Kintor Pharmaceutical Limited (Kintor Pharma) released an update on the initiatives adopted to remove the auditor’s FY2025 going-concern disclaimer. Management reiterated that the multi-pronged programme, first detailed in the 2025 Annual Report, is progressing across five fronts: operating-cash generation, supplier negotiations, new credit lines, refinancing, and equity financing.
KX-826 COMMERCIAL PATHWAY • Positive Phase III data have prompted the company to schedule a New Drug Application submission in mainland China for the androgenetic-alopecia treatment KX-826 in 2H26, with regulatory approval targeted for 2H27. • Ahead of drug launch, KX-826-based cosmetic products have been distributed through global e-commerce channels. Year-to-date 2026 sales matched full-year 2025 revenue within roughly 100 days, supported by an established KOSHINÉ sales team and cost-structure optimisation.
KT-939 AND OTHER PIPELINE OPTIONS • Registration materials for the whitening-cosmetic raw material KT-939 are being submitted on a rolling basis under China’s cosmetics regulations. Management expects timely approval to unlock a sizeable domestic market. • Concurrent talks with international and domestic partners on licensing-out or co-development of KX-826 and other pipeline assets continue, aiming to accelerate commercialisation and broaden geographic reach.
PORTFOLIO REALIGNMENT • A disposal of equity interests in Suzhou Industrial Park Kintor Zhidao Equity Investment Partnership is planned for 2H26, targeting proceeds of about RMB16.00 million.
LIQUIDITY AND FUNDING ACTIONS • Supplier negotiations: Outstanding payables relating mainly to the shelved GT0918 oncology project are under discussion for deferred settlement. • Additional credit: Since 1 April 2026, Kintor Pharma has obtained a RMB100.00 million credit quota; RMB49.90 million has been drawn. • Refinancing: Existing facilities of RMB28.00 million have been renewed, with RMB8.00 million subsequently utilised. Two further bank loans totalling RMB30.00 million were extended for one year. • Equity financing: The group raised HKD100 million via placing in FY2025. Although adverse market conditions curtailed further use of the prior mandate, shareholders approved a fresh general mandate covering 99.73 million shares on 18 June 2026. Discussions with multiple domestic and overseas investors regarding a potential placing are ongoing.
MANAGEMENT OUTLOOK The Board will continue to execute the outlined measures to address going-concern uncertainties flagged by the former auditor. Implementation remains subject to market conditions, and no assurance can be given on the ultimate success or timing of the initiatives. Shareholders and potential investors are advised to exercise caution when dealing in Kintor Pharma’s securities.
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