Micot Pharma released its unaudited results for the six months ended 30 June 2026, reporting a deeper interim loss as heavy R&D spending accelerated, yet generating positive operating cash flow and rebuilding its balance sheet through a sizeable licensing upfront and Hong Kong IPO proceeds.
The loss for the period expanded to RMB 231.68 million, up from RMB 49.90 million a year earlier. On an adjusted basis—excluding share-based payments, listing expenses and interest on pre-IPO redemption liabilities—the deficit widened to RMB 112.01 million. Management attributed the deterioration to a 215.9% surge in research and development outlays, which reached RMB 127.73 million.
Administrative expenses climbed to RMB 33.14 million from RMB 8.85 million, while finance costs ballooned to RMB 67.12 million, reflecting interest accrued on redemption liabilities that were later reclassified to equity upon listing. As the company had no marketed products during the period, no revenue was recorded.
Despite the larger accounting loss, Micot Pharma generated RMB 109.18 million in net cash from operating activities, a sharp reversal from the RMB 52.29 million outflow a year earlier. The improvement stemmed chiefly from a RMB 200 million upfront payment received from Everest Medicines under an Asia-Pacific commercial licensing deal for lead candidate MT1013.
Liquidity rebounded: cash and financial assets totalled RMB 1.23 billion at mid-year versus RMB 269.51 million at end-2025, bolstered by the upfront payment and RMB 918.97 million (gross) raised from the company’s 24 June Main Board listing in Hong Kong. Net assets reached RMB 957.06 million, compared with a RMB 959.89 million deficit six months earlier, driving the debt-to-asset ratio down to 25.2% from 389.6%.
Operationally, MT1013—Micot’s dual CaSR/OGP agonist and designated core product—completed enrolment of 424 patients in a Phase III trial for chronic kidney disease secondary hyperparathyroidism (CKD-SHPT). The Everest agreement covers commercial rights in Greater China and most of Asia-Pacific and allows for up to RMB 1.04 billion in future milestones in addition to tiered royalties.
Key pipeline assets also advanced: triple-agonist XTL6001 finished Phase I and is scheduled to enter Phase II for obesity and metabolic dysfunction-associated steatohepatitis in the fourth quarter; anticoagulant MT1002 progressed through multiple Phase II cohorts for acute ischemic stroke and hemodialysis indications; and TrkB agonist MT200605 completed enrolment in a 360-patient Phase II ischemic stroke study and received U.S. FDA orphan-drug designation for Huntington’s disease.
Looking ahead, management targets completion of MT1013’s Phase III study and pre-NDA filing by year-end 2026, initiation of MT200605 Phase III in the fourth quarter, and further clinical starts for XTL6001 and MT1002. No interim dividend was declared.
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