HBM Holdings Limited (HBM Holdings) reported unaudited interim results for the six months ended 30 June 2026, showing top-line expansion but lower bottom-line profitability as spending on research and administration accelerated.
Revenue reached USD 122.49 million, up 20.9% year-on-year, driven chiefly by molecule licence and alliance income of USD 113.08 million, which represented 92.3% of the total. Research and technology licence fees contributed USD 9.41 million.
Cost of sales increased to USD 5.85 million, reflecting higher research service activity, while other expenses swung to a net charge of USD 1.03 million from a gain of USD 6.13 million a year earlier, largely on foreign-exchange movements.
Research and development expenditure rose 64.8% to USD 29.60 million as the company advanced multiple clinical assets, notably batoclimab (FcRn mAb) with a BLA under review in China and HBM9378 (TSLP mAb) entering Phase II/III asthma trials via partner Windward Bio. Administrative expenses more than doubled to USD 16.67 million, linked to higher headcount and litigation costs.
As a result, net profit declined 11.2% to USD 64.85 million, and basic earnings per share fell to USD 0.08 from USD 0.09. The gross margin remained high at 95.2%.
HBM Holdings closed the period with cash and cash equivalents of USD 359.16 million, down from USD 403.06 million at year-end 2025, after funding pipeline progression and share repurchases. Total assets stood at USD 533.34 million, while total liabilities fell to USD 115.52 million, producing a current ratio of 4.90 and total equity of USD 417.82 million. The group remains ungeared with net cash exceeding interest-bearing debt.
Operationally, HBM Holdings deepened its partnership network: • A multi-year collaboration with Bristol Myers Squibb could deliver up to USD 1.13 billion in upfront and milestone payments. • The Solstice Oncology licence secured more than USD 105 million in upfront and equity consideration for porustobart (CTLA-4 mAb) outside Greater China, with up to USD 1.10 billion in milestones. • Windward Bio dosed first COPD patients with HBM9378 and advanced a USD 165 million financing round that included HBM Holdings as an investor. • Nona Biosciences entered strategic alliances with Link Cell Therapies, BioMap (to launch AI-native MegaStream TechBio), and Lonza to develop BBB-crossing antibody technologies.
No interim dividend was declared for the half-year period.
The board affirmed that the company achieved a complete victory in U.S. patent litigation against Amgen and Teneobio, securing USD 20.20 million in damages and validating core Grosveld patent claims.
Comments