ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (IMMUNEONCO-B) released its interim results for the six months ended 30 June 2026, showing a contraction in revenue and a deeper net loss, while clinical programs for key assets made notable headway.
Revenue and Earnings • Revenue fell 33.2% year-on-year to RMB 25.42 million, reflecting lower milestone income after early termination of a 2024 out-licensing deal with Axion Bio. • The Group recorded a net loss of RMB 165.50 million, expanding 8.4% versus the RMB 152.73 million loss in the prior-year period. • Other losses widened to RMB 25.08 million, driven by RMB 14.93 million in foreign-exchange losses and a RMB 10.14 million fair-value drop on HK-dollar investment products.
Cost Trends • Research and development spend decreased 7.9% to RMB 154.78 million as pre-clinical and CMC outlays eased. • Administrative expenses declined 14.9% to RMB 23.19 million, helped by lower share-based payment charges. • Finance costs rose to RMB 4.23 million, mirroring higher bank borrowings.
Balance Sheet and Liquidity • Cash, cash equivalents, term deposits and short-term investments totaled RMB 946.62 million at 30 June 2026, down from RMB 1.02 billion at end-2025 after operating cash outflows of RMB 160.25 million. • Total borrowings increased to RMB 342.47 million (31 December 2025: RMB 214.0 million); gearing ratio climbed to 39.5% from 28.1%. • Unutilised bank facilities stood at approximately RMB 60.00 million.
Pipeline Milestones • Core asset IMM01 (timdarpacept): Phase III trial for first-line CMML fully enrolled (173 patients); interim data readout expected end-2026. IND clearance secured for a Phase II study in atherosclerosis; pre-clinical spinal cord injury program progressing. • IMM0306 (CD47×CD20 bispecific): Initiated Phase III trial with lenalidomide in relapsed/refractory follicular lymphoma; presented SLE Phase Ib data showing 71-80% SRI-4 response at week 24 and launched Phase II trial in May 2026. • IMM2510 (VEGF×PD-L1): Reported 27.3% ORR and 81.8% DCR in Phase I for post-IO squamous NSCLC; Phase III planning under way. Subcutaneous formulation cleared for clinical testing in June 2026. • Early-stage programs include dual-payload ADC candidates and ActRIIA-based therapies for pulmonary arterial hypertension and metabolic disorders.
Shareholder Actions • The Company repurchased 1.44 million H shares in June for HK$4.88 million, which are held as treasury shares. • No interim dividend was declared.
Corporate Updates • Independent non-executive director Dr. Zhenping Zhu resigned; appointment of Dr. Liou Hsiou-Chi is subject to shareholder approval. • After period-end, external investors agreed to inject RMB 50.00 million into 80%-owned subsidiary ImmuneCare, diluting the Company’s stake to 68.34%.
Outlook Management will prioritize advancing pivotal trials for IMM01, IMM0306 and IMM2510, continue broadening non-oncology indications, and pursue selective partnerships while maintaining R&D investment discipline amid a cash position of RMB 946.62 million.