According to the Zhixin Finance & Economics app, Quanxin Biotechnology -B (02509) released unaudited interim results for the six months ended June 30, 2024 with revenue of RMB 44.919 million, which did not obtain revenue in the same period last year; gross profit of RMB 37.756 million; and R&D expenses of RMB 0.145 billion.

The announcement stated that the revenue came from authorization fees and R&D service fees for QX008N and QX004N authorized transactions, reflecting the group's strong R&D capabilities.

It is reported that R&D is crucial to the group's continued success. The group is a clinical-stage biotechnology company that is fully focused on its own immune and allergic diseases' biological treatment methods, with independently developed drug pipelines.

The group believes that R&D is essential to its growth as a biopharmaceutical company and its ability to maintain its industry competitiveness. The group has built an integrated R&D platform as the basis for its sustained innovation. The platform includes five R&D sections: mAb screening and functional verification; analysis method development; cell line screening and process development; drug formulation development; and pre-clinical and clinical sample analysis and testing. The group has also established commercial-scale internal manufacturing facilities to support the group's R&D activities, from pre-clinical and clinical trial drug production to future commercial production.

As of June 30, 2024, the group is capable of conducting efficient R&D and has obtained 20 IND approvals (19 from the National Medical Products Administration and 1 from the FDA) in the past 9 years, as well as multiple awards recognizing the group's R&D capabilities. The group has set up two clinical development centers in Beijing and Shanghai, and in line with industry practices, the group conducts R&D activities through internal teams and by hiring external CROs. As of June 30, 2024, the group's internal R&D team consists of 118 members, of which approximately 58.47% have a master's degree or above in the field of biological or pharmaceutical science.