SinoMab BioScience released its unaudited interim results for the six months ended 30 June 2026, detailing a larger half-year loss alongside significant clinical progress and an ongoing transition to an asset-light model.

Financial Snapshot • Loss after tax widened to RMB127.39 million, compared with RMB49.82 million a year earlier. • Operating expenditure climbed, led by research & development costs of RMB50.34 million (up 53.8%) and administrative expenses of RMB39.01 million (up 64.6%). • A RMB56.34 million impairment on the Suzhou manufacturing site—now earmarked for disposal—added to the deficit. • Other income and gains rose to RMB23.46 million, boosted by a RMB19.63 million foreign-exchange gain. • Cash and cash equivalents fell to RMB151.78 million from RMB322.71 million at end-2025; total funding available (cash, deposits and WMPs) stood at RMB196.45 million. • Interest-bearing bank borrowings declined to RMB260.21 million; gearing ratio increased to 30.0% (31 Dec 2025: 0.8%).

Pipeline and R&D Highlights • SM17 (anti-IL-25R, first-in-class):  – Positive topline data from a Chinese Phase 1b study in moderate-to-severe atopic dermatitis (AD); 75 % of high-dose patients achieved EASI 75, and 91.7 % met the NRS-4 itch endpoint.  – Phase 2 AD trial initiated on 31 March 2026; 86 of 210 patients enrolled by 30 June, with top-line read-out targeted for Q1 2027.  – Subcutaneous bridging study in healthy volunteers completed; data will support AD and IBD programmes.  – China NMPA approved IND for inflammatory bowel disease (Crohn’s & ulcerative colitis) on 24 February 2026.

• Anti-γc (CGC) antibody hC2: preclinical data showed reversal of alopecia areata and vitiligo models; concurrent IND filings with FDA and NMPA planned for Q4 2026.

• Bispecific antibody (RANKL x Sclerostin) for osteoporosis: superior pre-clinical bone-forming profile; IND submission targeted for 1H 2027.

• Suciraslimab (SM03, anti-CD22): BLA for rheumatoid arthritis voluntarily withdrawn; development refocused on systemic lupus erythematosus with Phase 2 planning underway.

Operational Restructuring • High-efficiency, asset-light strategy advanced:  – March 2026: lease of Haikou production base terminated.  – July 2026 (post period): agreement to sell Suzhou manufacturing property for RMB280 million; shareholder approval granted on 7 September 2026.

Capital Management • Net proceeds of HK$493.42 million from 2023–2025 share subscriptions are being channelled primarily into SM17 clinical trials, pipeline expansion (SM18, SM32), and working capital. As at 30 June 2026, HK$211.61 million remained unutilised.

Governance Updates • Board changes: resignations of non-executive directors Dr. Haigang Chen (31 Mar 2026) and Mr. Xun Dong (1 Apr 2026); appointment of Ms. Lei Xue as non-executive director (12 Jun 2026). • Post period: grant of 18.03 million share options on 24 Jul 2026 to an executive director and an employee.

Outlook Management reiterated confidence in accelerating clinical milestones, securing global partnerships, and enhancing financial flexibility through divestments and external CDMO collaborations to support its immunology-focused biologics pipeline.