SinoMab BioScience Limited released unaudited results for the six months ended 30 June 2026, highlighting an intensified clinical pipeline drive alongside a deliberate shift to an asset-light model.

Financial Performance • Net loss expanded to RMB127.39 million, vs. RMB49.82 million a year earlier. • Excluding a one-off RMB56.30 million impairment tied to the planned RMB280.00 million sale of the Suzhou manufacturing site, underlying loss was RMB71.10 million, up RMB21.30 million year-on-year, mainly due to higher laboratory and trial expenses for SM17’s Phase 2 programme. • Other income and gains rose to RMB23.46 million (H1 2025: RMB9.80 million) on increased foreign-exchange gains. • Administrative expenses climbed to RMB39.01 million, reflecting larger non-cash share-based payments and higher depreciation. • Cash, pledged deposits and wealth-management products totalled RMB196.45 million at 30 June 2026 (31 Dec 2025: RMB351.48 million). • Net bank debt stood at RMB108.43 million, with a 30.0% gearing ratio. • No interim dividend declared.

Strategic Realignment • Concluded Haikou plant lease in March 2026 and agreed in July 2026 to sell Suzhou property and facilities for RMB280.00 million; the pre-sale impairment was recognised in H1 2026 results. • Management emphasised an “asset-light, high-efficiency” model, relying on external CDMOs for clinical-stage production.

R&D and Pipeline Milestones • SM17 (anti-IL-25R, first-in-class) – Completed subcutaneous Phase 1 bridging study; favourable safety and PK. – First patient dosed in China Phase 2 trial for moderate-to-severe atopic dermatitis on 31 March 2026; 86 patients enrolled by period-end, full enrolment targeted Q3 2026 with topline data expected Q1 2027. – IND for inflammatory bowel disease (Crohn’s disease and ulcerative colitis) approved by NMPA on 24 February 2026.

• Anti-CGC antibody (hC2, first-in-class) – Positive preclinical data in alopecia areata and vitiligo presented at SID 2026 and published in Journal of Investigative Dermatology. – CMC and toxicology work ongoing; IND filings to FDA and NMPA planned for Q4 2026.

• Bispecific RANKL/Sclerostin antibody for osteoporosis – Preclinical studies show superior bone-forming and protective effects versus marketed therapies; IND submission planned H1 2027.

• SM03 (Suciraslimab, anti-CD22) – BLA for rheumatoid arthritis voluntarily withdrawn to prioritise systemic lupus erythematosus (SLE) development. – Phase 2 SLE study planning underway; preclinical data indicate “B-cell modulation without depletion” and organ-protection benefits.

Outlook Management remains confident in leveraging China’s supportive biotech policy environment, targeting partnerships and licence-out opportunities for its FIC/BIC antibody portfolio while maintaining financial flexibility through the ongoing asset-light transition.