3D Medicines Inc. released its 2026 interim report covering the six months ended 30 June 2026.
Revenue and Profitability • Revenue edged up 0.6 % year-on-year to RMB 210.52 million, entirely generated by sales of the subcutaneous PD-L1 inhibitor Envafolimab (brand name: Enweida). • Gross profit remained stable at RMB 192.75 million, translating to a gross margin of 91.6 % (1H 2025: 92.2 %). • Net loss attributable to shareholders narrowed to RMB 85.23 million, compared with a RMB 89.35 million loss in 1H 2025. • Adjusted total comprehensive loss (excluding share-based payments) came in at RMB 84.74 million. • Research and development expenses fell 23.8 % to RMB 63.34 million, mainly due to lower staff costs and reduced third-party contracting fees. • Selling and marketing expenses rose 6.3 % to RMB 118.62 million, reflecting intensified promotional efforts to support Envafolimab.
Liquidity and Balance Sheet • Cash, bank balances and short-term financial assets totalled RMB 482.90 million at period-end, down from RMB 524.99 million at 31 December 2025. • Current assets stood at RMB 548.47 million; current liabilities were RMB 453.02 million, giving net current assets of RMB 95.45 million. • The group reported negative operating cash flow of RMB 55.31 million but generated RMB 20.93 million from investing activities and RMB 16.48 million from financing activities.
Operational Highlights • Envafolimab sales increased 43 % versus 2H 2025, supported by geographic expansion to over 3,000 hospitals and 763 pharmacies across 30 mainland provinces. • The National Medical Products Administration accepted a new drug application for Envafolimab plus GEMOX as first-line therapy for unresectable or metastatic biliary tract cancer in January 2026 and a supplemental application converting its MSI-H/dMMR indication from conditional to regular approval in February 2026. • Phase III enrollment for resectable non-small-cell lung cancer completed in May 2026; full Chinese patient data from the pivotal biliary tract trial were presented at ASCO 2026. • The investigational oncology vaccine 3D189 progressed, with 78 events recorded toward its final MRCT analysis. • First-in-human work began on 177Lu-PSMA RDC candidate 3D1015; AI-driven mRNA and in-vivo CAR-T platforms advanced preclinical pipelines 3D124, 3D128 and others.
Post-Period Events • On 24 July 2026 an HKIAC tribunal dismissed all claims brought by SELLAS Life Sciences in an arbitration concerning 3D189; the original licence remains in force, and SELLAS was ordered to pay HK$7.98 million in costs. • Management changes: non-executive director Zhu Jinqiao resigned and was succeeded by Zhang Wenhua on 7 August 2026; CFO Lu Xiaohao resigned effective 30 September 2026. • The company relocated its registered office and principal place of business in Hong Kong and extended a HK$50 million note investment to Mega Link International for two years.
Dividend No interim dividend was declared.
Outlook Management will focus on accelerating key clinical programmes and maintaining prudent cash-flow management while exploring additional financing options, including potential subsidiary-level fundraising, to support platform expansion and upcoming commercial launches.