Primary Hydrogen Commences Phase 1 Of Natural Hydrogen Exploration Program
VANCOUVER, BC / ACCESS Newswire / March 3, 2025 / Primary Hydrogen Corp. (TSXV:HDRO)(FRA:83W0)(OTCQB:HNATF) (the 'Company' or 'Primary'), a leading exploration company focused on identifying and developing natural hydrogen resources, is pleased to announce the commencement of the first phase (Phase 1) of its multiphase 2025 exploration program.
Primary has engaged the leading service provider in hyperspectral imaging technology to conduct advanced satellite-based surveys across its portfolio of projects. The industry-leading technology allows for 5 metre spatial resolution with 23 unique bands which provides groundbreaking high-resolution and high-quality images. This initiative aims to assist in the identification of prospective hydrogen exploration targets, leveraging cutting-edge remote sensing capabilities to enhance the Company's resource discovery strategy.
Strategic Hydrogen Exploration Through Hyperspectral Imaging
The initial phase of the program will involve collecting satellite-based hyperspectral imaging, calibrated over known hydrogen occurrences, to identify potential corresponding signatures across Primary's portfolio of hydrogen projects in Canada. The phased approach will progress as follows:
Phase 1: Collection and analysis of satellite-based hyperspectral imaging.
Phase 2: Field sampling and mapping of high-priority targets identified in Phase 1.
Phase 3: Higher-resolution airborne or ground-based geophysical surveys to refine exploration targets later this year.
'This first step of the exploration program is an exciting milestone toward unlocking Canada's natural hydrogen potential,' said Peter Lauder, VP of Exploration at Primary. 'With cutting-edge hyperspectral imaging, we aim to de-risk exploration, maximize efficiency, and potentially accelerate the discovery of economic hydrogen deposits. This will allow us to focus on the most promising areas in subsequent exploration phases, advancing our goal of defining Canada's first economic natural hydrogen discovery.'
About Primary Hydrogen Corp.
Primary Hydrogen is committed to pioneering the natural hydrogen sector, leveraging cutting-edge exploration techniques to identify and develop sustainable energy solutions. The Company has an extensive portfolio of properties covering over 210 square kilometres across Canada including the Blakelock and Hopkins projects in Ontario, the Mary's Harbour project in Labrador, the Point Rosie project in Newfoundland, and the Crooked Amphibolite, Coquihalla, and Cogburn projects in British Columbia. The Company also holds the Arthur Lake copper project in British Columbia.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Ben Asuncion
Chief Executive Officer
Primary Hydrogen Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budgets', 'scheduled', 'estimates', 'forecasts', 'predicts', 'projects', 'intends', 'targets', 'aims', 'anticipates' or 'believes' or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking information in this news release includes, but is not limited to, the anticipated effects of the Shares' quotation on the FSE and OTCQB.
Although the Company believes, in light of the experience of their officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this news release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of the Company. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to, the risk that the quotation of the Shares on the FSE and the OTCQB do not have the anticipated effects, inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis filed under the Company's SEDAR+ profile at www.sedarplus.ca. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
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QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025
BEIJING, June 06, 2025 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) ('QuantaSing' or the 'Company'), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the 'third quarter of FY 2025', which refers to the quarter from January 1, 2025 to March 31, 2025). Business and Financial Highlights for the Third Quarter of FY 2025 Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the 'second quarter of FY 2025') and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the 'third quarter of FY 2024'). Gross billings of individual online learning services1 for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024. Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024. Adjusted net income2 for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024. Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024. Paying learners was approximately 0.3 million in the third quarter of FY 2025. Company Highlight for the Third Quarter of FY 2025 Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company's consolidated balance sheet as of March 31, 2025. Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, 'Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan's operations, we're applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.' Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, 'Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we've maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.' Financial Results for the Third Quarter of FY 2025 Revenues Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company's deliberate shift from traffic-driven growth to high-quality growth. Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses. Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers. Revenues from consumer business3 were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue. Revenues from others3 were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company's newly initiated business. Cost of revenues Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million). Sales and marketing expenses Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million). Research and development expenses Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million). General and administrative expenses General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million). Remeasurement gain of previously held equity interests in connection with step acquisitions Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report. Others, net Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company's long-term investments. Net income and adjusted net income Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024. Earnings per share and adjusted earnings per share4 Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024. Balance Sheet As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024. Recent Developments Investments in Letsvan On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company's strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company. Letsvan currently operates a number of established IPs, including "WAKUKU", "ZIYULI", "FUNII", "FIILA" and "PIDOL", with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan's current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities. International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio. Recent product launches include the "WAKUKU Fox and Bunny Trick or Treat", which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market. 2024 Share Repurchase Program On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company's Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the '2024 Share Repurchase Program'). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program. 2025 Share Repurchase Program On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company's Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the '2025 Share Repurchase Program'). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company's insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance. Conference Call Information The Company's management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: 1-412-902-4272 United States Toll Free: 1-888-346-8982 Mainland China Toll Free: 4001-201203 Hong Kong Toll Free: 800-905945 Conference ID: QuantaSing Group Limited The replay will be accessible through June 13, 2025 by dialing the following numbers: International: 1-412-317-0088 United States Toll Free: 1-877-344-7529 Replay Access Code: 3611954 A live and archived webcast of the conference call will be available at the Company's investor relations website at Non-GAAP Financial Measures To supplement the Company's consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company's individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on these non-GAAP financial measures, please see the table captioned 'QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results' near the end of this release. Exchange Rate Information This announcement contains translations of certain Renminbi ('RMB') amounts into U.S. dollars ('US$') at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Safe Harbor Statements This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing's financial outlook, beliefs and expectations. These statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'potential,' 'continue,' 'ongoing,' 'targets,' 'guidance' and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 'SEC'), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company's business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. About QuantaSing Group Limited QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users' wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline. For more information, please visit: Contact Investor RelationsLeah GuoQuantaSing Group LimitedEmail: ir@ +86 (10) 6493-7857 Robin Yang, PartnerICR, LLCEmail: +1 (212) 537-0429 _________________________________1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the 'Non-GAAP Financial Measures' section and the table captioned 'QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results' below.2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the 'Non-GAAP Financial Measures' section and the table captioned 'QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results' below.3 Effective from the fourth quarter of FY 2024, the Company has introduced 'Revenues from Consumer Business' as a separate line item. This revenue was previously included in 'Revenues from Others'. The historical revenues presentation has been conformed to the current presentation.4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the 'Non-GAAP Financial Measures' section and the table captioned 'QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results' GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for share and per share data) As of June 30,2024 March 31,2025 March 31,2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 779,931 985,677 135,830 Restricted cash 160 675 93 Short-term investments 246,195 148,532 20,468 Accounts receivable, net 16,676 37,392 5,153 Amounts due from related parties 4,488 489 67 Inventory, net 6,345 28,120 3,875 Prepayments and other current assets 275,549 173,582 23,920 Total current assets 1,329,344 1,374,467 189,406 Non-current assets: Property and equipment, net 6,569 11,571 1,595 Long-term investments 9,010 44,428 6,122 Intangible assets, net - 68,973 9,505 Operating lease right-of-use assets 58,889 29,479 4,062 Deferred tax assets 847 914 126 Goodwill - 187,598 25,852 Other non-current assets 21,360 5,177 713 Total non-current assets 96,675 348,140 47,975 TOTAL ASSETS 1,426,019 1,722,607 237,381 LIABILITIES Current liabilities: Short-term Borrowings - 14,500 1,998 Accounts payables 62,066 55,219 7,609 Accrued expenses and other current liabilities 190,508 186,084 25,643 Income tax payable 20,399 53,565 7,381 Contract liabilities, current portion 385,227 310,189 42,745 Advance from customers 162,257 148,332 20,441 Operating lease liabilities, current portion 49,099 30,837 4,249 Total current liabilities 869,556 798,726 110,066 Non-current liabilities: Contract liabilities, non-current portion 11,365 33,495 4,616 Operating lease liabilities, non-current portion 16,989 3,123 430 Deferred tax liabilities 11,625 42,269 5,825 Total non-current liabilities 39,979 78,887 10,871 TOTAL LIABILITIES 909,535 877,613 120,937QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued(Amounts in thousands, except for share and per share data) As of June 30,2024 March 31,2025 March 31,2025 RMB RMB US$ MEZZANINE EQUITY Non-controlling interests with liquidation preferences - 40,999 5,650 SHAREHOLDERS' EQUITY Class A ordinary shares 81 81 11 Class B ordinary shares 34 34 5 Treasury stock (109,257 ) (41,898 ) (5,774 ) Additional paid-in capital 1,192,474 1,069,620 147,398 Accumulated other comprehensive income 17,313 18,491 2,548 Accumulative deficit (584,161 ) (335,573 ) (46,243 ) TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS' EQUITY 516,484 710,755 97,945 Non-controlling interests - 93,240 12,849 TOTAL SHAREHOLDERS' EQUITY 516,484 803,995 110,794 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY 1,426,019 1,722,607 237,381QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Amounts in thousands, except for shares and per share data) For the Three MonthsEnded March 31, For the Nine MonthsEnded March 31, 2024 2025 2025 2024 2025 2025 RMB RMB US$ RMB RMB US$ Revenues 945,570 570,706 78,645 2,795,248 2,107,757 290,457 Cost of revenues (145,848 ) (96,556 ) (13,306 ) (409,058 ) (353,516 ) (48,716 ) Gross Profit 799,722 474,150 65,339 2,386,190 1,754,241 241,741 Operating expenses: Sales and marketing expenses (729,620 ) (395,175 ) (54,457 ) (2,006,884 ) (1,317,206 ) (181,516 ) Research and development expenses (38,840 ) (20,891 ) (2,879 ) (123,655 ) (77,325 ) (10,656 ) General and administrative expenses (36,390 ) (25,049 ) (3,452 ) (114,211 ) (86,194 ) (11,878 ) Total operating expenses (804,850 ) (441,115 ) (60,788 ) (2,244,750 ) (1,480,725 ) (204,050 ) (Loss)/Income from operations (5,128 ) 33,035 4,551 141,440 273,516 37,691 Other income: Interest income 2,513 880 121 8,369 4,040 557 Remeasurement gain of previously held equity interests in connection with step acquisitions - 8,109 1,117 - 8,109 1,117 Others, net 7,685 15,400 2,122 22,163 31,418 4,330 Income before income tax 5,070 57,424 7,911 171,972 317,083 43,695 Income tax benefit/(expense) 9,560 (16,280 ) (2,243 ) 16,948 (68,495 ) (9,439 ) Net income 14,630 41,144 5,668 188,920 248,588 34,256 Net loss attributable to noncontrolling interests - 1 - - 1 - Net income attributable to QuantaSing Group Limited 14,630 41,145 5,668 188,920 248,589 34,256 Other comprehensive income/(loss) Foreign currency translation adjustments, net of nil tax 423 (289 ) (40 ) (4,954 ) 1,178 162 Total other comprehensive income/(loss) 423 (289 ) (40 ) (4,954 ) 1,178 162 Total comprehensive income 15,053 40,855 5,628 183,966 249,766 34,418 Total comprehensive loss attributable to noncontrolling interests - 1 - - 1 - Comprehensive income attributable to QuantaSing Group Limited 15,053 40,856 5,628 183,966 249,767 34,418 Net income per ordinary share - Basic 0.09 0.25 0.03 1.14 1.55 0.21 - Diluted 0.09 0.25 0.03 1.10 1.52 0.21 Weighted average number of ordinary shares used in computing net income per share - Basic 164,753,256 162,791,862 162,791,862 166,399,349 160,479,027 160,479,027 - Diluted 170,890,581 165,216,173 165,216,173 171,089,530 163,949,787 163,949,787 Share-based compensation expenses included in Cost of revenues (2,878 ) (1,431 ) (197 ) (9,945 ) (5,214 ) (719 ) Sales and marketing expenses (2,779 ) (642 ) (88 ) 8,678 (1,540 ) (212 ) Research and development expenses (3,599 ) (167 ) (23 ) (10,611 ) (2,474 ) (341 ) General and administrative expenses (8,039 ) (2,571 ) (354 ) (28,961 ) (8,073 ) (1,112 ) QUANTASING GROUP LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for shares and per share data) The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated: For the Three MonthsEnded March 31, For the Nine MonthsEnded March 31, 2024 2025 2025 2024 2025 2025 RMB RMB US$ RMB RMB US$ Revenues of individual online learning services: 828,127 467,247 64,388 2,457,588 1,777,552 244,953 Add: value-added tax 52,986 27,919 3,847 147,665 101,969 14,052 Add: ending deferred revenues(1) 744,320 461,026 63,531 744,320 461,026 63,531 Less: beginning deferred revenues(1) (643,929 ) (440,632 ) (60,721 ) (661,360 ) (565,030 ) (77,863 ) Gross billings of individual online learning services 981,504 515,560 71,045 2,688,213 1,775,517 244,673 (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in 'accrued expenses and other current liabilities'.QUANTASING GROUP LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS - continued(Amounts in thousands, except for shares and per share data) The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated: For the Three MonthsEnded March 31, For Nine MonthsEnded March 31, 2024 2025 2025 2024 2025 2025 RMB RMB US$ RMB RMB US$ Net income 14,630 41,144 5,668 188,920 248,588 34,256 Add: Share-based compensation expenses 17,295 4,811 662 40,839 17,301 2,384 Less: Remeasurement gain of previously held equity interests in connection with step acquisitions - (8,109 ) (1,117 ) - (8,109 ) (1,117 ) Adjusted net income 31,925 37,846 5,213 229,759 257,780 35,523 Attributable to noncontrolling interests - 1 - - 1 - Adjusted net income attributable to QuantaSing Group Limited 31,925 37,847 5,213 229,759 257,781 35,523 Weighted average number of ordinary shares used in computing net income per share - Basic 164,753,256 162,791,862 162,791,862 166,399,349 160,479,027 160,479,027 - Diluted 170,890,581 165,216,173 165,216,173 171,089,530 163,949,787 163,949,787 Weighted average number of ordinary shares used in computing adjusted net income per share - Basic 164,753,256 162,791,862 162,791,862 166,399,349 160,479,027 160,479,027 - Diluted 170,890,581 165,216,173 165,216,173 171,089,530 163,949,787 163,949,787 Net income per ordinary share - Basic 0.09 0.25 0.03 1.14 1.55 0.21 - Diluted 0.09 0.25 0.03 1.10 1.52 0.21 Non-GAAP adjustments to net income per ordinary share - Basic 0.10 (0.02 ) 0.00 0.24 0.06 0.01 - Diluted 0.10 (0.02 ) 0.00 0.24 0.05 0.01 Adjusted net income per ordinary share - Basic 0.19 0.23 0.03 1.38 1.61 0.22 - Diluted 0.19 0.23 0.03 1.34 1.57 0.22Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Burning Rock Reports First Quarter 2025 Financial Results
GUANGZHOU, China, June 06, 2025 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the 'Company' or 'Burning Rock'), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months ended March 31, 2025. Recent Business Updates Therapy Selection and MRD Personalized Minimal Residual Disease (MRD) product, CanCatch® Custom supports advancement in oesophageal squamous cell carcinoma(OSCC)treatment, with results published in the Molecular Cancer in May 2025. The study is a two-arm, multicenter, randomized, double-blind phase 2 study, comparing the efficacy of systemic treatment combining nCT with immunotherapy against nCT alone for OSCC patients. The study demonstrates that Perioperative Nivolumab plus chemotherapy is a viable and safe option for systemically treating locally advanced resectable OSCC, and monitoring minimal residual disease through ctDNA could be potentially valuable for assessing the effectiveness of adjuvant therapy and for prognostic evaluation in a systemic manner. Presented study results on non-small cell lung cancer and gastrointestinal stromal tumor (GIST) at the ASCO in June 2025. 'Personalized tumor-informed ctDNA has the potential to inform recurrence in high-risk locally advanced stage GIST patients, especially for patients with irregular adjuvant therapy' and 'MUSETALK-Lung01 (MUltiomics SEquencing Technique AppLication Kick-start) is a prospective, longitudinal, observational study designed to evaluate the clinical utility of a tumor-naïve ctDNA assay in patients with early-stage non-small cell lung cancer (NSCLC).' Presented multiple study results at the 2025 AACR in April, showcasing the clinical utility of the tumor-informed personalized MRD assay (CanCatch® Custom) and the tumor-naïve methylation-based MRD assay. First Quarter 2025 Financial Results Revenues were RMB133.1 million (US$18.3 million) for the three months ended March 31, 2025, representing a 5.9% increase from RMB125.6 million for the same period in 2024. Revenue generated from central laboratory business was RMB38.3 million (US$5.3 million) for the three months ended March 31, 2025, representing a 19.6% decrease from RMB47.6 million for the same period in 2024, primarily attributable to a decrease in the number of tests, as we continued to focus on our in-hospital business. Revenue generated from in-hospital business was RMB57.7 million (US$7.9 million) for the three months ended March 31, 2025, representing a 0.5% increase from RMB57.4 million for the same period in 2024, driven by a continuous growth in sales volume. Revenue generated from pharma research and development services was RMB37.1 million (US$5.1 million) for the three months ended March 31, 2025, representing a 79.9% increase from RMB20.6 million for the same period in 2024, primarily attributable to increased development and testing services performed for our pharma customers, and several milestones of our pharma programs were achieved. Cost of revenues was RMB35.7 million (US$4.9 million) for the three months ended March 31, 2025, representing a 10.6% decrease from RMB39.9 million for the same period in 2024, primarily due to a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business. Gross profit was RMB97.4 million (US$13.4 million) for the three months ended March 31, 2025, representing a 13.7% increase from RMB85.7 million for the same period in 2024. Gross margin was 73.2% for the three months ended March 31, 2025, compared to 68.2% for the same period in 2024. By channel, gross margin of central laboratory business was 84.1% for the three months ended March 31, 2025, compared to 77.7% during the same period in 2024, primarily due to a reduction in material and labor costs resulted from cost optimization and control measures and a decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarter; gross margin of in-hospital business was 76.1% for the three months ended March 31, 2025, compared to 68.3% during the same period in 2024, primarily due to the same reason; gross margin of pharma research and development services was 57.5% for the three months ended March 31, 2025, compared to 46.1% during the same period of 2024, primarily due to the cost optimization measures and an increase in test volume of higher margin projects. Non-GAAP gross profit, which excludes depreciation and amortization expenses, RMB100.7 million (US$13.9 million) for the three months ended March 31, 2025, representing an 8.3% increase from RMB93.0 million for the same period in 2024. Non-GAAP gross margin was 75.6% for the three months ended March 31, 2025, compared to 74.0% for the same period in 2024. Operating expenses were RMB112.6 million (US$15.5 million) for the three months ended March 31, 2025, representing a 46.8% decrease from RMB211.5 million for the same period in 2024. The decrease was primarily driven by budget control measures and headcount reduction to improve the Company's operating efficiency. Research and development expenses were RMB40.4 million (US$5.6 million) for the three months ended March 31, 2025, representing a 38.8% decrease from RMB66.0 million for the same period in 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in the expenditure for detection research and (iii) a decrease in depreciation and amortization. Selling and marketing expenses were RMB40.9 million (US$5.6 million) for the three months ended March 31, 2025, representing a 12.7% decrease from RMB46.9 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency and (ii) a decrease in depreciation and amortization. General and administrative expenses were RMB31.3 million (US$4.3 million) for the three months ended March 31, 2025, representing a 68.3% decrease from RMB98.7 million for the same period in 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in depreciation and amortization; (iii) a decrease in staff cost resulted from the reorganization; and (iv) a decrease in operating lease expense for office building. Net loss was RMB13.5 million (US$1.9 million) for the three months ended March 31, 2025, compared to RMB121.5 million for the same period in 2024. Cash, cash equivalents and restricted cash were RMB497.4 million (US$68.5 million) as of March 31, 2025. Exchange Rate Information This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. About Burning Rock Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage. For more information about Burning Rock, please visit: Safe Harbor Statement This press release contains forward-looking statements. These statements constitute 'forward-looking' statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'target,' 'confident' and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock's beliefs and expectations, are forward-looking statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. Non-GAAP Measures In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ('U.S. GAAP'). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization. The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Contact: IR@ Selected Operating Data As of March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 In-hospital Channel: Pipeline partner hospitals(1) 28 29 30 29 30 Contracted partner hospitals(2) 59 59 61 63 63 Total number of partner hospitals 87 88 91 92 93(1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company's products. (2) Refers to hospitals that have entered into contracts to purchase the Company's products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals. Selected Financial Data For the three months ended Revenues March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 (RMB in thousands) Central laboratory channel 47,614 48,773 39,984 39,278 38,296 In-hospital channel 57,387 59,872 63,769 43,464 57,687 Pharma research and development channel 20,622 26,888 24,891 43,280 37,099 Total revenues 125,623 135,533 128,644 126,022 133,082 For the three months ended Gross profit March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands) Central laboratory channel 37,002 38,424 33,262 33,153 32,191 In-hospital channel 39,192 44,058 46,580 29,563 43,895 Pharma research and development channel 9,500 12,956 12,004 26,706 21,315 Total gross profit 85,694 95,438 91,846 89,422 97,401 For the three months ended Share-based compensation expenses March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands) Cost of revenues 596 464 289 520 308 Research and development expenses 12,287 12,008 3,180 3,202 1,800 Selling and marketing expenses 508 1,232 1,917 1,353 1,025 General and administrative expenses 55,990 54,407 4,732 2,937 1,413 Total share-based compensation expenses 69,381 68,111 10,118 8,012 4,546 Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) For the three months ended March 31,2024 June 30,2024 September 30, 2024 December 31,2024 March 31, 2025 March 31, 2025 RMB RMB RMB RMB RMB US$ Revenues 125,623 135,533 128,644 126,022 133,082 18,340 Cost of revenues (39,929 ) (40,095 ) (36,798 ) (36,600 ) (35,681 ) (4,918 ) Gross profit 85,694 95,438 91,846 89,422 97,401 13,422 Operating expenses: Research and development expenses (65,985 ) (64,952 ) (49,150 ) (52,203 ) (40,389 ) (5,566 ) Selling and marketing expenses (46,856 ) (48,907 ) (48,411 ) (46,730 ) (40,888 ) (5,635 ) General and administrative expenses (98,681 ) (92,794 ) (32,874 ) (37,289 ) (31,303 ) (4,314 ) Impairment loss on long-lived assets (35,127 ) Total operating expenses (211,522 ) (206,653 ) (130,435 ) (171,349 ) (112,580 ) (15,515 ) Loss from operations (125,828 ) (111,215 ) (38,589 ) (81,927 ) (15,179 ) (2,093 ) Interest income 4,038 3,187 3,173 1,814 2,581 356 Other income (expense), net 434 (82 ) 1 4,353 (652 ) (90 ) Foreign exchange (loss) gain, net (13 ) 262 (129 ) (220 ) (26 ) (4 ) Loss before income tax (121,369 ) (107,848 ) (35,544 ) (75,980 ) (13,276 ) (1,831 ) Income tax expenses (180 ) (190 ) (201 ) (5,314 ) (224 ) (31 ) Net loss (121,549 ) (108,038 ) (35,745 ) (81,294 ) (13,500 ) (1,862 ) Net loss attributable to Burning Rock Biotech Limited's shareholders (121,549 ) (108,038 ) (35,745 ) (81,294 ) (13,500 ) (1,862 ) Net loss attributable to ordinary shareholders (121,549 ) (108,038 ) (35,745 ) (81,294 ) (13,500 ) (1,862 ) Loss per share for class A and class B ordinary shares: Class A ordinary shares - basic and diluted (1.19 ) (1.05 ) (0.35 ) (0.79 ) (0.13 ) (0.02 ) Class B ordinary shares - basic and diluted (1.19 ) (1.05 ) (0.35 ) (0.79 ) (0.13 ) (0.02 ) Weighted average shares outstanding used in loss per share computation: Class A ordinary shares - basic and diluted 85,219,188 85,271,858 85,902,670 86,036,286 90,291,658 90,291,658 Class B ordinary shares - basic and diluted 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 Other comprehensive income (loss), net of tax of nil: Foreign currency translation adjustments 590 940 (4,054 ) 6,009 (72 ) (10 ) Total comprehensive loss (120,959 ) (107,098 ) (39,799 ) (75,285 ) (13,572 ) (1,872 ) Total comprehensive loss attributable to Burning Rock Biotech Limited's shareholders (120,959 ) (107,098 ) (39,799 ) (75,285 ) (13,572 ) (1,872 ) Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets(In thousands) As of December 31, 2024 March 31,2025 March 31,2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 519,849 495,145 68,233 Restricted cash 2,313 2,261 312 Accounts receivable, net 152,013 159,463 21,974 Contract assets, net 13,855 17,178 2,367 Inventories, net 62,625 65,424 9,016 Prepayments and other current assets, net 25,963 22,072 3,042 Total current assets 776,618 761,543 104,944 Non-current assets: Property and equipment, net 47,152 41,162 5,672 Operating right-of-use assets 53,188 43,804 6,036 Intangible assets, net 421 386 53 Other non-current assets 7,926 7,822 1,078 Total non-current assets 108,687 93,174 12,839 TOTAL ASSETS 885,305 854,717 117,783 Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets (Continued)(in thousands) As of December 31,2024 March 31,2025 March 31,2025 RMB RMB US$ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 33,747 35,938 4,952 Deferred revenue 117,895 117,200 16,151 Accrued liabilities and other current liabilities 89,498 76,198 10,501 Customer deposits 592 592 82 Current portion of operating lease liabilities 24,567 22,524 3,104 Total current liabilities 266,299 252,452 34,790 Non-current liabilities: Non-current portion of operating lease liabilities 27,754 19,814 2,730 Other non-current liabilities 10,425 10,649 1,467 Total non-current liabilities 38,179 30,463 4,197 TOTAL LIABILITIES 304,478 282,915 38,987 Shareholders' equity: Class A ordinary shares 124 124 17 Class B ordinary shares 21 21 3 Additional paid-in capital 5,002,255 5,005,991 689,844 Treasury stock (63,264 ) (62,453 ) (8,606 ) Accumulated deficits (4,200,261 ) (4,213,761 ) (580,672 ) Accumulated other comprehensive loss (158,048 ) (158,120 ) (21,790 ) Total shareholders' equity 580,827 571,802 78,796 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 885,305 854,717 117,783 Burning Rock Biotech LimitedUnaudited Condensed Statements of Cash Flows(in thousands) For the three months ended March 31,2024 March 31,2025 March 31,2025 RMB RMB US$ Net cash generated from (used in) operating activities 19,062 (23,527 ) (3,242 ) Net cash used in investing activities (812 ) (1,531 ) (211 ) Net cash used in financing activities (74 ) - - Effect of exchange rate on cash, cash equivalents and restricted cash 5,739 302 43 Net increase in (decrease) cash, cash equivalents and restricted cash 23,915 (24,756 ) (3,410 ) Cash, cash equivalents and restricted cash at the beginning of period 498,247 522,162 71,955 Cash, cash equivalents and restricted cash at the end of period 522,162 497,406 68,545 Burning Rock Biotech LimitedReconciliations of GAAP and Non-GAAP Results For the three months ended March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands) Gross profit: Central laboratory channel 37,002 38,424 33,262 33,153 32,191 In-hospital channel 39,192 44,058 46,580 29,563 43,895 Pharma research and development channel 9,500 12,956 12,004 26,706 21,315 Total gross profit 85,694 95,438 91,846 89,422 97,401 Add: depreciation and amortization: Central laboratory channel 1,919 1,226 1,277 1,010 562 In-hospital channel 1,524 824 798 623 290 Pharma research and development channel 3,856 4,417 3,846 2,534 2,412 Total depreciation and amortization included in cost of revenues 7,299 6,467 5,921 4,167 3,264 Non-GAAP gross profit: Central laboratory channel 38,921 39,650 34,539 34,163 32,753 In-hospital channel 40,716 44,882 47,378 30,186 44,185 Pharma research and development channel 13,356 17,373 15,850 29,240 23,727 Total non-GAAP gross profit 92,993 101,905 97,767 93,589 100,665 Non-GAAP gross margin: Central laboratory channel 81.7% 81.3% 86.4% 87.0% 85.5% In-hospital channel 70.9% 75.0% 74.3% 69.5% 76.6% Pharma research and development channel 64.8% 64.6% 63.7% 67.6% 64.0% Total non-GAAP gross margin 74.0% 75.2% 76.0% 74.3% 75.6%Sign in to access your portfolio
Yahoo
7 hours ago
- Yahoo
Kelun-Biotech Announces Approximately US$250 Million Placement
CHENGDU, China, June 6, 2025 /PRNewswire/ -- On June 5, 2025, Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. ("Kelun-Biotech" or the "Company", announced the placement of 5,918,000 H shares under its general mandate, representing approximately 2.54% of the enlarged share capital of the Company post the placement. The shares were placed at HK$331.8 per share, raising net proceeds of approximately US$250 million. Highlights of the placement include: The offering was widely recognized by a broad-based investors including domestic and international institutional investors. The transaction was multiple times oversubscribed with robust participation from high-quality investors including global long only funds, sovereign wealth funds, and healthcare specialist funds; Due to the robust booking demand, the deal size was upsized from the initially targeted US$200 million at launch to US$250 million, making it the largest follow-on offering in the biopharma industry in the Hong Kong market over the past 12 months; The final offer price represents a 7.58% discount to the last closing price and a 0.89% premium to the average closing price over the past five trading days. The Company primarily intends to use the net proceeds of the placing (i) for the research and development, clinical trials, registration filings, manufacturing and commercialization of its products; (ii) to enhance its internal research and development technology capabilities, strengthen external collaboration, and expand its product pipeline portfolio. Dr. Michael Ge, CEO of Kelun-Biotech, commented: "We are pleased to see continued support from our key existing shareholders, alongside the addition of new, high-profile investors. This reflects the strong recognition of Kelun-Biotech's long-term investment value by international capital markets and specialist investors. With the support of this financing, we aim to further strengthen our pipeline strategy and accelerate global clinical development. This will enable us to unlock the potential of cutting-edge therapies and deliver innovative treatments to benefit more cancer patients." About Kelun-Biotech Kelun-Biotech ( is a holding subsidiary of Kelun Pharmaceutical ( which focuses on the R&D, manufacturing, commercialization and global collaboration of innovative biological drugs and small molecule drugs. The company focuses on major disease areas such as solid tumors, autoimmune, inflammatory, and metabolic diseases, and in establishing a globalized drug development and industrialization platform to address the unmet medical needs in China and the rest of world. The Company is committed to becoming a leading global enterprise in the field of innovative drugs. At present, the Company has more than 30 ongoing key innovative drug projects, of which 3 projects have been approved for marketing, 1 project is in the NDA stage, and more than 10 projects are in the clinical stage. The company has established one of the world's leading proprietary ADC platforms, OptiDC™, and has 1 ADC project approved for marketing, 1 ADC project in NDA stage, and multiple ADC and novel DC projects in clinical or preclinical research stage. For more information, please visit Media: klbio_pr@ View original content to download multimedia: SOURCE Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. Sign in to access your portfolio