On August 28, BAO PHARMA-B (02659) released its interim results for the first half of 2026, posting a notable improvement in operational quality. The company's net loss narrowed significantly to RMB 154 million during the period, representing a substantial 16.1% reduction year-over-year. As of the end of the reporting period, the company held cash and cash equivalents totaling RMB 1.042 billion, underscoring a robust balance sheet. Furthermore, its research and development pipeline has advanced steadily according to plan, with R&D investment reaching RMB 93 million, laying a solid foundation for long-term growth.
Strategically, BAO PHARMA-B is focused on building a high-value product portfolio, concentrating on four key therapeutic areas: high-volume subcutaneous drug delivery, antibody-mediated autoimmune diseases, assisted reproduction, and synthetic biology-enhanced recombinant biopharmaceuticals. The company currently has a well-structured and diversified pipeline, including three core self-developed products (SJ02 (Shengnuowa®), KJ017 (Baoshuyi®), and KJ103), six other clinical-stage candidates (KJ101, BJ044, KJ015, BJ007, BJ009, and SJ04), and three preclinical assets (BJ045, BJ047, and BJ008).
Achieving comprehensive commercial progress, BAO PHARMA-B has made notable strides in the market. Baoshuyi®, the company's most advanced recombinant human hyaluronidase, received marketing approval from the National Medical Products Administration (NMPA) in March for use in facilitating subcutaneous infusion. Additionally, the company has established formal collaborations with industry leaders including WuXi Biologics, Shanghai RAAS, and Qyun Bio. Currently, over 60 partners are utilizing the company's recombinant hyaluronidase for product development, with projects spanning from early-stage research to clinical development. Shengnuowa®, the first long-acting recombinant human follicle-stimulating hormone approved in China, offers a once-weekly injection regimen, significantly enhancing patient convenience. As of June 30, 2026, Shengnuowa® has completed online procurement platform registration and market access in 29 provinces, covering more than 70 medical institutions, with exclusive CSO partner Anke Bio having initiated actual commercial sales.
The NDA application for another core product, KJ103, designed for desensitization treatment prior to kidney transplantation in highly sensitized patients, was accepted by the NMPA in June 2026 and will be reviewed under the priority review pathway. BAO PHARMA-B is currently undergoing a critical transition from a research-driven biotechnology entity to a commercial-stage biopharmaceutical company. With ample cash reserves and a premium pipeline matrix complemented by multiple commercialization initiatives, the company is well-positioned to continue unlocking its growth potential.