Zhitong Finance App News, Kaituo Pharmaceutical-B (09939) announced the results for the year ended December 31, 2023. The Group has not approved drugs for commercial sale, nor has it generated any revenue from drug sales. Net loss was 1.06 billion yuan (RMB, same below), an increase of 11.2% year-on-year.

The Group's R&D costs (excluding the effects of impairment and price declines) decreased by 66.6% year over year to 245.8 million yuan. These cost reductions are mainly due to the Group's greater focus on core dermatology pipeline investment (KX-826 and GT20029), which has been drastically reduced compared to the oncology pipeline. The Group is continuing to strengthen various experiments with core products in the field of dermatology, with a view to commercializing the products as soon as possible.

The Group's cash and cash equivalents and term deposits as at 31 December 2023 amounted to RMB 456.3 million. Additionally, as of December 31, 2023, the Group's unused bank financing was RMB 111 million. The Group is actively seeking ways to commercialize core products. It is expected that cash on hand will support the Group's clinical and R&D promotion and necessary expenses to commercialize products.