雅联医药（09637.HK）发布2026年中期业绩：收入同比+761%但76%来自一次性授权收入，净亏损收窄22.5%

lebund Pharmaceuticals (09637.HK) reported unaudited interim results for the six months ended June 30, 2026, highlighting sharply higher revenue, narrowing losses and continued progress across its renal-focused pipeline.
Total revenue surged 761.2% year over year to RMB104.2 million, compared with RMB12.1 million in the prior-year period, primarily driven by licensing revenue from its AP306 collaboration with R1 Therapeutics and strong Mircera sales growth.
Net loss narrowed 22.5% to RMB162.6 million from RMB209.7 million a year earlier, while adjusted net loss decreased 12.6% to RMB130.1 million.
Financial Performance
Revenue increased to RMB104.2 million from RMB12.1 million in the first half of 2025, reflecting RMB79.3 million in licensing revenue recognized under the AP306 licensing and equity agreements with R1 Therapeutics.
Mircera sales revenue rose approximately 105.0% to RMB24.8 million from RMB12.1 million in the prior-year period.
Gross profit increased sharply to RMB91.1 million from RMB5.3 million a year earlier, while Mircera gross profit rose 120.8% to RMB11.7 million and its gross margin improved to 47.3% from 43.4%.
Research and development expenses increased 28.4% to RMB141.4 million from RMB110.1 million, reflecting continued advancement of AP301, AP306 and AP308.
The company reported a net loss of RMB162.6 million, compared with RMB209.7 million a year earlier, while adjusted net loss narrowed to RMB130.1 million from RMB148.9 million.
Pipeline Progress
AP301, Alebund's oral iron-based phosphate binder for hyperphosphatemia, completed patient enrollment in the global Phase III RESPOND-2 trial, which enrolled 282 patients across the U.S. and China.
Subsequent to the reporting period, China's NMPA accepted the New Drug Application for AP301 for review on August 7, 2026.
The company expects potential approval in China in 2027, subject to regulatory review.
The global Phase III trial is expected to be completed in the second quarter of 2027, after which Alebund plans to submit a New Drug Application to the FDA.
AP306, an oral pan-phosphate transporter inhibitor, entered a global Phase IIb trial in patients with hyperphosphatemia receiving maintenance hemodialysis.
The study plans to enroll approximately 168 participants, with completion expected in the second quarter of 2027.
The company also plans to initiate a global Phase III trial of AP306 in the second half of 2027.
AP303 completed three Phase I/Ib trials and demonstrated favorable safety and tolerability in healthy participants and patients with diabetic kidney disease.
Alebund has obtained Phase II clinical trial approvals for multiple chronic kidney disease indications and plans to begin site selection for studies in diabetic kidney disease and IgA nephropathy in the second half of 2026.
AP308 remains in preclinical development, with studies showing substantial reductions in circulating IgA1 and near-complete clearance of glomerular IgA deposits in humanized mouse models.
Alebund plans to submit IND applications in China and the U.S. in the second half of 2026.
Collaboration And Commercial Expansion
Alebund entered licensing and equity agreements with R1 Therapeutics for AP306, retaining rights in Greater China while granting R1 exclusive rights to develop and commercialize the candidate outside the region.
The company recognized RMB79.3 million in licensing revenue from the transaction during the reporting period.
Meanwhile, Mircera sales continued to grow in China, supported by the company's dedicated nephrology commercial infrastructure and expanding access to public hospitals.
The company said its existing commercialization platform is expected to support the future launch of AP301 and other renal-focused products.
Cash Position And Outlook
As of June 30, 2026, Alebund had RMB1.39 billion in cash and cash equivalents, time deposits and wealth management products, up RMB861.6 million, or 162.2%, from December 31, 2025.
The company also completed its Hong Kong listing during the period, with aggregate net proceeds from the global offering reaching approximately HK$1.36 billion following the full exercise of the over-allotment option in July.
Alebund said it will continue advancing AP301 toward regulatory approval, progress AP306 through its Phase IIb trial and expand development of AP303 and AP308 while strengthening its integrated R&D, manufacturing and commercialization capabilities.
9637.HK has traded between $22.72 and $46.82 over the past year.
The stock closed Wednesday's trading at $33.00, down 2.65%.
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