CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, March 30, 2026 /PRNewswire/ -- Harbour BioMed ("HBM" or the "Company"; HKEX: 02142), a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology, oncology and other areas, today announced its financial results for the year ended December 31, 2025.
Dr. Jingsong Wang, Founder, Chairman, and CEO of Harbour BioMed, commented: "2025 marked a pivotal year for Harbour BioMed as we entered the third phase of our strategic evolution, with a clear roadmap toward our 2028 vision of becoming a global leading platform-based biopharmaceutical group.
The Company's strategy is powered by three integrated growth engines. These include building a global leading AI-driven antibody discovery 'new infrastructure' through Nona Biosciences, expanding global partnerships through platform-based collaborations with multinational pharmaceutical companies, and unlocking the global value of its mid- to late-stage pipeline in immunology, oncology and other areas through Harbour Therapeutics. These three engines connect technology platforms, global partnerships and pipeline development, forming a scalable model for sustainable innovation and long-term growth.
Leveraging our proprietary antibody discovery platforms and continued innovation in AI-enabled drug development, Harbour BioMed has built a strong global collaboration ecosystem. Looking ahead, we will continue to focus on innovation and accelerate the development of next-generation biologics to deliver transformative therapies for patients worldwide."
2025 Financial Highlights: Strong Growth and Profitability
-- Total Revenue reached approximately US$158 million, representing an
increase of 314.6% year over year, primarily driven by long-term
strategic collaborations with multinational pharmaceutical companies,
global licensing agreements, and robust revenue growth fueled by the
strong performance of Nona Biosciences.
-- Net Profit for the Year surged to approximately US$92 million, a 33-fold
increase compared to full year 2024, reflecting strong revenue growth and
continuous improvement in operational efficiency.
-- Adjusted net profit for the year[1] was approximately US$101 million,
representing a 11-fold year-over-year increase.
-- Cash and Cash Equivalents stood at approximately US$403 million as of
December 31, 2025, representing an increase of 141.6% from the end of
2024. The Company maintains strong financial resources and flexibility to
execute efficient capital management initiatives.
([1]) The adjusted items for net profit are share-based compensation,
depreciation and amortization, and other one-time related expenses.
Strategic Collaborations Fuel Global Expansion
Over the past several years, Harbour BioMed has steadily transformed the strength of its technology platforms into high-value global partnerships, building an expanding international innovation ecosystem. The Company has deepened its ties with global pharmaceutical leaders in antibody discovery and next-generation biologics development, ensuring its innovative platform technologies reached new heights.
In 2025 alone, the Company established multiple collaborations with global biotechnology innovators and multinational pharmaceutical companies, including Windward Bio, AstraZeneca, Otsuka, Pfizer and Bristol Myers Squibb. Among these, Harbour BioMed's expanding collaboration with AstraZeneca stands as a representative example of the Company's evolving partnership model--progressing from product licensing to a deep strategic collaboration covering multiple targets and programs. The collaboration between the two parties in 2025 is further distinguished by an innovative, multi-faceted framework that combines R&D collaboration, equity investment, and the establishment of the Harbour BioMed-AstraZeneca Innovation Lab.
Together, these collaborations underscore Harbour BioMed's evolving platform-driven partnership model, enabling the Company to accelerate global innovation while creating long-term strategic and commercial value.
Advancing a Robust and Differentiated Pipeline
Harbour BioMed continues to advance a diversified pipeline of innovative therapeutics addressing diseases with significant unmet medical needs. With almost 20 drug candidates spanning preclinical to late-stage clinical development, the Company is building a broad portfolio across immunology, oncology and other areas, while expanding into next-generation modalities including bispecific and tri-specific T cell engagers, antibody-drug conjugates, metabolic disease therapies and central nervous system programs.
Key products in the mid-late clinical stage include:
Batoclimab (HBM9161) is the first anti-FcRn monoclonal antibody completed Phase I to pivotal trials in China. As a novel, fully human anti-FcRn monoclonal antibody, batoclimab has the potential to be a breakthrough treatment option for a wide range of autoimmune diseases. The Phase III pivotal clinical trial results of batoclimab were published in JAMA Neurology in March 2024, demonstrating sustained efficacy and safety with long-term use of batoclimab in the treatment of generalized myasthenia gravis (gMG). In July 2024, NMPA accepted the BLA for batoclimab for the treatment of gMG.
HBM9378 is a fully human monoclonal antibody against thymic stromal lymphopoietin $(TSLP)$ generated from the H2L2 Harbour Mice$(R)$ platform. It potently binds to the TSLP ligand and inhibits the TSLP mediated signaling pathway by blocking the interaction between TSLP and TSLP receptor. TSLP is a well-validated cytokine that plays a key role in the development and progression of a wide array of immunological conditions, including asthma and COPD where inhibition has demonstrated benefit in a wide array of inflammatory phenotypes. HBM9378 has been engineered to achieve an extended half-life and effector silencing and is subcutaneously administered.
The Company received the IND approval of HBM9378 for moderate-to-severe asthma from the NMPA in February 2022 and completed a Phase I clinical trial in healthy subjects in China. In November 2024, the Company submitted an IND application for HBM9378 for chronic obstructive pulmonary disease (COPD) to the NMPA, which was approved in January 2025.
In January 2025, it was announced that the Company and Kelun-Biotech entered into an exclusive license agreement with Windward Bio, under which Windward Bio was granted an exclusive license for the research, development, manufacturing and commercialization of HBM9378 globally (excluding Greater China and several Southeast and West Asian countries). In July 2025, Windward Bio launched global Phase II POLARIS clinical study, assessing long-acting dosing of HBM9378/WIN378 for people living with asthma.
Note: HBM9378 is known as SKB378 in Kelun-Biotech's pipeline and WIN378 in Windward Bio's pipeline.
Porustobart (HBM4003) is a next-generation, fully human heavy-chain-only anti-CTLA-4 antibody discovered and developed using the HCAb Harbour Mice(R) platform. It is also the first fully human heavy-chain-only antibody which entered clinical development globally. Compared with conventional CTLA-4 antibodies, porustobart has unique, favourable properties, including significant Treg cell depletion and optimized pharmacokinetics for improved safety. Additionally, by enhancing antibody-dependent cellular cytotoxicity (ADCC), porustobart increases the potential to selectively deplete intratumoral Treg cells, helping to overcome the efficacy and toxicity bottleneck of current CTLA-4 therapies. The Company has implemented a global development plan for multiple types of solid tumors with an adaptive treatment design for porustobart. Positive efficacy and safety data have been observed in the monotherapy trial targeting advanced solid tumors, as well as in combination trials with PD-1 inhibitors for melanoma, colorectal cancer $(CRC)$, neuroendocrine neoplasm $(NEN)$ and hepatocellular carcinoma $(HCC)$.
In October 2025, the Company published positive Phase II clinical data in combination with tislelizumab, for the treatment of microsatellite stable $(MSS)$ metastatic colorectal cancer (mCRC). Of the 23 evaluable patients, the objective response rate $(ORR)$ is 34.8%, disease control rate (DCR) is 60.9%, and 12-month overall survival (OS) Rate is 84%.
In February 2026, the Company entered a license agreement and equity partnership with Solstice Oncology, a clinical stage biotechnology company established by a syndicate of major venture capital investors, for the exclusive development and commercialization of HBM4003 outside Greater China.
HBM7575 is a long-acting bispecific antibody targeting TSLP and an undisclosed antigen, with a dual mechanism of action. On one hand, by blocking the interaction between TSLP and its receptor, it inhibits TSLP-mediated signaling pathways and the activation of Th2 immune cells. On the other hand, binding to and blocking the undisclosed target generates a synergistic effect, overcoming resistance issues associated with TSLP single-target antibodies. HBM7575 has been engineered to possess an extended half-life and favourable developability, enabling subcutaneous administration. Based on preclinical half-life data, the anticipated human half-life is expected to support dosing intervals of more than three months, positioning it as a potential best-in-class therapy.
In December 2025, NMPA accepted the IND application for HBM7575 for the treatment of atopic dermatitis. In March 2026, the China IND application for the treatment of atopic dermatitis, has been approved by the NMPA.
Key products in the next-generation innovation portfolio include:
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