3D Medicines (HKG: 1244), a China-based oncology specialist, has released its financial report for the first half of the year 2024. The company reported revenues of RMB 206 million for the period, a decrease of 41.4% year-on-year (YOY). All revenues were attributed to the direct sales of its PD-L1 monoclonal antibody (mAb) envafolimab to distributors. The decline was due to intense competition in the PD-1/L1 market. After adjustments in accordance with Non-IFRS standards, the total comprehensive loss for the period was RMB 97.659 million, marking an increase of 19.9% YOY.
As of June 30, 2024, 3D Medicines’ pipeline comprises 12 drug candidates, with envafolimab being the sole commercialized product alongside 7 clinical-stage products. The company launched envafolimab in Macau in January 2024 through a licensing agreement with Glenmark, a move anticipated to bring new growth opportunities. During the reported period, 3D Medicines’ research and development (R&D) expenses saw a YOY decrease of 43.7% to RMB 85.29 million. The company’s current assets at the period’s end stood at RMB 1.037 billion, which included cash and cash equivalents of RMB 489 million.- Flcube.com
