China-based pharmaceutical company RemeGen (HKG: 9995) has reported its financial results for the first quarter of 2024, with revenues reaching RMB 330 million (USD 45.54 million) for the three-month period, marking a significant increase of 96.41% year-on-year (YOY). However, the company recorded net losses of RMB 349 million (USD 48.2 million).
The company’s research and development (R&D) expenses soared to RMB 331 million, an uptick of 32.62% YOY, which equates to 100.23% of total revenues. This substantial R&D investment highlights RemeGen’s commitment to innovation. The ending balance of cash and cash equivalents stood at RMB 620 million, a decrease from RMB 1.086 billion at the end of Q1 2023.
RemeGen’s core product, telitacicept, a recombinant fusion protein that targets both B lymphocyte stimulator (BLyS) and a proliferating-inducing ligand (APRIL), received conditional marketing approval in China for the treatment of systemic lupus erythematosus (SLE) in March 2021 and was fully approved in November 2023. In 2024, the drug was granted fast-track designation (FTD) by the U.S. FDA for the treatment of Sjogren’s syndrome.
Additionally, RC88, a mesothelin (MSLN)-targeted antibody-drug conjugate (ADC), received clearance in both the U.S. and China to advance into global multi-center Phase II clinical trials. RC88 was also granted fast-track status in the U.S. for the treatment of platinum-resistant recurrent epithelial ovarian cancer, fallopian tube cancer, and primary peritoneal cancer (PROC) during the quarter.- Flcube.com
