CARsgen Therapeutics Holdings Limited (“CARsgen Therapeutics” or “CARsgen-B (02171)”) announced audited consolidated annual results for the year ended December 31, 2025. According to the announcement, revenue reached RMB125.70 million, primarily attributed to the autologous BCMA CAR T-cell product zevorcabtagene autoleucel. The company recorded a net loss of approximately RMB103 million, narrowing significantly from RMB798 million in 2024.
Management attributed the narrowing net loss to gains in other income and lower research, development, and administrative expenses. Research and development spending decreased to RMB245.36 million from RMB466.19 million in 2024, while administrative expenses dropped to RMB68.43 million from RMB159.52 million in 2024. Meanwhile, gross profit rose to RMB80.00 million from RMB14.75 million a year earlier.
Cash and cash equivalents stood at RMB1,123.41 million as of December 31, 2025, compared to RMB1,479.06 million at the end of 2024. The decrease was mainly due to expenses related to research, development, and capital investment. The announcement also noted that cash and cash equivalents are expected to remain sufficient for operations going forward.
In terms of pipeline progress, the BCMA-targeted zevorcabtagene autoleucel has been commercialized in mainland China. Another key product, the Claudin18.2-targeted satricabtagene autoleucel, is undergoing regulatory assessment with a submitted NDA for advanced gastric/gastroesophageal junction adenocarcinoma. CARsgen Therapeutics is also advancing multiple allogeneic CAR T-cell product candidates, building on its proprietary THANK-uCAR® and THANK-u PlusTM technologies.
On the corporate front, the board proposed amendments to the Articles of Association and the adoption of the Ninth Amended and Restated Memorandum and Articles of Association, subject to shareholder approval at the upcoming general meeting. Additionally, the company entered strategic cooperation agreements to build an advanced commercial manufacturing base in Jinshan District, Shanghai, with an investment not exceeding RMB370.00 million. The repurchase mechanism of relevant assets is designed to secure long-term stability in production.
No final dividend was recommended for the year ended December 31, 2025. Shareholders were advised to refer to the detailed announcement for further information, including the upcoming annual general meeting schedule and closure of register of members.
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