Zhitong Finance App News, Goli Pharmaceutical-B (01672) announced its annual results for the year ended December 31, 2023. The Group's revenue increased 4.6% from about 54.1 million yuan (RMB, same below) in 2022 to about 56.6 million yuan in 2023. This was due to an increase in revenue generated by ritonavir products by about 40.4 million yuan, but most of it was offset by a decrease in promotion service revenue of about 40.4 million yuan.Promotion services in China.

As of December 31, 2023, the Group's cash and cash equivalents and term deposits were approximately $2,274.6 billion, which is expected to be sufficient to support its R&D activities and operations until 2028.

The Group's R&D costs decreased by 18.8% from about 267.1 million yuan in 2022 to about 216.8 million yuan in 2023, mainly due to improved R&D efficiency for clinical and pre-clinical projects; and reduced depreciation and amortization costs for intangible assets.

The Group has established an extensive asset pipeline focusing on viral diseases, NASH/PBC, and oncology. During the reporting period and up to the date of this announcement, the Group successfully obtained six IND approvals from the FDA and/or the National Drug Administration, supported the clinical development of four ongoing phase II or phase III clinical trials of drug candidates, completed one phase I and three phase II clinical trials, and initiated a phase III clinical trial. This R&D efficiency once again reflects the Group's superior level of operation compared to peers in the Chinese biotech industry.

The Group has established a comprehensive pipeline of 12 key clinical-stage assets focused on viral diseases, NASH and tumors. The following are the strategies and prospects for 2024:1. Complete the enrollment of ASC41 patients in phase II clinical trials for NASH; 2. Begin discussions with the National Drug Administration on ASC40 treatment for severe fibrosis (F2 or F3) NASH patients; 3. Complete the enrollment of ASC40 phase III clinical trial patients for acne; 4. Complete the mid-term analysis of ASC40III registration studies for RGBM; 5. Accelerate independent development of first-of-its-kind drugs or best-in-class drug candidates in the world to enhance the Group's global competitiveness; 6. Continue to explore external licensing opportunities for various pre-clinical and clinical-stage assets; 7. Continue to evaluate and optimize R&D pipelines to improve efficiency and preserve cash.