PegBio Co., Ltd. (PegBio) reported a net loss of RMB216.20 million for the six months ended 30 June 2026, more than double the RMB93.67 million loss booked a year earlier. Basic and diluted loss per share widened to RMB0.55 from RMB0.25.
Operating costs surged as the company accelerated product development and prepared for commercialisation: • Research and development expenses rose to RMB109.81 million, up 317% year-on-year, driven by intensified pre-clinical and IND-enabling work on APGP6, PB-2312 and other pipeline assets, as well as investment in an AI-enabled R&D platform. • Selling and marketing costs expanded to RMB20.94 million (2025: RMB4.77 million) following commercial launch activities for lead product Visepegenatide injection (trade name Paidakang®). • Administrative expenses increased 18% to RMB72.21 million.
Cash and liquidity indicators softened. Cash and cash equivalents fell to RMB375.62 million from RMB467.54 million at end-2025, reflecting higher operating cash outflows of RMB155.04 million. Total assets declined 15.8% to RMB504.27 million, while interest-bearing borrowings climbed to RMB145.00 million, lifting the gearing ratio to 57.2% (31 December 2025: 20.9%).
Commercialisation of Paidakang® gained traction: • A strategic agreement with Shanghai-based Tenry Pharmaceutical yielded a first royalty receipt of about HK$61.0 million in June. • The drug passed preliminary review for inclusion in the 2026 National Reimbursement Drug List and secured initial commercial prescriptions nationwide, satisfying conditions for a second royalty tranche of roughly HK$49 million. • PegBio continues joint efforts with Tenry on market access, academic promotion and channel expansion.
Pipeline advancement highlights: • First-in-human study of circular RNA candidate CR059 reached key milestones and secured presentations at ADA and EASD 2026. • Pre-clinical candidates APGP6 and PB-2312 progressed in CMC, toxicology and efficacy studies, targeting obesity, MASH and related metabolic disorders. • Collaborations were signed post-period with Rani Therapeutics (RaniPill® oral biologics platform) and Lexaria Bioscience (DehydraTECH™ delivery technology) to broaden delivery options and global development pathways.
Capital management: • Following its 2025 IPO and subsequent HK$299.99 million placement, PegBio had utilised RMB28.93 million of IPO proceeds by 30 June 2026, with RMB184.12 million unspent, earmarked chiefly for Paidakang® commercialisation and PB-718 development. • Of the HK$295.70 million net placement proceeds, HK$147.11 million has been deployed, mainly into building the intelligent R&D platform and repaying loans; the remainder is slated for completion by end-2026.
No revenue from product sales was recognised during the period; other income showed a net loss of RMB11.27 million, weighed by foreign-exchange movements. The Board declared no interim dividend.
PegBio states that it will continue to prioritise Paidakang® market penetration, advance its metabolic disease pipeline and expand global partnerships while managing liquidity and resource allocation.
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