Cutia Therapeutics (CUTIA-B, 02487) released unaudited results for the six months ended 30 June 2026, showing a narrowed net loss of RMB180.40 million, down 24.6% from RMB239.39 million a year earlier, as disciplined cost control offset softer top-line growth.
Revenue slipped 5.4% to RMB62.71 million following the termination of selected lower-margin distribution and agency businesses. Gross profit fell 54.7% to RMB14.51 million, with margin compressing to 23% (H1 2025: 48%) due to one-off effects tied to the portfolio rationalisation.
Operating expenses registered double-digit contractions: • Selling & distribution expenses decreased 37.4% to RMB57.38 million on reduced headcount, lower marketing spend and smaller equity-based compensation. • R&D investment declined 32.6% to RMB53.15 million, reflecting lower share-based charges and project-related outsourcing fees, partially offset by higher milestone payments. • Administrative costs dropped 25.9% to RMB47.61 million, aided by lower consulting and share-based costs.
Adjusted net loss (excluding RMB6.75 million of share-based payments) improved to RMB173.64 million, with the ratio of adjusted loss to revenue narrowing to 2.77 from 3.29.
Cash and equivalents stood at RMB151.41 million at end-June 2026, down 42.9% from year-end, while time deposits over three months fell to RMB51.05 million. Financial assets at fair value through profit or loss eased 1.9% to RMB423.46 million. Net current assets were RMB608.72 million; the gearing ratio inched up to 33.8% (31 Dec 2025: 32.2%). Interest-bearing bank borrowings totalled RMB211.22 million, of which 58% carried variable rates linked to the Loan Prime Rate.
Commercially, the company expanded market penetration for two key products launched in late 2025—Finjuve (topical finasteride spray) and Amzeeq (topical 4% minocycline foam)—now distributed across hundreds of hospitals, pharmacies, aesthetic clinics and major e-commerce platforms. During the June “618” online sales event, Finjuve ranked first on JD.com’s topical hair-loss list, while Amzeeq placed third among acne drugs priced over RMB100.
Regulatory milestones included NMPA clearance in May 2026 for CU-30101 (topical lidocaine/tetracaine cream); commercial rollout preparations are under way. The IND for CU-40104 (topical dutasteride) secured NMPA approval in March 2026, and CU-20101 (botulinum toxin A) completed a Phase III trial in April 2026 with positive topline data.
Manufacturing capacity remained intact, with three GMP lines in Jiangsu supporting current commercial products and pipeline batches. No significant post-period events were reported.
Management reiterated plans to intensify omnichannel marketing for Finjuve, Amzeeq and upcoming CU-30101, while leveraging the CATAME drug-delivery platform to advance R&D and prepare additional launches.
No interim dividend was declared.