Suzhou Ribo Life Science Co., Ltd. (RIBOLIFE-B, 06938) reported a sharp turnaround for 1H 2026, underpinned by upfront and milestone payments from global partners Madrigal Pharmaceuticals and Boehringer Ingelheim.
Financial Highlights (1H 2026 vs. 1H 2025) • Revenue: RMB 419.74 million, up 304.30%. • Gross profit: RMB 400.71 million, up 312.20%; gross margin rose to 95.5% (＋1.8 ppts). • R&D expense: RMB 197.60 million, up 53.0% as multiple siRNA programmes advanced into later-stage trials. • Administrative expense: RMB 62.96 million, up 20.9%, reflecting listing-related costs. • Net profit: RMB 23.45 million, reversing a RMB 97.77 million loss a year earlier. • Basic/Diluted EPS: RMB 0.12 vs. –0.68.
Balance-Sheet Strength • Cash & bank balances jumped to RMB 2.24 billion from RMB 406.75 million at end-2025, bolstered by HK$1.96 billion IPO proceeds and licensing inflows. • Net current assets improved to RMB 2.04 billion (end-2025: net current liabilities of RMB 84.36 million). • Gearing ratio dropped to 23.9% (end-2025: 120.6%).
Operational Developments • Core Product vortosiran— the first clinical-stage siRNA targeting thrombotic diseases— completed a Swedish Phase 2a trial; high-dose cohort achieved a 92% mean maximum reduction in FXI activity with no serious bleeding events. Phase 2b CTA approvals for stroke prevention in atrial fibrillation and venous thromboembolism were received in April-May 2026. • Seven in-house siRNA candidates are now in clinical stages; over 20 programs remain pre-clinical. • February 2026: signed global licence with Madrigal covering six pre-clinical MASH assets (total potential deal value US$4.40 billion; US$60 million upfront). First candidate-nomination milestone reached in July 2026. • December 2023 tie-ups with Boehringer Ingelheim and Qilu Pharmaceutical continue to yield milestones; three achieved with Boehringer Ingelheim and two with Qilu to date.
Capital Deployment • IPO proceeds allocated primarily to late-stage clinical development of vortosiran (HK$734.60 million), RBD5044 (HK$385.00 million) and RBD1016 (HK$312.30 million). As of 30 June 2026, HK$250.80 million had been spent; HK$1.71 billion remains earmarked for pipeline advancement, platform expansion and working capital.
Post-Period Events • Completed RMB 70.00 million acquisition of an additional 25.93% stake in subsidiary Azemidite, maintaining majority control. • Repurchased 569,400 H shares in July 2026. • Continued progress on Madrigal collaboration and vortosiran clinical data presentation at CPIC 2026.
Outlook Management prioritises accelerating global development of vortosiran, progressing RBD5044 and RBD1016 into later-stage trials, and expanding extra-hepatic delivery platforms to sustain pipeline growth.