTM) lung diseases.

The company has decided to end the COVID-19 neutralizing antibody ambavirumab and romisuvir combination therapy programs, and has stopped production to redirect resources back to core projects. The decision is based on evolving COVID-19 trends and related policy updates, as well as delays in on-site regulatory inspections of production companies entrusted by the company.

Risk warning: Product development progress and post-launch sales fall short of expectations, increased market competition, and policy risks.