GenFleet Therapeutics (Shanghai) Inc. released FY 2025 results showing revenue of RMB 130.27 million, a 24.45% increase from RMB 104.70 million in 2024. Growth was driven primarily by licensing income tied to the GFH375 partnership with Verastem and initial sales of fulzerasib (Dupert®).
Despite higher topline, the company reported a net loss of RMB 1.79 billion, widening from RMB 677.64 million a year earlier, mainly due to a RMB 1.52 billion non-cash fair-value loss on redemption liabilities that were reclassified to equity upon the Hong Kong IPO. Excluding this item, share-based payments and listing expenses, adjusted loss narrowed to RMB 226.51 million from RMB 249.73 million.
Research and development spending fell 15.02% to RMB 282.26 million as milestone payments related to GFH925 were absent. R&D remained the largest cost line, representing 78.78% of revenue. Administrative expenses rose 40.11% to RMB 81.38 million, reflecting professional fees and IPO-related costs.
Cash and bank balances surged to RMB 2.07 billion (end-2024: RMB 394.92 million), bolstered by IPO proceeds of USD 268 million and inclusion of time deposits. Operating cash outflow narrowed to RMB 135.70 million (2024: RMB 206.40 million). Interest-bearing bank borrowings stood at RMB 83.90 million, all maturing within one year.
Key pipeline milestones included: • GFH375 (oral KRAS G12D inhibitor) entering the world’s first Phase III registrational trial for metastatic pancreatic cancer in November 2025 and receiving FDA Fast Track for PDAC; Breakthrough Therapy Designation for NSCLC followed in February 2026. • Fulzerasib, China’s first KRAS G12C inhibitor, delivered Phase II data in first-line NSCLC showing 80% ORR in combination with cetuximab and was added to the NRDL effective 2026. • GFH276 (Pan-RAS molecular glue) commenced Phase I/II trials; GFS202A (GDF15/IL-6 bispecific for cachexia) advanced in Phase I with early weight-gain signals; GFS784 (Pan-RAS ADC) IND accepted.
Gross profit held steady at RMB 83.66 million (2024: RMB 84.61 million), while cost of sales more than doubled to RMB 46.61 million on higher product revenue. The company ended 2025 with net assets of RMB 1.81 billion versus a deficit of RMB 1.96 billion a year earlier, reflecting the conversion of preferred shares at listing.
No dividend was declared for the year. Management highlighted plans to file NDAs for GFH375 in pancreatic cancer and NSCLC by 2027 and to leverage the strengthened balance sheet for continued clinical advancement of its RAS-centric and immunology pipelines.
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