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Revenues at 12.43 trillion won, operating profit at 2.886 trillion won, net profit at 1.917 trillion won 1Q revenues all-time high, operating profit 2nd highest for 1Q result NAND turns around on rise in eSSD sales, product prices To continue to work towards improving earnings with leadership in AI memory SEOUL, South Korea, April 25, 2024 /PRNewswire/ -- SK hynix Inc. (or "the company", www.skhynix.com) announced today that it recorded 12.43 trillion won in revenues, 2.886 trillion won in operating profit (with an operating margin of 23%), and 1.917 trillion won in net profit (with a net margin of 15%) in the first quarter. With revenues marking an all-time high for a first quarter and the operating profit a second-highest following the records of the first quarter of 2018, SK hynix believes that it has entered the phase of a clear rebound following a prolonged downturn. The company said that an increase in the sales of AI server products backed by its leadership in AI memory technology including HBM and continued efforts to prioritize profitability led to a 734% on-quarter jump in the operating profit. With the sales ratio of eSSD, a premium product, on the rise and the average selling prices rising, the NAND business has also achieved a meaningful turnaround in the same period. SK hynix forecasts the overall memory market to be on a steady growth path in coming months as demand for AI memory continues to rise, while the market for the conventional DRAM also starts to recover from the second half. Industry experts believe that inventories both at suppliers and customers will decrease as an increase in production of premium products such as HBM requires higher production capacities than conventional DRAM, resulting in a relative reduction in conventional DRAM supply. In the DRAM space, the company plans to increase supply volume of HBM3E, of which mass production has started in March for the first time in the industry, while expanding the customer base. The company will also introduce 32Gb DDR5 products based on the 1bnm process, the fifth generation of the 10nm technology, within this year to strengthen its leadership in the high-capacity server DRAM market. For the NAND business, SK hynix will seek product optimization to sustain the trend of earnings recovery. SK hynix will aggressively increase the sales of both high-performance 16-channel eSSD, an area where the company has a technological edge, and QLC-based high-capacity eSSD by its U.S. subsidiary Solidigm. It will also launch the fifth generation of the PCIe cSSD for AI PCs at an early time in order to respond to market demands with an optimized product lineup. *QLC(Quadruple Level Cell): NAND Flash products are categorized into single, multi, triple, and quadruple level cells depending on the number of information (in bit unit) contained in a single cell. QLC contains four times more data than a single level cell, facilitating realization of high capacity and raising cost efficiency Separately, SK hynix announced a day earlier that it will accelerate the process to build the M15X fab in Cheongju, North Chungcheong Province, to expand DRAM production capacities. Aside from the M15X fab, the company will also carry out investments in advanced packaging facilities in Indiana and the Yongin Semiconductor Cluster as planned over the longer term. With sizeable investments planned, the overall capital expenditure for this year is expected to be larger than initially planned at the beginning of 2024. In addition to the plan to increase investment to meet rising customer demand, SK hynix will also boost supply of conventional DRAM in line with market trend, which it expects to lead to a steady growth of the global memory market and an improved investment efficiency and financial soundness of the company. "With the industry's best technology in the AI memory space led by HBM, we have entered a clear recovery phase," Chief Financial Officer Kim Woohyun said. "We will continue to work towards improving our financial results by providing the industry's best performing products at a right time and maintaining the profitability-first commitment." 1Q24 Financial Results (K-IFRS) *Unit: Billion KRW 1Q24 QoQ YoY 4Q23 Change 1Q23 Change Revenues 12,429.6 11,305.5 10 % 5,088.1 144 % Operating Profit 2,886 346 734 % -3,402.3 Turn to profit Operating Margin 23 % 3 % 20%P -67 % 90%P Net Income 1,917 -1,379.5 Turn to profit -2,585.5 Turn to profit About SK hynix Inc. SK hynix Inc., headquartered in Korea, is the world's top tier semiconductor supplier offering Dynamic Random Access Memory chips ("DRAM"), flash memory chips ("NAND flash") and CMOS Image Sensors ("CIS") for a wide range of distinguished customers globally. The Company's shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
MELBOURNE, Australia, April 17, 2024 /PRNewswire/ -- Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today provides an update on its revenue and operational performance for the quarter ended 31 March 2024 (Q1 2024). Summary: Q1 2024 financial performance The Company reports unaudited total revenue of US$114.9M[1] (AU$175.0M) an increase of 18% on the prior quarter (US$97.1M[2] or AU$148.1M). Revenue was primarily generated from sales of Telix's prostate cancer imaging product Illuccix®. U.S. revenue grew by 18% to US$111.8M (US$95.1M in Q4 2023), compared to 11% growth between Q3 2023 and Q4 2023. Dr Christian Behrenbruch, Managing Director and Group CEO of Telix, commented, "The continued, consistent growth of our precision diagnostics business is further evidence of an effective market growth strategy for our prostate cancer franchise. The dual benefit of an early revenue stream, and the ability to fund our late-stage therapeutic programs ensures we are on track to achieve major milestones in 2024 including the progression of three drug approval submissions in the U.S. and the international expansion of our Phase III ProstACT GLOBAL therapy trial in prostate cancer, subject to requisite regulatory approvals. "The recently closed acquisitions of ARTMS, Inc. (ARTMS) and IsoTherapeutics Group, LLC (IsoTherapeutics) enhance the vertical integration of our business and differentiate Telix as a leading independent radiopharmaceutical company worldwide by adding manufacturing capabilities and facilities, and isotope production technologies to the Telix Group of companies." Q1 2024 operational highlights Telix continued to progress an extensive oncology pipeline: Investigational New Drug (IND) application submitted to the U.S. Food and Drug Administration (FDA) to start the ProstACT GLOBAL Phase III trial of TLX591[3] in the U.S. Continued enrolment of ProstACT GLOBAL at Australian sites with 13 new sites onboarded during the quarter TLX101-CDx (Pixclara™[4], 18F-floretyrosine or 18F-FET) has been granted Fast Track designation for PET[5] characterisation of glioma[6]. Concurrently, Telix is finalising its U.S. New Drug Application (NDA) with submission on track for H1 2024 The Biologics License Application (BLA) for TLX250-CDx (Zircaix®4, 89Zr-DFO-girentuximab) is progressing under a Breakthrough Therapy rolling review submission and is due for completion by end-May. Telix has requested a Priority Review[7] for Zircaix®4, and Progression of a NDA for a novel prostate cancer imaging agent, with a submission goal of this quarter. Supply chain and manufacturing bolstered by recent acquisitions Telix continued to augment its product development and manufacturing capabilities with two strategic acquisitions: ARTMS, a company which specialises in the physics, chemistry and materials science of cyclotron-produced radionuclides. The acquisition brings an advanced cyclotron-based diagnostic and therapeutic isotope production platform, manufacturing plant and stockpile of ultra-pure rare metals[8]. IsoTherapeutics, a leading radiochemistry and bioconjugation firm. The acquisition further enhances Telix's in-house development capabilities and expands Telix's U.S. manufacturing footprint with particular focus on bioconjugation and isotope processing[9]. Full year 2024 outlook and guidance Telix reaffirms guidance provided on 22 February 2024 for full year revenue expected to be in the range of US$445M to $465M (AU$675M to $705M at current exchange rates), representing an approximate 35-40% increase versus 2023. The Company also reaffirms guidance that research and development (R&D) investment is expected to increase by 40-50% for full year 2024 (compared with 2023) including external and internal costs funded by operating cash flow and broadly in line with revenue growth. The above guidance is based on expected global and domestic economic conditions and is subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially. As such, investors are cautioned not to place undue reliance on this guidance and in particular Telix cannot guarantee a particular result. In compiling financial forecasts, a number of key variables that may have a significant impact on guidance have been identified and are included below as a footnote[10]. About Telix Pharmaceuticals Limited Telix is a biopharmaceutical company focused on the development and commercialisation of diagnostic and therapeutic radiopharmaceuticals and associated medical devices. Telix is headquartered in Melbourne, Australia, with international operations in the U.S., Europe (Belgium and Switzerland), and Japan. Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX). Telix's lead imaging product, gallium-68 (68Ga) gozetotide injection (also known as 68Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the FDA[11], by the Australian Therapeutic Goods Administration (TGA)[12], and by Health Canada[13]. No other Telix product has received a marketing authorisation in any jurisdiction. Visit www.telixpharma.com for further information about Telix, including details of the latest share price, announcements made to the ASX, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on X and LinkedIn. Telix Investor Relations Ms. Kyahn WilliamsonTelix Pharmaceuticals LimitedSVP Investor Relations and Corporate CommunicationsEmail: kyahn.williamson@telixpharma.com This announcement has been authorised for release by the Telix Pharmaceuticals Limited Board of Directors. Legal Notices The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to shares of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement. The information contained in this announcement is subject to change without notification. This announcement may contain forward-looking statements that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as "may", "expect", "intend", "plan", "estimate", "anticipate", "outlook", "forecast" and "guidance", or other similar words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on the Company's good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect the Company's business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix's business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of Telix's preclinical and clinical studies, and Telix's research and development programs; Telix's ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities; the commercialisation of Telix's product candidates, if or when they have been approved; estimates of Telix's expenses, future revenues and capital requirements; Telix's financial performance; developments relating to Telix's competitors and industry; and the pricing and reimbursement of Telix's product candidates, if and after they have been approved. Telix's actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements. You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the ASX or on our website. To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future developments or a change in expectations or assumptions. ©2024 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals®, Illuccix®, Zircaix®4, Pixclara™4, ARTMS® and IsoTherapeutics™ names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates – all rights reserved. [1] Conversion to AUD$ is at an average exchange rate realised during Q1 2024 of AUD$1 = US$0.657 [2] Conversion to AUD$ is at an average exchange rate realised during Q4 2023 of AUD$1 = US$0.656 [3] 177Lu rosopatamab tetraxetan, Telix's lead investigational radio antibody-drug conjugate (rADC) in prostate cancer. [4] Brand name subject to final regulatory approval. [5] Positron emission tomography. [6] Telix ASX disclosure 16 April 2024. [7] A Priority Review designation means FDA's goal is to take action on an application within six months (compared to 10 months under standard review). [8] Telix ASX disclosure 11 April 2024. [9] Telix ASX disclosure 9 April 2024. [10] Key variables that could cause actual results to differ materially include: the success and timing of research and development activities; decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions and divestitures; research collaborations; litigation or government investigations; and Telix's ability to protect its patents and other intellectual property. [11] Telix ASX disclosure 20 December 2021. [12] Telix ASX disclosure 2 November 2021. [13] Telix ASX disclosure 14 October 2022.
Estimated Revenue Growth of 30-40% in the First Half of FY 2024 Two New Hybrids Completed National Trials and Four GMO Corn Hybrids Currently in National Trials BEIJING, April 2, 2024 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), a leading Chinese agricultural technology company, provided an update on its financial and operational performance. Origin Agritech reported an estimated half-year revenue of RMB 85-95 million, an increase of 30-40% compared to the same period in the previous fiscal year. Product and Innovation Updates: New Hybrid Developments: Two new hybrids have successfully completed three years of national trials and are expected to receive approval this summer. These hybrids are anticipated to be commercially available in 2025. Furthermore, an additional 15 new hybrids have entered the national official registration trial, highlighting the Company's ongoing commitment to expanding its product portfolio. GMO Hybrid Trials: Progress continues in developing genetically modified organisms (GMOs), with four GMO hybrids undergoing national GMO hybrid trials. This initiative represents a significant step in the Company's efforts to introduce traits that enhance crop resilience and yield. Biosafety Certification Application: Origin has submitted a new application for a GMO bt/gt trait for biosafety certification to further its advancements in GMO technology. This submission underscores the Company's dedication to adhering to regulatory standards while pushing the boundaries of agricultural biotechnology. NEC Hybrid Success: The Company is also proud to report the successful performance of its new NEC hybrid. Following promising results, plans are underway to prepare for large-scale planting in Xinjiang. This expansion is poised to contribute significantly to the region's agricultural productivity and sustainability. Dr. Gengchen Han, Chairman and CEO of Origin Agritech, commented, "Origin Agritech continues to lead the way in agricultural innovation, as evidenced by our strong financial performance and exciting progress in product development. With new hybrids and GMO technology advancements, we are setting the stage for a future where agriculture is more productive, sustainable, and resilient. We remain committed to leveraging our gene editing and hybrid development expertise to address the pressing challenges of food security and agricultural sustainability and deliver high-value solutions to farmers and stakeholders worldwide." About Origin Agritech Limited Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline, including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company's website at www.originagritech.com. The Company also maintains a Twitter account for updating investors on Company and industry developments which is https://x.com/origin_agritech. Forward-Looking Statements This communication contains "forward-looking statements" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and 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. Forward-looking statements address expected future business and financial performance and financial condition and contain words like "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "would," "target," and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations that may not be realized. They are based on management's current expectations, assumptions, estimates, and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the Company's control. Some of the important factors that could cause the Company's actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the Company's intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The Company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, new information, or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. Actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein. You are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. For more information, please contact: Origin Agritech Limited Contact:Kate Lang (Mandarin/English)Director of Investor RelationsPhone: +86 186-1839-3368Email: bing.lang@originseed.com.cn Investor Relations Contact:Matthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@strategic-ir.com
TAIPEI, March 29, 2024 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2023. Highlights For 2023, GigaMedia reported revenues of $4.3 million, with a gross profit of $2.4 million, an operating loss of $3.2 million and the net loss of $3.5 million. The revenues decreased by 23.2% in 2023. During 2023, we terminated a non-performing game while streamlined others, and correspondingly scaled back related workforce, costs and overhead. As a result, we managed to slash operating expenditures down by approximately 10.7%. All in all, the net loss before including investment valuation adjustment was narrowed to $1.3 million, less than half of that in 2022. However, pursuant to requirements of the accounting standards, we recorded a $2.2 million valuation loss on our investments, and the net loss became $3.5 million, $0.7 million higher than 2022. On the balance sheet side, we maintained a solid financial position with a small cash burn rate in 2023, and our cash, cash equivalents and restricted cash amounted to $38.8 million at the end of 2023, slightly decreased from $39.1 million at the end of 2022. In 2024, we will be devoted in developing AI-powered tools to enhance efficiency on renovating contents in our casual games. Besides in-house application, we will also explore potentials for the tools to become a commercialized solution of platform for publishing AI-assisted creation of products. We believe achieving sophistication in AI is very crucial in boosting our productivity and accelerate the growth of our business. Fourth Quarter and Full Year Overview Consolidated 4Q revenues decreased by 18.8% quarter-on-quarter mainly due to seasonality, and by 21.1% year-over-year due to certain licensed games declined. Full year revenues decreased by 23.2% to $4.3 million from $5.6 million in 2022. Loss from operations for 4Q was $0.6 million, representing a loss decrease from $0.9 million in the third quarter in 2023, as we managed to reduce the operating costs and expenses. Full year operating loss was $3.2 million, which slightly increased from $3.0 million in 2022. The net asset value was approximately $3.87 per share as of the end of 2023. Unaudited Consolidated Financial Results GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below. For the Full Year 2023 GIGAMEDIA FY23 UNAUDITED CONSOLIDATED FINANCIAL RESULTS (unaudited, all figures in US$ thousands, except per share amounts) FY23 FY22 Change(%) Revenues 4,292 5,585 -23.2 % Gross Profit 2,446 3,250 -24.7 % Loss from Operations (3,155) (3,021) NM Net Loss Attributable to GigaMedia (3,463) (2,752) NM Net Loss Per Share Attributable to GigaMedia, Diluted (0.31) (0.25) NM EBITDA (A) (5,218) (3,437) NM Cash, Cash Equivalents and Restricted Cash 38,783 39,107 -0.8 % NM= Not Meaningful (A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). (See, "Use of Non-GAAP Measures," for more details.) Consolidated revenues for the year ended December 31, 2023 was $4.3 million, decreased from $5.6 million in the prior year. The decrease was mainly as revenues from certain licensed games declined. Consolidated loss from operations for 2023 was $3.2 million, compared to a loss of $3.0 million in the last year. The increase of loss was mainly due to the decline of revenues. Consolidated net loss for 2023 was $3.5 million, increased from $2.8 million in the prior year. Loss per share for 2023 was $0.31 per share, compared to $0.25 last year. Cash, cash equivalents and restricted cash at the year end of 2023 amounted to $38.8 million. For the Fourth Quarter GIGAMEDIA 4Q23 UNAUDITED CONSOLIDATED FINANCIAL RESULTS (unaudited, all figures in US$ thousands, except per share amounts) 4Q23 3Q23 Change(%) 4Q23 4Q22 Change(%) Revenues 870 1,071 -18.8 % 870 1,102 -21.1 % Gross Profit 504 583 -13.6 % 504 626 -19.5 % Loss from Operations (645) (893) NM (645) (675) NM Net Income (Loss) Attributable to GigaMedia (2,082) (507) NM (2,082) 347 NM Net Income (Loss) Per Share Attributable to GigaMedia, Diluted (0.19) (0.05) NM (0.19) 0.03 NM EBITDA (A) (2,586) (946) NM (2,586) 13 NM Cash, Cash Equivalents and Restricted Cash 38,783 38,823 -0.1 % 38,783 39,107 -0.8 % NM= Not Meaningful (A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). (See, "Use of Non-GAAP Measures," for more details.) Fourth-Quarter Financial Results Consolidated revenues for the fourth quarter of 2023 decreased by 18.8% quarter-on-quarter from $1.1 million to $0.9 million mainly due to seasonality, and decreased by 21.1% year-over-year mainly as revenues from licensed games declined. Consolidated loss from operations of the fourth quarter of 2023 was $0.6 million, compare to a loss of $0.9 million in the last quarter. Consolidated net loss of the fourth quarter of 2023 was $2.6 million, increased from a net loss of $0.9 million in the last quarter, mainly due to a valuation loss of $2.2 million in investments. Cash, cash equivalents and restricted cash at the end of the fourth quarter of 2023 amounted to $38.8 million, almost the same if compared to the prior quarter. Financial Position GigaMedia maintained its solid financial position. Cash, cash equivalents and restricted cash amounted to $38.8 million, or approximately $3.51 per share, along with zero bank loan. Our shareholders' equity was approximately $42.8 million of as of December 31, 2023. Business Outlook The following forward-looking statements reflect GigaMedia's expectations as of March 29, 2024. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company's 2022 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially. Since late 2023, we have being taking measures to re-examine mechanisms in our legacy casual games and to reconstruct players' ecosystem. While the effect would take some time to exhibit, we believe that will lead to a healthier gross margin in the long-run for our own offerings. Meanwhile, our business strategies always include expanding through mergers and acquisitions. "We will continue reviewing strategic opportunities that would enable us to accelerate our growth and enhance shareholders' value," stated CEO James Huang. Use of Non-GAAP Measures To supplement GigaMedia's consolidated financial statements presented in accordance with U.S. GAAP, the Company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the Company's net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements. About the Numbers in This Release Unaudited results All quarterly and certain annual results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as "non-GAAP," and are presented in U.S. dollars. Q&A For Q&A regarding the fourth quarter and full year 2023 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw and the responses will be replied individually. About GigaMedia Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia's digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw. The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the "Business Outlook" section and in quotations from management in this press release) and GigaMedia's strategic and operational plans. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional digital entertainment products or services that are appealing to users, our ability to retain existing users and attract new users, and our ability to launch digital entertainment products and services in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia's Annual Report on Form 20-F filed in April 2023 and its other filings with the United States Securities and Exchange Commission. (Tables to follow) GIGAMEDIA LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands of US dollars, except for earnings per share amounts) Three months ended Twelve months ended 31/12/2023 30/9/2023 31/12/2022 31/12/2023 31/12/2022 unaudited unaudited unaudited unaudited audited Operating revenues Digital entertainment service revenues 870 1,071 1,102 4,292 5,585 870 1,071 1,102 4,292 5,585 Operating costs Cost of Digital entertainment service revenues 366 488 476 1,846 2,335 366 488 476 1,846 2,335 Gross profit 504 583 626 2,446 3,250 Operating expenses Product development and engineering expenses 179 183 163 729 1,110 Selling and marketing expenses 344 441 407 1,623 1,644 General and administrative expenses and others 626 846 731 3,242 3,515 Other — 6 — 7 2 1,149 1,476 1,301 5,601 6,271 Loss from operations (645) (893) (675) (3,155) (3,021) Non-operating income (expense) Interest income 518 453 344 1,811 718 Foreign exchange gain (loss) - net 339 (236) 414 (34) (941) Gain on disposal of investments (1) 77 — 76 — Changes in the fair value of investment in equity securities recognized at fair value (2,293) 86 227 (2,174) 409 Other - net — 6 37 13 83 (1,437) 386 1,022 (308) 269 Income (loss) before income taxes (2,082) (507) 347 (3,463) (2,752) Income tax expense — — — — — Net (loss) income attributable to shareholders of GigaMedia (2,082) (507) 347 (3,463) (2,752) Earnings (loss) per share attributable to GigaMedia Basic: (0.19) (0.05) 0.03 (0.31) (0.25) Diluted: (0.19) (0.05) 0.03 (0.31) (0.25) Weighted average shares outstanding: Basic 11,052 11,052 11,052 11,052 11,052 Diluted 11,052 11,052 11,052 11,052 11,052 GIGAMEDIA LIMITED CONSOLIDATED BALANCE SHEETS (in thousands of US dollars) 31/12/2023 30/9/2023 31/12/2022 unaudited unaudited audited Assets Current assets Cash and cash equivalents 38,470 38,510 38,794 Marketable securities - current — — 7,950 Accounts receivable - net 227 253 199 Prepaid expenses 394 123 60 Restricted cash 313 313 313 Other receivables 2 364 374 Other current assets 141 145 136 Total current assets 39,547 39,708 47,826 Marketable securities - noncurrent 5,036 9,433 2,371 Property, plant & equipment - net 111 116 103 Intangible assets - net 13 10 19 Prepaid licensing and royalty fees 24 65 177 Other assets 1,365 1,348 1,640 Total assets 46,096 50,680 52,136 Liabilities and equity Accounts payable 44 29 53 Accrued compensation 396 321 187 Accrued expenses 1,126 1,005 964 Unearned revenue 573 812 817 Other current liabilities 665 721 616 Total current liabilities 2,804 2,888 2,637 Other liabilities 495 562 893 Total liabilities 3,299 3,450 3,530 Total equity 42,797 47,230 48,606 Total liabilities and equity 46,096 50,680 52,136 GIGAMEDIA LIMITED RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS (in thousands of US dollars) Three months ended Twelve months ended 31/12/2023 30/9/2023 31/12/2022 31/12/2023 31/12/2022 unaudited unaudited unaudited unaudited unaudited Reconciliation of Net Income (Loss) to EBITDA Net income (loss) attributable to GigaMedia (2,082) (507) 347 (3,463) (2,752) Depreciation 11 11 7 44 24 Amortization 3 3 3 12 9 Interest income (518) (453) (344) (1,811) (718) Interest expense — — — — — Income tax expense — — — — — EBITDA (2,586) (946) 13 (5,218) (3,437)
BEIJING, SHANGHAI and BOSTON, March 29, 2024 Jacobio/PRNewswire/ -- Pharma (1167.HK), a clinical-stage oncology company drugging the undruggable targets, today announced its 2023 annual results. The revenue was RMB63.5 million, the R&D investment was RMB372 million, the cash and cash equivalent at the end of 2023 was RMB 1.2 billion. Jacobio Pharma also announced its recent business progress and expected milestones. Dr. Wang Yinxiang, Chairman and CEO of Jacobio Pharma, said: "In the past year, Jacobio continued to make progress in our projects. We received approval for registrational phase III clinical trial of the combination therapy between our SHP2 inhibitor JAB-3312 and KRAS G12C inhibitor glecirasib. Our JAB-3312 became the first SHP2 inhibitor to enter into registrational trial. This milestone is consistent with our mission of 'drugging the undruggable'. Meanwhile, the patient enrollment for pivotal trial of our core product glecirasib has been completed, and the NDA application expected to be submitted in the first half of 2024. This marks that Jacobio will enter into the commercial stage." Development of core clinical stage products KRAS G12C inhibitor Glecirasib (JAB-21822) Non-small cell lung cancer (NSCLC) The patient enrollment for pivotal trial of glecirasib monotherapy in ≥2L NSCLC patients harboring KRAS G12C mutation was completed. The NDA application is expected to be submitted to CDE (Center for drug evaluation, NMPA) in Q2 2024 as planned. 1L NSCLC is in combination with SHP2 inhibitor JAB-3312. The phase III registrational trial was approved by CDE. Pancreatic cancer (PDAC) The pivotal trial of glecirasib monotherapy in ≥2L PDAC patients was activated in China. The results were presented at the 2024 American Society of Clinical Oncology (ASCO) GI Annual Meeting. The cORR was 41.9% (13/31) and the DCR was 93.5% (29/31). The median progression-free survival (mPFS) was 5.6 months. Colorectal cancer (CRC) The clinical results of glecirasib monotherapy and glecirasib combined with cetuximab in advanced colorectal cancer were presented at the Second JCA- AACR Precision Medicine International Conference. Phase III pivotal trial design of glecirasib monotherapy or glecirasib in combination with cetuximab is expected to be approved by CDE in Q2 2024. Multi-tumors basket Multi-tumors basket includes biliary tract cancer, gastric cancer, small bowel cancer, appendices cancer, etc. The results were presented at the 2024 American Society of Clinical Oncology (ASCO) GI Annual Meeting. The cORR was 57.9%（11/19), DCR was 84.2%（16/19), mPFS was 7.0 months. A phase II single arm pivotal trial is under communication with CDE. SHP2 inhibitor JAB-3312 The Phase III pivotal trial of JAB-3312 in combination with glecirasib to treat 1L NSCLC patients has been approved by CDE, and this study in China is expected to initiated in Q3 2024. JAB-3312 is the very first SHP2 inhibitor entering a phase III registrational trial worldwide. The clinical data of glecirasib in combination with JAB-3312 was published at the 2023 European Society for Medical Oncology Congress (ESMO 2023). Glecirasib (800mg once daily) + JAB-3312 2mg (once daily for 1 week on, then 1 week off) dosage yielded ORR of 86.7% (13/15) and DCR of 100% (15/15). Long term safety and efficacy data have submitted to the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting. Development of other clinical products P53 Y220C activator JAB-30355: The IND has been approved by U.S. FDA (Food and Drug Administration), and phase I clinical trial is expected to be initiated in the second half of 2024. Preclinical data will be presented at the AACR Annual Meeting 2024. BET inhibitor JAB-8263: A Phase II trial of JAB-8263 monotherapy or combination therapies is planned to be initiated in the second half of 2024. Clinical data will be published at the 2024 European Hematology Association (EHA) Congress. Aurora A inhibitor JAB-2485: RP2D is anticipated to be determined in Q2 2024. The preclinical study of JAB-2485 was presented at the 2023 AACR. Anti-CD73 humanized monoclonal antibody JAB-BX102: RP2D is anticipated to be determined in Q2 2024. The preclinical study of JAB-2485 was presented at the 2023 AACR. PARP7 inhibitor JAB-26766: Preclinical data will be presented at the AACR Annual Meeting 2024. We are optimizing the clinical development strategy for PARP7 inhibitor JAB-26766, GUE (glutamine-utilizing enzyme) inhibitor JAB-24114, and LIF mAb JAB-BX300 considering the current treatment landscape and our resources available. Development of other pre-clinical products KRASmulti inhibitor JAB-23E73: The IND application is expected to be submitted in Q2 2024. Clinical candidate for HER2-STING iADC JAB-BX400 is expected to be nominated in the second half of 2024. As of December 31, 2023, Jacobio owned 340 patents or patent applications that are filed globally, of which 82 patents have been issued or allowed in major markets globally. During the performance period, Jacobio raised HKD159 million through public placing, and obtained RMB150 million from Beijing E-town Capital. As of December 31, 2023, Jacobio has RMB 1.2 billion cash and cash equivalent, providing sufficient cash reserves for R&D investment in the next 30-36 months. Jacobio repurchased and canceled 1.807 million shares, continuing to increase shareholder value. Conference Call Information Jacobio Pharma will hold a live conference call at 10:30 AM March 29 2024 Beijing time. Participants please register in advance through https://s.comein.cn/AkyBh. About Jacobio Jacobio Pharma (1167.HK) is committed to developing and providing new and innovative products and solutions to improve people's health. Our pipeline revolves around novel molecular targets on six major signaling pathways: KRAS, immune checkpoints, tumor metabolism, P53, RB and MYC. We aim for our key projects to be among the top three in the world. Our vision is to become a global leader recognized for our impact in drug R&D together with our partners. Jacobio has R&D centers in Beijing, Shanghai and Boston with our Induced Allosteric Drug Discovery Platform (IADDP) and our iADC Platform.
Steady improvement in both quality and quantity of property delivery in the Greater Bay Area HONG KONG, March 27, 2024 /PRNewswire/ -- Guangdong Land Holdings Limited ("Guangdong Land" or the "Company") released its 2023 annual results announcement on 25 March 2024. A series of easing measures, such as "down payment cuts", "interest rate cuts" and "relaxing the housing mortgage requirements", were implemented for the real estate industry in the second half of 2023. Guangdong Land proactively and quickly adjusted its leasing and sales strategies of each project in line with the market policies and trends, and smoothly achieved the full year leasing and sales targets. The consolidated revenue of Guangdong Land for 2023 was approximately HK$3,877 million (2022: HK$1,378 million), representing an increase of approximately 181.4% year-on-year. For the year under review, the total gross floor area (GFA) contracted (including completed properties held for sale and properties held for sale under development) was 274,000 sq. m., representing an increase of 62.1% year-on-year; the GFA delivered was 222,000 sq. m., representing an increase of 192.1% year-on-year. In-depth control of property quality to demonstrate the delivery capabilities of state-owned enterprises Guangdong Land has strengthened its branding as well as the implementation of quality delivery and value promotion system, achieving an annual delivery rate of exceeded 95%, which is much higher than the industry average. At present, the delivery work of Guangdong Land's projects has been standardized and continuously optimized. The properties, before commences delivery process, will go through the preliminary screening and the risk management planning, and Guangdong Land will monitor the delivery process in details and ensure that the properties have reached the required delivery standard through comprehensive evaluation by various parties. Last year, Guangdong Land made new breakthroughs in its delivery work, for example, the properties of the Zhongshan GDH City Project were delivered by adopting a model of owner-centered multi-points one-stop process, supplemented by "N to 1" pilot inspections and quick repair services, instead of the traditional assembly-line style reception process for real estate projects. The new delivery work has greatly enhanced the owners' sense of exclusivity and gradually increased their satisfaction. With high-quality delivery services, Guangdong Land has rolled out a new model of property delivery process. In terms of project quality, in the past two years many projects from Guangdong Land have been included as candidates for the "Guangsha Prize", including Foshan Laurel House, Zhongshan GDH City, Shenzhen GDH City and Guangzhou GDH Future City. The "Guangsha Prize" aims to implement the development concepts of "innovation, coordination, environmental, openness and sharing" and meet people's demand for a better living life and lead the high-quality development of the real estate industry. The award is coordinated by the national evaluation and recognition team and it is also one of the most credible real estate awards in China. Various classic projects of Guangdong Land had been shortlisted, fully demonstrates the Company's pursuit of precision work quality and its creativity. Guangdong Land's high delivery capacity and fabulous product quality will provide support for the property sales price and volume, and promote the awareness and reputation of Guangdong Land in the Greater Bay Area. Remarkable results in cost reduction and efficiency improvement further optimizing financial structure Against the backdrop of various economic challenges globally, and given the spreading risk of debt default by the PRC real estate companies in the past year, Guangdong Land continued to expand diversified funding channels while strengthened cost and risk management. In terms of cost control, the Company implemented cost control plan throughout the whole process, further strengthened cost reduction and efficiency in construction costs and sales, management, and financial expenses. In terms of financial and capital management, Guangdong Land explored all potential to broaden its financing channels, and successfully obtained insurance debt financing of RMB4 billion. As at 31 December 2023, the weighted average effective interest rate per annum of the bank and other borrowings of Guangdong Land was 4.02%, which showed the downward trend and the cost of development loans has also been controlled at a low level. In terms of risk prevention and control, Guangdong Land has taken multiple measures to strictly control operational risks and reduce the scale of liabilities, increase sales proceeds recovery, and repay part of related party loans. As at 31 December 2023, the interest-bearing borrowings amounted to approximately HK$23.9 billion in aggregate, a decrease as compared to the end of 2022. With its enhanced resilience and broaden operating space, Guangdong Land successfully obtained the first-grade qualification certificate for real estate development enterprise and compliance management certificate (ISO37301), and its main credit rating also upgraded from AA to AA+, laying a solid foundation for its stable, healthy and sustainable development. Dual Development of Leasing and Sales Projects, Focusing on High-Quality Developments and Concentrating on the Layout in the Greater Bay Area In the previous year, Guangdong Land has actively focused on optimizing the sales strategies, accelerated the sale pace through multifaceted measures guiding by structural market intelligence. Many projects acquires approbation of customers and the market. According to third-party market data, Guangzhou GDH Future City has experienced remarkable sales performance since its pre-sale. The project ranked first in sales amount of online contract registration in Baiyun District in both the second half of 2022 and the whole year of 2023. At the same time, its residential sales amount of online contract registration in 2023 ranked seventh among Guangzhou's multi-million-dollar luxury housing projects, while its apartment sales amount of online contract registration in 2023 ranked eighth in Guangzhou. By the end of 2023, approximately 40% of the residential and apartment units in the Guangzhou GDH Future City Project have been sold, and the overall sales volume is greater than that of other projects in the region. In order to further improve the commercial operation strength of Guangdong Land, the Company actively explored a series of initiatives and achieved favorable results. Last year, Guangdong Land rearranged the structure of the commercial operation team, and introduced management personnel with comprehensive operation experience from the market, which had strengthen team capability and increased marketing effectiveness. Leasing operation of operational assets made new breakthroughs and was named "2023-2024 China Office Operation Benchmark Enterprise" by House China Research Institute. The overall operation of the shopping mall projects held by Guangdong Land has been stable and gradually achieved a high occupancy rate. Among them, the Shenzhen Teem of Shenzhen GDH City Project has commenced business for one year, and both of the occupancy rate and opening rate have exceeded 90%. Its offices adopted "value quality customers + rental rate preferred" property leasing strategy to attract quality customers, while proactively collaborated with the Luohu District government, Jewelry Association, surrounding enterprises and held promotion activities to facilitate office leasing and sales. Guangdong Land has always adhered to the strategic positioning as "the influential, comprehensive development expert in the Greater Bay Area" anchored a number of cities with development potential in the Greater Bay Area. With the continuous introduction of favorable policies in the Greater Bay Area and the formation of the "one-hour living circle", it got unprecedented opportunities in the Greater Bay Area. Guangdong Land's projects are located in the core cities of the Greater Bay Area, including Foshan, Zhuhai, Zhongshan, Jiangmen and Huizhou, etc., which will benefit from the rapid development momentum of the city cluster in the Greater Bay Area and their connectivity of infrastructure and transportation, and continue to provide solid pillars for the Company's performance. Outlook In 2024, Guangdong Land will strive to overcome the enormous challenges on its operations arising from the profound adjustment of the sector by accelerating the sales of existing projects and making timely adjustments to optimize the sales strategies of various projects based on monthly monitoring and quarterly adjustments. Guangdong Land will improve the quality of its products and services, upgrade its product design, optimize the control system for its project quality, and enhance the product delivery and property service experience. By establishing a series of guidelines, Guangdong Land will further reduce construction and installation costs and strictly control sales, management and financial expenses. The Company will also strive to expand new projects in a diversified manner to realize its stable, healthy and sustainable development. Over the four years of The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area released, Guangdong, Hong Kong and Macao embrace continuous and profound integration, and have gradually showed a high-quality synergetic development trend, demonstrating increasing siphoning effect of the Greater Bay Area. In 2024, the Greater Bay Area, as an important economic growth accelerator, is expected to continually attract many populations and talents onwards. As people in the Greater Bay Area will continue to require higher housing quality, especially the core cities in the region, where demand for basic and improved housing remain strong, the real estate market in the Greater Bay Area will still have a solid foundation for its long-term stable development. As the economy of the Greater Bay Area maintains a strong growth momentum, the projects held by Guangdong Land, are all located in core cities of the Greater Bay Area, will benefit from the strong development momentum of this region. In the coming year, Guangdong Land will also adhere to the existing strategies of achieving regional deep cultivation in the core area of the Greater Bay Area and city-specific approach, gradually optimizing the investment layout in cities of various levels, and enhancing the Company's ability to withstand the cyclical fluctuations of the property development industry.
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Earnings projections or forecasts
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