According to the Zhitong Finance App, Beihai Kangcheng-B (01228) announced results for the year ended December 31, 2023, with revenue of 103 million yuan (RMB, same below), up 30.26% year on year; R&D expenses of 257 million yuan, a decrease of 17.34% year on year; parent company owners should account for loss of 379 million yuan, a decrease of 21.64% year on year; loss per share of 0.89 yuan.

According to reports, the increase in revenue was mainly due to the increase in sales of Harris and Merribe.

As of December 31, 2023, the company has built a comprehensive pipeline of 14 pharmaceutical assets, which has a high level of unmet demand and huge market potential for the most common rare diseases and rare oncology indications. This strong pipeline includes four marketed products and three drug candidates in advanced clinical stages. Due to the challenging macroeconomic environment, including volatile capital markets and limited financing for the biotech industry, Beihai Kangcheng has further prioritized key projects that will achieve major development and regulatory milestones in the coming year.

The company is led by a management team with extensive experience in the rare disease industry. Their experience covers R&D, clinical development, regulatory affairs, business development and commercialization. As of December 31, 2023, the company has reduced the number of employees to 100 full-time employees, 13 of whom have doctorates and/or medical doctorates, and more than 70% of employees have experience working for multinational biopharmaceutical companies. The company's management team has a strong track record of successfully obtaining approval and commercializing rare disease treatments in major markets, including China, the US, Europe, Latin America and Southeast Asia. With management expertise, the company plays an active role in promoting the development of China's rare disease industry and building a rare disease ecosystem. For example, the company's founder, Dr. Xue Qun, currently serves as the vice chairman of the China Rare Disease Alliance (CHARD).