Harbour BioMed (HKG: 2142), a biopharmaceutical company with operations in the United States, the Netherlands, and Suzhou, China, has reported a decline in its financial performance for the first half of 2024. The company’s overall revenues have dropped by 42.2% year-on-year to RMB 168 million (USD 23.7 million), with profits falling by 52.1% to RMB 9.92 million (USD 1.4 million).
Despite the downturn, Harbour BioMed is actively optimizing its clinical programs and molecule assets in the discovery and pre-clinical stages. The company’s research and development expenditure has decreased by 53.9% year-on-year, amounting to RMB 92.97 million (USD 13.1 million). However, the company’s cash reserves at the end of the period were more substantial compared to the same period last year, reaching approximately RMB 1.3 billion (USD 183 million).
Harbour BioMed, which focuses on developing drug candidates for tumor immunity, inflammation, and immunological diseases, has a differentiated product pipeline. Its core products include the FcRn monoclonal antibody (mAb) batoclimab (HBM9161), CTLA-4 mAb porustobart (HBM4003), TSLP mAb HBM9378, and B7H7/HHLA2 mAb HBM1020. Batoclimab is awaiting regulatory decisions in China for the treatment of generalized myasthenia gravis (gMG), and porustobart has initiated a clinical study for advanced colorectal cancer in combination with a PD-1 inhibitor earlier this year. -Fineline Info & Tech
