By Fineline Cube 
Beijing-based biotech InnoCare Pharma (HKG: 9969, SHA: 688428) released its Q1 2025 financial report, recording revenues of RMB 381 million (USD 52.8 million), marking a 129.92% year-on-year (YOY) increase. The company achieved a net profit of RMB 14 million (USD 1.94 million), marking a turnaround from loss to profitability. As of the end of the reporting period, InnoCare held RMB 7.778 billion (USD 1.1 billion) in cash and cash equivalents, underscoring its strong liquidity position.
Revenue Growth Drivers
The significant revenue growth was primarily driven by sustained sales increases from its core product, the BTK inhibitor orelabrutinib, and an upfront payment from a licensing agreement with Prolium Bioscience Inc. In Q1 2025, orelabrutinib generated sales of RMB 311 million (USD 43 million), representing an 89.22% YOY increase. The drug received additional approval in April 2025 as a first-line treatment for adults with chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), which is expected to further accelerate sales growth.
Licensing Agreement Details
In January 2025, InnoCare, in collaboration with Keymed Biosciences Inc. (2162.HK) and their joint venture, entered into a licensing agreement with Prolium. The agreement grants Prolium the rights to develop and commercialize the CD20×CD3 bispecific antibody CM355 (ICP-B02). The total potential deal value could reach up to USD 520 million.-Fineline Info & Tech