China-based Clover Biopharmaceuticals, Ltd (HKG: 2197) has announced its financial results for 2023, recording its first commercial sales with revenues of RMB 39.3 million (USD 5.4 million). The revenues were driven by the COVID-19 vaccine SCB-2019 (CpG 1018/Alum) and the quadrivalent influenza vaccine AdimFlu-S (QIS), which were launched in China in February and September 2023, respectively.
The company’s research and development (R&D) expenses decreased by approximately 56% year-on-year (YOY) to RMB 649.9 million (USD 89.69 million), following the completion of R&D activities related to SCB-2019 (CpG 1018/Alum). Clover Biopharmaceuticals plans to streamline operations and prioritize respiratory vaccine products. Sales and distribution expenses for the launch of commercial sales activities amounted to RMB 54.8 million. The annual loss was significantly reduced from RMB 2.452 billion in 2022 to RMB 139 million in 2023.
The company’s cash and bank balance decreased from RMB 1.857 billion as of December 31, 2022, to RMB 1.096 billion as of December 31, 2023. This reduction was mainly due to the expansion of market access capabilities, continuous investment in R&D activities, and daily operating expenses.
Clover Biopharmaceuticals achieved multiple milestones in 2023 across R&D, manufacturing, and commercialization. In February, the company entered into a distribution agreement with Adimmune Corporation for AdimFlu-S (QIS) in mainland China. The Trimer Tag platform was utilized to develop a candidate vaccine for respiratory syncytial virus (RSV), which completed the first batch of subject enrollment in a Phase I study in Australia. Additionally, the TPO mimetic peptide bispecific Fc SCB-219M has shown positive Phase I clinical data for the treatment of tumor chemotherapy-associated thrombocytopenia (CIT).- Flcube.com
