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SINGAPORE, Aug. 23, 2024 /PRNewswire/ -- 51Talk Online Education Group ("51Talk" or the "Company") (NYSE American: COE), a global online education platform with core expertise in English education, announced its unaudited results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial and Operating Highlights Gross billings1 for the second quarter of 2024 were US$15.9 million, a 61.3% growth from the second quarter of 2023. Net revenues were US$11.0 million for the second quarter of 2024, a 75.1% increase from US$6.3 million for the second quarter of 2023. The number of quarterly active students with attended lesson consumption was approximately 54,400 in the second quarter of 2024, representing a 83.2% increase from approximately 29,700 for the second quarter of 2023. Key Financial and Operating Data For the three months ended June 30, June 30, Y-o-Y 2023 2024 Change Net Revenues (in US$ millions) 6.3 11.0 75.1 % Gross Margin 78.4 % 78.1 % -0.3ppt Gross Billings (in US$ millions) 9.8 15.9 61.3 % Active students with attended lesson consumption2 (in thousands) 29.7 54.4 83.2 % "We have achieved strong growth in Q2, exceeding our Q2 guidance, and anticipate sustained momentum in the foreseeable future, as reflected in our Q3 guidance. Our strategic investments across a diverse portfolio of markets are yielding positive results, propelling us towards our objective of becoming a globally leading EdTech company." stated Jack Jiajia Huang, Founder, Chairman, and Chief Executive Officer of 51Talk. "Through our localization efforts, we have gained a deeper understanding of individual markets, allowing us to meet specific local needs. This approach has improved our product market fit. Additionally, we actively explore new market opportunities that align with our strategic direction and existing product offerings." "Our strategy hinges on global expansion based on local needs and platform strength enabled by AI. We make targeted investments to enhance team efficiency and local customer experience, aiming to drive higher retention rates and more customer referrals." Jack Jiajia Huang concluded. 1 Gross billings for a specific period, which is one of the Company's key operating data, is defined as the total amount of cash received and receivable from third party payment platforms for the sale of course packages and services in such period, net of the total amount of refunds in such period. The gross billings data included herein was from the Company's business system and converted with quarterly corresponding exchange rate, which may lead to differences with bank records 2 An "active student with attended lesson consumption" for a given period refers to a student who attended at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons. Second Quarter 2024 Financial Results Net Revenues and Gross Margin Net revenues for the second quarter of 2024 were US$11.0 million, a 75.1% increase from US$6.3 million for the same quarter last year. The number of active students with attended lesson consumption was approximately 54,400 in the second quarter of 2024, a 83.2% increase from 29,700 for the same quarter last year. Cost of revenues for the second quarter of 2024 was US$2.4 million, a 77.3% increase from US$1.4 million for the same quarter last year. The increase was primarily due to the increase in total service fees paid to teachers, mainly resulting from an increased number of paid lessons. Gross profit for the second quarter of 2024 was US$8.6 million, a 74.5% increase from US$4.9 million for the same quarter last year. Gross margin for the second quarter of 2024 was 78.1%, compared with 78.4% for the same quarter last year. Operating Expenses Total operating expenses for the second quarter of 2024 were US$11.0 million, a 39.7% increase from US$7.9 million for the same quarter last year. The increase was mainly due to the increase in sales and marketing expenses. Sales and marketing expenses for the second quarter of 2024 were US$7.3 million, a 43.6% increase from US$5.1 million for the same quarter last year. The increase was mainly due to higher sales personnel costs related to increases in the number of sales and marketing personnel. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the second quarter of 2024 were US$7.3 million, a 44.0% increase from US$5.1 million for the same quarter last year. Product development expenses for the second quarter of 2024 were US$0.9 million, a 22.6% increase from US$0.7 million for the same quarter last year. The increase was primarily due to higher product development personnel costs. Excluding share-based compensation expenses, non-GAAP product development expenses for the second quarter of 2024 were US$0.8 million, a 25.7% increase from US$0.7 million for the same quarter last year. General and administrative expenses for the second quarter of 2024 were US$2.8 million, a 35.8% increase from US$2.1 million for the same quarter last year. The increase was primarily due to higher general and administrative personnel costs. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the second quarter of 2024 were US$2.6 million, a 35.4% increase from US$1.9 million for the same quarter last year. Loss from Operations Operating loss for the second quarter of 2024 was US$2.4 million, compared with operating loss of US$3.0 million for the same quarter last year. Non-GAAP operating loss for the second quarter of 2024 was US$2.2 million, compared with non-GAAP operating loss of US$2.8 million for the same quarter last year. Net loss attributable to the Company's ordinary shareholders Net loss attributable to the Company's ordinary shareholders for the second quarter of 2024 was US$1.2 million, compared with net loss of US$2.9 million for the same quarter last year. Excluding share-based compensation expenses of US$0.2 million, non-GAAP net loss for the second quarter of 2024 was US$1.0 million, compared with non-GAAP net loss of US$2.7 million for the same quarter last year. Basic and diluted net loss per share attributable to ordinary shareholders for the second quarter of 2024 was US$0.004, compared with basic and diluted net loss per share of US$0.01 for the same quarter last year. Excluding share-based compensation expenses of US$0.2 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the second quarter of 2024 was US$0.003, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.01 for the same quarter last year. Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the second quarter of 2024 was US$0.22, compared with basic and diluted net loss per ADS of US$0.51 for the same quarter last year. Each ADS represents 60 Class A ordinary shares. Excluding share-based compensation expenses of US$0.2 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the second quarter of 2024 was US$0.18, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$0.48 for the same quarter last year. Balance Sheet As of June 30, 2024, the Company had total cash, cash equivalents and time deposits of US$21.0 million, compared with US$23.4 million as of December 31, 2023. The Company had advances from students3 of US$34.5 million as of June 30, 2024, compared with US$27.2 million as of December 31, 2023. 3 "Advances from students" is defined as the amount of obligation to transfer goods or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of "advances from students" Outlook For the third quarter of 2024, the Company currently expects net gross billings to be between $17.0 million and $18.0 million, which would represent a sequential growth of 7.2% to 13.5%. The foregoing outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 23, 2024 (8:00 PM Singapore/Hong Kong time on August 23, 2024). Dial-in details for the earnings conference call are as follows: United States (toll free): 1-888-346-8982 International: 1-412-902-4272 Singapore (toll free): 800-120-6157 Mainland China (toll free): 4001-201203 Hong Kong (toll free): 800-905945 Hong Kong (local toll): 852-301-84992 Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "51Talk Online Education Group." Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.51talk.com. A replay of the conference call will be accessible until August 30, 2024, by dialing the following telephone numbers: United States (toll free): 1-877-344-7529 International: 1-412-317-0088 Replay Access Code: 1167367 About 51Talk Online Education Group 51Talk Online Education Group (NYSE American: COE) is a global online education platform with core expertise in English education. The Company's mission is to make quality education accessible and affordable. The Company's online and mobile education platforms enable students to take live interactive English lessons, on demand. The Company connects its students with a large pool of highly qualified teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students. Use of Non-GAAP Financial Measures In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. 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 GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this press release. 51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to 51Talk's historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "aims", "future", "intends", "plans", "believes", "estimates", "likely to" and similar statements. Among other things, 51Talk's quotations from management in this announcement, as well as 51Talk's strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("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 51Talk's beliefs and expectations, are forward-looking statements. 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: 51Talk's goals and strategies; 51Talk's expectations regarding demand for and market acceptance of its brand and platform; 51Talk's ability to retain and increase its student enrollment; 51Talk's ability to offer new courses; 51Talk's ability to engage, train and retain new teachers; 51Talk's future business development, results of operations and financial condition; 51Talk's ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in its international markets; the expected growth of, and trends in, the markets for 51Talk's course offerings in its international markets; relevant government policies and regulations relating to 51Talk's corporate structure, business and industry; general economic and business condition in the Philippines, its international markets and elsewhere; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk's filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 51TALK ONLINE EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) As of Dec. 31, Jun. 30, 2023 2024 US$ US$ ASSETS Current assets Cash and cash equivalents 21,298 16,686 Time deposits 2,091 4,311 Inventory - 29 Prepaid expenses and other current assets 6,394 10,424 Total current assets 29,783 31,450 Non-current assets Property and equipment, net 138 181 Intangible assets, net 92 86 Right-of-use assets 723 1,413 Deferred tax assets 72 69 Other non-current assets 348 340 Total non-current assets 1,373 2,089 Total assets 31,156 33,539 LIABILITIES AND SHAREHOLDERS' DEFICITS Current liabilities Advances from students 27,214 34,497 Accrued expenses and other current liabilities 6,189 6,353 Amounts due to related parties 4,077 3,620 Lease liabilities 590 820 Taxes payable 1,060 741 Total current liabilities 39,130 46,031 Non-current liabilities Lease liabilities 41 519 Other non-current liabilities 176 274 Total non-current liabilities 217 793 Total liabilities 39,347 46,824 Total shareholders' deficits (8,340) (13,617) Noncontrolling interests 149 332 Total deficits (8,191) (13,285) Total liabilities and shareholders' deficits 31,156 33,539 51TALK ONLINE EDUCATION GROUP UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands except for number of shares and per share data) For the three months ended For the six months ended Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30, 2023 2024 2024 2023 2024 US$ US$ US$ US$ US$ Net revenues 6,260 9,446 10,960 11,812 20,406 Cost of revenues (1,354) (2,128) (2,400) (2,596) (4,528) Gross profit 4,906 7,318 8,560 9,216 15,878 Operating expenses Sales and marketing expenses (5,109) (7,728) (7,335) (9,550) (15,063) Product development expenses (694) (945) (851) (1,356) (1,796) General and administrative expenses (2,053) (2,589) (2,789) (3,812) (5,378) Total operating expenses (7,856) (11,262) (10,975) (14,718) (22,237) Loss from operations (2,950) (3,944) (2,415) (5,502) (6,359) Interest income 36 82 63 69 145 Other (expenses)/income, net (45) 141 1,131 (120) 1,272 Loss before income tax benefit/(expenses) (2,959) (3,721) (1,221) (5,553) (4,942) Income tax benefit/(expenses) 61 (22) (41) 52 (63) Net loss (2,898) (3,743) (1,262) (5,501) (5,005) Net loss attributable to noncontrolling interests - (19) (15) - (34) Net loss attributable to the Company's ordinary shareholders (2,898) (3,724) (1,247) (5,501) (4,971) Weighted average number of ordinary shares used in computing basic and diluted loss per share 340,329,892 345,124,338 346,701,530 339,836,750 345,913,731 51TALK ONLINE EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands except for number of shares and per share data) For the three months ended For the six months ended Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30, 2023 2024 2024 2023 2024 US$ US$ US$ US$ US$ Net loss per share attributable to ordinary shareholders Basic and diluted (0.01) (0.01) (0.00) (0.02) (0.01) Net loss per ADS attributable to ordinary shareholders Basic and diluted (0.51) (0.65) (0.22) (0.97) (0.86) Share-based compensation expenses are included in the operating expenses as follows: Sales and marketing expenses (37) (29) (31) (85) (60) Product development expenses (36) (33) (24) (90) (57) General and administrative expenses (126) (225) (180) (246) (405) 51TALK ONLINE EDUCATION GROUP Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures (In thousands except for number of shares and per share data) For the three months ended For the six months ended Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30, 2023 2024 2024 2023 2024 US$ US$ US$ US$ US$ Sales and marketing expenses (5,109) (7,728) (7,335) (9,550) (15,063) Less: Share-based compensation expenses (37) (29) (31) (85) (60) Non-GAAP sales and marketing expenses (5,072) (7,699) (7,304) (9,465) (15,003) Product development expenses (694) (945) (851) (1,356) (1,796) Less: Share-based compensation expenses (36) (33) (24) (90) (57) Non-GAAP product development expenses (658) (912) (827) (1,266) (1,739) General and administrative expenses (2,053) (2,589) (2,789) (3,812) (5,378) Less: Share-based compensation expenses (126) (225) (180) (246) (405) Non-GAAP general and administrative expenses (1,927) (2,364) (2,609) (3,566) (4,973) Operating expenses (7,856) (11,262) (10,975) (14,718) (22,237) Less: Share-based compensation expenses (199) (287) (235) (421) (522) Non-GAAP operating expenses (7,657) (10,975) (10,740) (14,297) (21,715) Loss from operations (2,950) (3,944) (2,415) (5,502) (6,359) Less: Share-based compensation expenses (199) (287) (235) (421) (522) Non-GAAP loss from operations (2,751) (3,657) (2,180) (5,081) (5,837) 51TALK ONLINE EDUCATION GROUP Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures (In thousands except for number of shares and per share data) For the three months ended For the six months ended Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30, 2023 2024 2024 2023 2024 US$ US$ US$ US$ US$ Income tax benefit/(expenses) 61 (22) (41) 52 (63) Less: Tax impact of Share-based compensation expenses - - - - - Non-GAAP income tax benefit/(expenses) 61 (22) (41) 52 (63) Net loss attributable to the Company's ordinary shareholders (2,898) (3,724) (1,247) (5,501) (4,971) Less: Share-based compensation expenses (199) (287) (235) (421) (522) Non-GAAP net loss attributable to the Company's ordinary shareholders (2,699) (3,437) (1,012) (5,080) (4,449) Weighted average number of ordinary shares used in computing basic and diluted loss per share 340,329,892 345,124,338 346,701,530 339,836,750 345,913,731 Non-GAAP net loss per share attributable to ordinary shareholders Basic and Diluted (0.01) (0.01) (0.00) (0.01) (0.01) Non-GAAP net loss per ADS attributable to ordinary shareholders Basic and Diluted (0.48) (0.60) (0.18) (0.90) (0.77)
SHANGHAI and HONG KONG, Aug. 23, 2024 /PRNewswire/ -- Antengene Corporation (6996.HK) today announced its interim results for the period ending June 30, 2024, along with several significant milestones achieved in recent months. Dr. Jay Mei, Antengene's Founder, Chairman, and CEO, stated, "In the first half of 2024, the company has made significant progress in both R&D and commercialization. Our four global rights assets — ATG-022 (Claudin 18.2 ADC), ATG-037 (CD73 small molecule), ATG-101 (PD-L1/4-1BB bispecific antibody), and ATG-031 (CD24 monoclonal antibody) have all advanced steadily as planned. Among them, ATG-022, currently in Phase II dose expansion stage, has demonstrated efficacy not only in gastric cancer patients with moderate-to-high Claudin 18.2 expression but also in those with low and ultra-low expression levels. This unprecedented data reinforces our belief that ATG-022 is poised to become a globally best-in-class molecule targeting Claudin 18.2. While we remain focused on building a differentiated and innovative pipeline, the company has also established a robust self-sustaining revenue-generating capability. XPOVIO® has achieved three significant milestones within the past six months, including a supplementary new drug approval (NDA) for diffuse large B-cell lymphoma (DLBCL) in the Mainland of China, National Health Insurance Service Approval for Reimbursement in South Korea, and NDA approvals for multiple myeloma (MM) in Malaysia. To date, XPOVIO® has been approved for marketing in eight countries and regions across the Asia-Pacific markets and included in the national health insurance of four of these markets, generating product revenue of RMB 60.8 million in the first half of 2024." Dr. Mei continued, "Antengene's innovative R&D capabilities, strategic approach to drug discovery and development, and rigorous cost-efficiency measures ensure the company is well positioned for sustained operations and growth in the coming years. With a cash and bank balance of RMB 1.024 billion, we have sufficient runway to provide strong support to the continuous growth, development, and operations of Antengene. We look forward to sharing more of our progress in the second half of 2024, with a key highlight being the latest research results of ATG-037, which will be presented in a mini oral presentation at the ESMO Annual Meeting on September 16." 1. Global Rights Assets with Advancing Steadily at Clinical Stage ATG-022 (Claudin 18.2 Antibody-Drug Conjugate, ADC): Currently at Phase II Dose Expansion Stage, Effectively Targeting Gastric Cancer with both High and Ultra-low Claudin 18.2 (CLDN18.2) Expression ATG-022 is a highly differentiated asset demonstrating activity across a wide range of CLDN18.2 expression levels, including both high and low/ultra-low expression level. ATG-022 has received two Orphan Drug Designations (ODD) from the U.S. Food and Drug Administration (FDA) for the treatment of gastric cancer and pancreatic cancer. The Phase I CLINCH dose escalation study was completed earlier this year, 2.4 mg/kg was selected as the recommended Phase II dose (RP2D). ATG-022 has now progressed to the Phase II monotherapy dose expansion stage. As of Aug 21st 2024, Data from the on-going Phase II CLINCH dose expansion study, shows that 21 CLDN18.2 positive gastric cancer patients have been treated with ATG-022. Among the 12 patients who at least underwent their first tumor assessment after study treatment, 5 achieved partial response (PR), resulting in an overall response rate (ORR) of 41.7% (including one patient with ultra-low CLDN18.2 expression), and a disease control rate (DCR) of 100%. The Phase II CLINCH study is currently progressing smoothly in China and Australia. ATG-037 (CD73 Small Molecule Inhibitor): Demonstrated Potential in Reversing Resistance to anti-PD-1 Therapies during Dose Escalation Inhibiting CD73 is intended to stop the production of adenosine, a key immunosuppressive molecule in the tumor microenvironment. As a small molecule inhibitor of CD73, ATG-037 has demonstrated pre-clinically the ability to overcome the "hook effect" that can limit efficacy and is commonly seen in anti-CD73 antibodies. Antengene entered into a global clinical collaboration with MSD and is currently evaluating this molecule in combination with the anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), in patients with locally advanced or metastatic solid tumors. ATG-037 demonstrated an excellent safety profile during the dose escalation stage. Notably, four partial responses in patients previously treated with a checkpoint inhibitor were observed — two in melanoma patients and two in non-small cell lung cancer patients. With the Phase I dose escalation now complete, the company plans to initiate the Phase II dose-expansion of the STAMINA study in China and Australia in the third quarter of 2024. ATG-101 (PD-L1/4-1BB Bispecific Antibody): Durable Responses and Preliminary Efficacy in "Cold Tumors" Observed at Low Doses Without Off-target Liver Toxicity ATG-101's differentiated approach to targeting PD-L1 resistant cancers incorporates the conditional activation of the T-cell co-stimulatory receptor 4-1BB. The bispecific antibody utilizes high PD-L1 affinity and conditional 4-1BB activation, to reduce the risk of hepatotoxicity. ATG-101 is currently undergoing dose-escalation studies in the US, the Mainland of China, and Australia. The treatment has demonstrated excellent tolerability, with no significant liver toxicity observed to date. Encouragingly, durable stable disease has been observed even at low dose levels, as along with a partial response in a patient with microsatellite stable (MSS) colorectal cancer. The Phase I dose escalation phase is on track for completion by the first half of 2025. ATG-031 (Anti-CD24 Monoclonal Antibody): First-in-Class Macrophage Activator Targeting CD24 ATG-031 is the first-in-class humanized anti-CD24 monoclonal antibody to enter clinical trials for cancer in the U.S. ATG-031 works by blocking CD24-Siglec10 and enhancing macrophage-mediated phagocytosis of cancer cells. Key study sites of ATG-031 include four renowned cancer centers in the United States: MD Anderson Cancer Center at the University of Texas, University of California, San Francisco (UCSF), University of Colorado, and Yale Cancer Center. In the Phase I PERFORM study, 19 late-stage cancer patients have been treated with early low doses in the dose escalation segment, with no dose-limiting toxicities (DLTs) observed. Observations include stable disease (SD), objective tumor shrinkage, and clinical improvements among enrolled patients. The company targets a Phase I data readout in the first half of 2025. Promising Pre-clinical Programs: Antengene is committed to advancing its proprietary "2+1" T-cell engager platform, AnTenGagerTM. T cell engagers developed from this platform are designed to induce disease-associated antigen (DAA)-dependent T-cell binding and activation, delivering strong therapeutic activity while minimizing the risk of cytokine release syndrome (CRS). The development of preclinical candidates, including ATG-042, a selective PRMT5 inhibitor targeting MTAP-null tumors, and ATG-201, a CD19 x CD3 T-cell engager, is ongoing. 2. Expanding APAC Presence with Inclusion in Multiple National Health Insurance Programs In June 2024, South Korea's National Health Insurance Service (NHIS) has approved the reimbursement of XPOVIO®, effective from July 1, 2024. This marks the fourth Asia-Pacific market, following the Mainland of China, Australia, and Singapore, where the company has secured reimbursement/insurance coverage for XPOVIO®. The company is actively working to secure health insurance inclusion for XPOVIO® in more Asia-Pacific markets. In July 2024, XPOVIO® received approval for a new indication in the Mainland of China, offering a new treatment option for patients with DLBCL. This is the second indication approved for XPOVIO® in the Mainland of China, following its approval for relapsed/refractory multiple myeloma (R/R MM). In August 2024, XPOVIO® was officially approved for marketing in Malaysia. To date, XPOVIO® has received multiple new drug approvals across eight countries and regions in the Asia-Pacific market (the Mainland of China, Taiwan, Hong Kong, Macau, Australia, South Korea, Malaysia, and Singapore). The company has also submitted NDA for XPOVIO® in other ASEAN markets such as Thailand and Indonesia, with approvals expected later this year. Since being included in the National Reimbursement Drug List (NRDL) in December 2023, XPOVIO® has shown impressive revenue performance in the first half of 2024. As of June 30, 2024, XPOVIO® sales revenue has reached RMB 60.8 million. 3. Strong Cash and Bank Balance to Support Strategic Objectives As of June 30, 2024, the company held RMB 1.024 billion in cash and bank balance. The steady growth in revenue, strong cash and bank balance coupled with careful spending, will provide strong support to the continuous growth, development, and operations of Antengene. For more details on the 2024 interim financial results, please refer to the full announcement available in the "Investor Relations" section of the company's official website. About AntengeneAntengene Corporation Limited ("Antengene", SEHK: 6996.HK) is a leading commercial-stage R&D-driven global biopharmaceutical company focused on the discovery, development, manufacturing and commercialization of innovative first-in-class/best-in-class therapeutics for the treatment of hematologic malignancies and solid tumors, in realizing its vision of "Treating Patients Beyond Borders". Since 2017, Antengene has built a pipeline of 9 oncology assets at various stages going from clinical to commercial, including 6 with global rights, and 3 with rights for the APAC region. To date, Antengene has obtained 29 investigational new drug (IND) approvals in the U.S. and Asia, and submitted 10 new drug applications (NDAs) in multiple Asia Pacific markets, with the NDA for XPOVIO® (selinexor) already approved in Mainland of China, Taiwan China, Hong Kong China, Macau China, South Korea, Singapore, Malaysia and Australia. Forward-looking statementsThe forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect. In this article, statements of, or references to, our intentions or those of any of our Directors or our Company are made as of the date of this article. Any of these intentions may alter in light of future development. For a further discussion of these and other factors that could cause future results to differ materially from any forward-looking statement, please see the other risks and uncertainties described in the Company's Annual Report for the year ended December 31, 2023, and the documents subsequently submitted to the Hong Kong Stock Exchange. For more information, please contact: Investor Contacts: Donald LungE-mail: Donald.Lung@antengene.com Mobile: +86 18420672158 PR Contacts:Peter QianE-mail: Peter.Qian@antengene.com Mobile: +86 13062747000
Declared an interim dividend of HK1.5 cents per shareHighlights: Revenue generated by RMAA works increased by approximately 11.2% Gross profit increased by 25.0% to approximately HK$188.1 million. Gross profit margin increased by 1.5 p.p. to approximately 6.8%. Basic earnings per share was HK7.17 cents. The Board resolved to declare the payment of interim dividend of HK1.5 cents per share. Financial Highlights: For the 6 months ended 30 June HK$'000 2024 2023 Change Revenue 2,773,188 2,832,073 -2.1% Building Construction Works Repair, Maintenance, Alteration and Addition ("RMAA") Environmental Operations 2,414,268 290,600 68,320 2,455,898 261,406 114,769 -1.7% +11.2% -40.5% Gross profit 188,062 150,480 +25.0% Gross profit margin Net profit 6.8% 36,220 5.3% 45,954 +1.5 p.p. -21.3% Earnings per share (HK cents) 7.17 9.09 -21.1% HONG KONG SAR - Media OutReach Newswire - 23 August 2024 - CR Construction Group Holdings Limited ("CR Construction" or the "Company", together with its subsidiaries, the "Group"; stock code: 1582.HK), a building contractor in Hong Kong, announced its interim results for the six months ended 30 June 2024 (the "Reporting Period"). During the Reporting Period, the revenue recorded by the Group amounted to approximately HK$2,773.2 million representing a decrease of approximately 2.1% as compared to approximately HK$2,832.1 million for the six months ended 30 June 2023 (the "Corresponding Period Last Year"). Net profit of the Group during the Reporting Period was approximately HK$36.2 million, representing a decrease of approximately 21.3% as compared to the Corresponding Period Last Year. During the Reporting Period, gross profit of the Group was approximately HK$188.1 million, representing an increase of approximately 25.0% as compared to approximately HK$150.5 million for the Corresponding Period Last Year. The Group's gross profit margin was approximately 6.8% and 5.3% for the six months ended 30 June 2024 and 2023, respectively. The gross profit margin of the Group increased slightly by approximately 1.5 percentage points by comparing the six months ended 30 June 2024 against the six months ended 30 June 2023. During the Reporting Period, earnings per share of the Group was approximately HK7.17 cents (for the six months ended 30 June 2023: HK9.09 cents). The Board has resolved to declare the payment of interim dividend of HK1.5 cents per share. BUSINESS REVIEW Construction Operations Building Construction Works For the six months ended 30 June 2024, the revenue generated from the building construction works was HK$2,414.3 million, representing a decrease of approximately 1.7% as compared to approximately HK$2,455.9 million for the six months ended 30 June 2023. During the Reporting Period, the gross profit of building construction works was approximately HK$126.7 million, representing a decrease of approximately HK$3.9 million as compared to approximately HK$130.6 million for the Corresponding Period Last Year. The gross profit margin decreased slightly to approximately 5.2% for the six months ended 2024. The decrease in gross profit and gross profit margin was mainly due to additional cost incurred for variation orders for projects during the Reporting period, while the respective revenue is expected to be recognised at a later stage. Repair, Maintenance, Alteration and Addition ("RMAA") The revenue generated from the RMAA works increased by approximately 11.2% from approximately HK$261.4 million for the six months ended 30 June 2023 to approximately HK$290.6 million for the six months ended 30 June 2024. During the Reporting Period, the gross profit of RMAA works was approximately HK$43.2 million, representing an increase of approximately HK$44.6 million from the gross loss of approximately HK$1.4 million for the six months ended 30 June 2023. The gross profit margin increased to approximately 14.9% for the six months ended 30 June 2024. The increase in the gross profit and gross profit margin for the six months ended 30 June 2024 was mainly due to additional cost incurred for variation orders for a project during the prior period, while the respective revenue were only certified during the Reporting Period. Environmental Operations For the six months ended 30 June 2024, the revenue generated from the environmental operations was approximately HK$68.3 million, representing a decrease of approximately 40.5% as compared to approximately HK$114.8 million for the six months ended 30 June 2023. During the Reporting Period, the gross profit was approximately HK$18.2 million, representing a decrease of approximately HK$3.1 million as compared to approximately HK$21.3 million for the six months ended 30 June 2023. The gross profit margin increased to approximately 26.6% for the six months ended 30 June 2024. The decrease in the gross profit and increase in gross profit margin for the six months ended 30 June 2024 was mainly due to decrease in revenue from construction and rehabilitation services which contributed lower gross profit margin during the Reporting Period. CONTRACT COSTS The Group's contract costs primarily consisted of subcontracting costs, material costs, direct staff costs and site overheads. For the six months ended 30 June 2024, the contract costs recorded by the Group were approximately HK$2,585.1 million, representing a decrease of 3.6% compared to approximately HK$2,681.6 million for the six months ended 30 June 2023. Such decrease was attributable to the decrease in subcontracting costs, material costs and direct staff costs for new projects and existing projects during the Reporting Period. PROSPECTS Subsequent to 30 June 2024, the Group has been further awarded 1 new projects relating to building construction works with original contract sum of approximately HK$2.1 billion. The Group has also attached great emphasis to technological innovation, enhancing its core competitiveness in the construction industry. The total expenditure for the research and development is approximately HK$11.6 million during the Reporting Period. Our self-developed "4S Smart Construction Safety System" has obtained the ISO 27001 Certification for Information Security Management System, becoming the first company in Hong Kong to achieve this certification for a smart construction safety system. In addition, our environmental company has successfully developed an integrated rural domestic sewage treatment equipment, which has passed the performance test by a third-party testing institution. Therefore, in line with the digitalization trend in the construction industry and the government's policy on Smart Site, our Group will enhance technology research and development, and is committed to introducing various innovative technology tools in various projects to enhance management efficiency and construction safety. In the second half of 2024, Hong Kong's economic activities are expected to continue steady development, while cost pressure is expected to rise with increasing construction volume. The government's previous introduced labour importation schemes in the construction industry, with the completion of more dormitories and support measures, we expect to further reduce hiring costs and help alleviate some challenges related to technical talent shortages. The government recently announced that the Land (Compulsory Sale for Redevelopment) (Amendment) Bill 2023 is expected to come into effect by the end of this year. After the implementation of the new legislation, which lowers the compulsory sale application thresholds, it is believed that it could facilitate the redevelopment of large-scale projects. We expect that this measure will have a positive impact on the Group's business. Our Group will continue to work hard to find new potential construction business opportunities to achieve Group's profit growth. At the same time, leveraging our experience in the industry, our Group is keen to explore suitable business opportunities in construction and environmental industries and other areas both domestic and overseas. Hashtag: #CRConstruction #InterimResultsThe issuer is solely responsible for the content of this announcement.CR Construction Group Holdings LimitedCR Construction Group Holdings Limited, which is carrying out construction business for over 55 years locally, is one of the leading building contractors in Hong Kong. The Group principally act as a main contractor in building construction works and RMAA works projects across public and private sectors in Hong Kong. As a main contractor, the Group is responsible for (i) overall management of the projects; (ii) formulating work programmes; (iii) engaging subcontractors and supervising their works; (iv) sourcing construction materials; (v) communication and coordination with the customers and their consultant teams; and (vi) safeguarding compliance with safety, environmental and other contractual requirements.
BEIJING, Aug. 23, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended June 30, 2024. Second Quarter 2024 Highlights Total revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023. Gross margin expanded to 59.6% in the second quarter of 2024 from 53.8% in the same period of 2023. Net loss was RMB80.6 million (US$11.1 million) in the second quarter of 2024, narrowed by 71.1% from the same period of 2023. Adjusted net loss (non-GAAP)[1] was RMB44.6 million (US$6.1 million) in the second quarter of 2024, narrowed by 79.9% from the same period of 2023. Average monthly active users (MAUs)[2] were 80.6 million in the second quarter of 2024. Average monthly subscribing members[3] were 14.7 million in the second quarter of 2024. "Our strategic decisions and effective execution yielded impressive financial results in the second quarter of 2024," said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. "At the same time, we made substantial strides in enhancing our core user experience, evidenced by the continued growth in user retention and DAU time spent. Building on our community's enhanced trustworthiness, we launched Zhihu Zhida (知乎直答) in late June, marking a major advancement in our AI search initiatives. Further improvements in user retention and the positive user feedback Zhihu Zhida has received demonstrate our unique advantages and ability to capture the tremendous opportunities in this field." Mr. Han Wang, chief financial officer of Zhihu, added, "The second quarter marked our lowest quarterly loss since our U.S. IPO. During the quarter, we maintained disciplined spending while achieving a high ROI across all business lines. Additionally, we are committed to enhancing shareholder returns through various means. Moving forward, we will continue to emphasize strong strategic execution as we pursue long-term sustainable profitability." Second Quarter 2024 Financial Results Total revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023. Marketing services revenue was RMB344.0 million (US$47.3 million), compared with RMB412.7 million in the same period of 2023. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement. Paid membership revenue was RMB432.7 million (US$59.5 million), compared with RMB449.1 million in the same period of 2023. The slight decrease was primarily attributable to a marginal decline in our average revenue per subscribing member. Vocational training revenue was RMB133.6 million (US$18.4 million), compared with RMB144.5 million in the same period of 2023. The decrease was primarily driven by lower revenue contributions from our acquired businesses. Other revenues were RMB23.5 million (US$3.2 million), compared with RMB37.9 million in the same period of 2023. Cost of revenues decreased by 21.8% to RMB377.3 million (US$51.9 million) from RMB482.1 million in the same period of 2023. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues. Gross profit was RMB556.5 million (US$76.6 million), compared with RMB562.1 million in the same period of 2023. Gross margin expanded to 59.6% from 53.8% in the same period of 2023, primarily attributable to our monetization enhancements and improvements in our operating efficiency. Total operating expenses decreased by 16.7% to RMB740.4 million (US$101.9 million) from RMB889.3 million in the same period of 2023. Selling and marketing expenses decreased by 22.9% to RMB417.0 million (US$57.4 million) from RMB540.6 million in the same period of 2023. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses. Research and development expenses decreased by 11.4% to RMB209.3 million (US$28.8 million) from RMB236.2 million in the same period of 2023. The decrease was primarily attributable to more efficient spending on technology innovation. General and administrative expenses were RMB114.1 million (US$15.7 million), compared with RMB112.5 million in the same period of 2023. Loss from operations narrowed by 43.8% to RMB183.9 million (US$25.3 million) from RMB327.2 million in the same period of 2023. Adjusted loss from operations (non-GAAP)[1] narrowed by 45.4% to RMB147.1 million (US$20.2 million) from RMB269.4 million in the same period of 2023. Net loss narrowed by 71.1% to RMB80.6 million (US$11.1 million) from RMB279.1 million in the same period of 2023. Adjusted net loss (non-GAAP)[1] narrowed by 79.9% to RMB44.6 million (US$6.1 million) from RMB222.3 million in the same period of 2023. Diluted net loss per American depositary share ("ADS") [4] was RMB0.89 (US$0.12), compared with RMB2.76 in the same period of 2023. Cash and cash equivalents, term deposits, restricted cash and short-term investments As of June 30, 2024, the Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB5,061.5 million (US$696.5 million), compared with RMB5,462.9 million as of December 31, 2023. Share Repurchase Programs As of June 30, 2024, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company's existing US$100 million share repurchase program (the "2022 Repurchase Program"), established in May 2022 and extended until June 26, 2025. In addition, a concurrent share repurchase program (the "2024 Repurchase Program") was established in June 2024, effective until June 26, 2025. The maximum number of shares (including shares underlying the ADSs) that can be repurchased under the 2024 Repurchase Program, together with the remaining number of shares (including shares underlying the ADSs) that can be repurchased under the 2022 Repurchase Program, will not exceed 10% of the total number of issued shares of the Company (excluding any treasury shares) as of June 26, 2024, the date of the resolution granting the general unconditional mandate to purchase the Company's own shares approved by shareholders. [1] Adjusted loss from operations and adjusted net loss are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section "Use of Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [2] MAUs refers to the sum of the number of mobile devices that launch our mobile apps at least once in a given month, or mobile MAUs, and the number of logged-in users who visit our PC or mobile website at least once in a given month, after eliminating duplicates. [3] Monthly subscribing members refers to the number of our Yan Selection members in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period. [4] On May 10, 2024, we effected a change in the ratio of our ADSs to Class A ordinary shares from two ADSs representing one Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares. Basic and diluted net loss per ADS have been retrospectively adjusted to reflect this ADS ratio change for all periods presented. Conference Call The Company's management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on August 22, 2024 (8:00 a.m. Beijing/Hong Kong time on August 23, 2024). All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers, a passcode, and a unique registrant ID which can be used to join the conference call. Participants may pre-register at any time, including up to and after the call start time. Participant Online Registration: https://dpregister.com/sreg/10191716/fd413a8bd8 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhihu.com. A replay of the conference call will be accessible approximately one hour after the conclusion of the live call, until August 29, 2024, by dialing the following telephone numbers: United States (toll free): +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 4215305 About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted loss from operations and adjusted net loss, to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company's management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as they help the Company's management. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider it in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. Exchange Rate Information This announcement 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 were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: In China: Zhihu Inc.Email: ir@zhihu.com Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677Email: zhihu@tpg-ir.com In the United States: Piacente Financial CommunicationsBrandi PiacentePhone: +1-212-481-2050Email: zhihu@tpg-ir.com ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months Ended For the Six Months Ended June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 RMB RMB RMB US$ RMB RMB US$ Revenues: Marketing services 412,740 330,542 343,979 47,333 804,877 674,521 92,817 Paid membership 449,098 449,724 432,652 59,535 903,867 882,376 121,419 Vocational training 144,520 145,436 133,633 18,389 251,518 279,069 38,401 Others 37,851 35,161 23,546 3,240 78,167 58,707 8,078 Total revenues 1,044,209 960,863 933,810 128,497 2,038,429 1,894,673 260,715 Cost of revenues (482,131) (417,384) (377,266) (51,914) (964,132) (794,650) (109,347) Gross profit 562,078 543,479 556,544 76,583 1,074,297 1,100,023 151,368 Selling and marketing expenses (540,593) (477,954) (416,985) (57,379) (986,158) (894,939) (123,148) Research and development expenses (236,245) (197,356) (209,323) (28,804) (419,205) (406,679) (55,961) General and administrative expenses (112,460) (92,917) (114,107) (15,702) (212,898) (207,024) (28,487) Total operating expenses (889,298) (768,227) (740,415) (101,885) (1,618,261) (1,508,642) (207,596) Loss from operations (327,220) (224,748) (183,871) (25,302) (543,964) (408,619) (56,228) Other income/(expenses): Investment income 11,793 16,902 21,811 3,001 17,799 38,713 5,327 Interest income 39,987 30,763 26,754 3,681 79,480 57,517 7,915 Fair value change of financial instruments (9,016) 9,408 31,412 4,322 (12,598) 40,820 5,617 Exchange gains 7,076 120 289 40 1,427 409 56 Others, net 644 3,043 15,947 2,194 6,977 18,990 2,613 Loss before income tax (276,736) (164,512) (87,658) (12,064) (450,879) (252,170) (34,700) Income tax (expenses)/benefits (2,330) (1,284) 7,063 972 (7,159) 5,779 795 Net loss (279,066) (165,796) (80,595) (11,092) (458,038) (246,391) (33,905) Net (income)/loss attributable to noncontrolling interests (775) 950 (2,144) (295) (3,158) (1,194) (164) Net loss attributable to Zhihu Inc.'s shareholders (279,841) (164,846) (82,739) (11,387) (461,196) (247,585) (34,069) Net loss per share Basic (0.92) (0.59) (0.30) (0.04) (1.52) (0.88) (0.12) Diluted (0.92) (0.59) (0.30) (0.04) (1.52) (0.88) (0.12) Net loss per ADS (One ADS represents three Class A ordinary shares) Basic (2.76) (1.76) (0.89) (0.12) (4.55) (2.65) (0.36) Diluted (2.76) (1.76) (0.89) (0.12) (4.55) (2.65) (0.36) Weighted average number of ordinary shares outstanding Basic 304,068,362 281,549,707 279,241,647 279,241,647 304,052,681 280,403,026 280,403,026 Diluted 304,068,362 281,549,707 279,241,647 279,241,647 304,052,681 280,403,026 280,403,026 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months Ended For the Six Months Ended June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 RMB RMB RMB US$ RMB RMB US$ Share-based compensation expenses included in: Cost of revenues 2,146 2,497 750 103 6,546 3,247 447 Selling and marketing expenses 6,384 3,272 (6,063) (834) 15,142 (2,791) (384) Research and development expenses 14,941 3,680 4,439 611 36,146 8,119 1,117 General and administrative expenses 28,976 16,363 33,515 4,612 50,531 49,878 6,863 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands) As of December 31, 2023 As of June 30, 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 2,106,639 3,159,325 434,738 Term deposits 1,586,469 1,204,062 165,684 Short-term investments 1,769,822 646,321 88,937 Restricted cash - 51,774 7,124 Trade receivables 664,615 532,929 73,333 Amounts due from related parties 18,319 41,236 5,674 Prepayments and other current assets 232,016 201,338 27,705 Total current assets 6,377,880 5,836,985 803,195 Non-current assets: Property and equipment, net 10,849 9,670 1,331 Intangible assets, net 122,645 61,698 8,490 Goodwill 191,077 126,344 17,386 Long-term investments, net 44,621 51,176 7,042 Right-of-use assets 40,211 21,959 3,022 Other non-current assets 7,989 372 51 Total non-current assets 417,392 271,219 37,322 Total assets 6,795,272 6,108,204 840,517 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities 1,038,531 913,225 125,664 Salary and welfare payables 342,125 219,681 30,229 Taxes payables 21,394 16,967 2,335 Contract liabilities 303,574 283,465 39,006 Amounts due to related parties 26,032 10,685 1,470 Short-term lease liabilities 42,089 24,834 3,417 Short-term borrowings - 51,774 7,124 Other current liabilities 171,743 159,014 21,881 Total current liabilities 1,945,488 1,679,645 231,126 Non-current liabilities Long-term lease liabilities 3,642 2,071 285 Deferred tax liabilities 22,574 8,030 1,105 Other non-current liabilities 121,958 18,253 2,512 Total non-current liabilities 148,174 28,354 3,902 Total liabilities 2,093,662 1,707,999 235,028 Total Zhihu Inc.'s shareholders' equity 4,599,810 4,312,294 593,392 Noncontrolling interests 101,800 87,911 12,097 Total shareholders' equity 4,701,610 4,400,205 605,489 Total liabilities and shareholders' equity 6,795,272 6,108,204 840,517 ZHIHU INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 RMB RMB RMB US$ RMB RMB US$ Loss from operations (327,220) (224,748) (183,871) (25,302) (543,964) (408,619) (56,228) Add: Share-based compensation expenses 52,447 25,812 32,641 4,492 108,365 58,453 8,043 Amortization of intangible assets resulting from business acquisitions 5,365 5,365 4,115 566 8,855 9,480 1,304 Adjusted loss from operations (269,408) (193,571) (147,115) (20,244) (426,744) (340,686) (46,881) Net loss (279,066) (165,796) (80,595) (11,092) (458,038) (246,391) (33,905) Add: Share-based compensation expenses 52,447 25,812 32,641 4,492 108,365 58,453 8,043 Amortization of intangible assets resulting from business acquisitions 5,365 5,365 4,115 566 8,855 9,480 1,304 Tax effects on non-GAAP adjustments (1,069) (1,069) (756) (104) (1,669) (1,825) (251) Adjusted net loss (222,323) (135,688) (44,595) (6,138) (342,487) (180,283) (24,809)
Today, Getinge announces an agreement to acquire 100% of Paragonix Technologies, Inc., a leading organ transport products and services company in the United States for an aggregated purchase price, including upfront and earn out payments, estimated to approximately USD 477 million. GOTHENBURG, Sweden, Aug. 23, 2024 /PRNewswire/ -- With the acquisition of Paragonix Technologies – a pioneer and innovator in organ transport and preservation – Getinge marks its entry into a rapidly advancing field driven by rising transplant volumes, technological innovations and evolving clinical practices. The acquisition aligns with Getinge's broader strategy to expand its portfolio into high growth markets that complement and enhance its acute heart and lung support offering already being used in connection with transplantation, positioning the company at the forefront of the fast-growing organ preservation and transportation market. "We are excited to enter the organ preservation and transportation market which is rapidly evolving, driven by a global shortage of organs and the pressing need to increase transplantation volume. Teaming up with Paragonix Technologies' talented team and proven technology is not just a strategic fit for Getinge, it is a catalyst to redefine the market standard, especially considering our expertise in the acute heart and lung support segment and our existing global sales network", says Elin Frostehav, President Acute Care Therapies at Getinge. Founded in 2010, Paragonix Technologies is a privately held company headquartered in Waltham, Massachusetts, USA, and employs approximately 100 people. In 2023, Paragonix Technologies reported revenues of USD 43.1 million, representing an impressive 136% growth over prior year. Close to 100% of its sales are generated from the US market. The global organ preservation and transportation market is expected to continue to sustain rapid growth. In the US, reforms initiated in 2019 are transforming the transplantation system, driving further improvements in organ transplantation. Additionally, the utilization of organs from previously underutilized donor pools is expanding overall transplant volumes. With over 100,000 patients on the organ waiting list in the US alone, and alongside ongoing technological advancements, the US and EU combined total organ transplant market is expected to exceed USD 10 billion by 2033, continuing its double-digit growth trajectory. The US remains the largest and most homogeneous market. "We are thrilled to join forces with Getinge", says Dr. Lisa Anderson, CEO and President of Paragonix Technologies. "Our product portfolio, transplant services, and robust clinical data position us as an industry leader. Together, we look forward to making a broad clinical impact, improving patient care, and launching new innovations in transplantation and end-stage organ failure. With Getinge's global sales footprint, we can now extend our technologies and solutions to underserved patient populations worldwide." The acquisition enables Getinge to provide innovative solutions across the entire transplant workflow, complementing and synergizing with existing pre- and post-transplant patient support products in the acute heart & lung support segment while also venturing into the adjacent kidney, liver, and pancreas markets. "This strategic move positions us to innovate within the transplant space, and ultimately, confirms our purpose to make life-saving solutions accessible for more people and our objective to double the lives saved. We look forward to an exciting future where we continue to make a difference together with our new colleagues at Paragonix Technologies," Elin Frostehav concludes. The aggregated upfront purchase price and currently expected additional earnout payments in 2024-2026 are approximately USD 477 million, on a cash and debt free basis, for all issued and outstanding shares, of which USD 253 million is payable in cash on closing. The earn-out payments are expected to be paid between 2024 and 2026 if agreed upon regulatory and financial performance milestones are achieved and may exceed USD 277 million in aggregate. Getinge anticipates a positive contribution on adjusted earnings per share starting in 2028. The initial payout related to the acquisition will be financed through a bridge loan provided by SEB. The acquisition is expected to have a slightly negative impact on Getinge's adjusted earnings per share in 2024. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has elapsed. The closing is expected to take place late Q3 or early Q4 2024, subject to customary closing conditions. The deal logic in brief: The total market for transplants has been growing rapidly in recent years and is expected to continue to grow double digit and exceed USD 10 billion in 2033. Growth is driven by volume increase due to demand and the transition from traditional methods (ice) towards new technologies as the average cost of transplant cases increases. This trend is already established for the Heart and Lung segments, and similar development is expected for the Abdominal segment. Paragonix Technologies outgrows the market significantly (136% growth in 2023) – seizing a substantial market share. Paragonix Technologies has a strong offering targeting the Heart and Lung segments, for example enabling >50% reduction of severe complications and 43% reduction in 2-year mortality compared to traditional heart transport and preservation solutions. Paragonix Technologies has recently launched attractive offerings targeting the Abdominal segment and has a strong pipeline of additional products. The company also has a strong portfolio of digital solutions and services. Untapped global potential – close to 100% of Paragonix Technologies' sales is in the US. Getinge and Paragonix can capture global demand growth together, supported by Getinge's global commercial infrastructure. Combining Paragonix Technologies' leading offering and pipeline with Getinge's expertise and offering in the acute heart and lung support, digital technology and services creates a very attractive offering as of today. The deal also enables the development of attractive combined offerings for the future – strengthening the leading position further. Investor Relations:Lars Mattson, SVP Corporate Development (Corporate Strategy | M&A | Investor Relations)Phone: +46 (0)10 335 0043Email: lars.mattsson@getinge.com Media contact: Caroline Örmgård, Head of Public & Media RelationsPhone: +46 (0)10 335 0041Email: caroline.ormgard@getinge.com This information is such that Getinge AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on August 22, 2024 at 22.23 CEST. About GetingeWith a firm belief that every person and community should have access to the best possible care, Getinge provides hospitals and life science institutions with products and solutions aiming to improve clinical results and optimize workflows. The offering includes products and solutions for intensive care, cardiovascular procedures, operating rooms, sterile processing and life science. Getinge employs approximately 12,000 people worldwide and the products are sold in more than 135 countries. About Paragonix TechnologiesParagonix Technologies is a leading developer, manufacturer, and service provider in the organ transplant industry, establishing a novel approach to preservation that represents a significant improvement over the traditional standard of care. Paragonix Advanced Organ Preservation devices combine clinically-proven, stable cooling techniques with digital tracking and monitoring technologies to provide clinicians complete control and oversight throughout the donor organ journey. The clinical impact of Paragonix preservation technology is reinforced by the GUARDIAN clinical registries, the largest database of organ preservation data in the world that analyzes post-transplant outcomes in transplant recipients.Find out more about Paragonix Technologies >> This information was brought to you by Cision http://news.cision.com https://news.cision.com/getinge/r/getinge-to-acquire-paragonix-technologies--a-growth-leader-in-the-organ-transplantation-market,c4027716 The following files are available for download: https://mb.cision.com/Main/942/4027716/2958826.pdf Press release - Getinge to acquire Paragonix Technologies https://news.cision.com/getinge/i/paragonix-1200x628,c3326659 Paragonix 1200x628
ROCKVILLE, Md. and SUZHOU, China, Aug. 22, 2024 /PRNewswire/ -- Ascentage Pharma (6855.HK), a global biopharmaceutical company engaged in discovering, developing and commercializing both first-in-class and best-in-class therapies for malignancies, today announced its 2024 interim results. During the reporting period, Ascentage Pharma continued to execute its global innovation strategy, having achieved breakthroughs across various aspects of its business including external collaborations, commercialization, and clinical development. In particular, the company has set a new record with its revenue for the first half of 2024 and reported profit for the first time. During the reporting period, Ascentage Pharma has set a new record for its revenue that grew by 477% from the same period last year to RMB824 million, with most of the revenue generated from sales of pharmaceutical products and license income. For the very first time in its history, Ascentage Pharma reached profitability, having reported a net profit of RMB163 million. Ascentage Pharma made rapid progress with the commercialization of its first approved product, olverembatinib (HQP1351). During the reporting period, olverembatinib generated a sales revenue of RMB113 million, which grew by 120% from the second half of 2023 and 5% year-over-year. Ascentage Pharma and Takeda, a multinational pharmaceutical company, have entered into an exclusive option agreement that granted Takeda an exclusive option to enter into an exclusive license agreement for olverembatinib. Once exercised, the Option would allow Takeda to license global rights to develop and commercialize olverembatinib in all territories outside of, among others, the mainland China, Hong Kong China, Macau China, and Taiwan China. Ascentage Pharma has received US$100 million in option payment and a US$75 million equity investment. The company's cash flows continued to improve. As of June 30, 2024, the company's cash balances were RMB1.1 billion and rose to RMB1.8 billion by early July, 2024. Entered into a landmark global collaboration that is the largest BD deal among small molecule oncology drugs in China Ascentage Pharma constantly seeks global partnerships. During the reporting period, the company and Takeda, a multinational pharmaceutical company, entered into an exclusive option agreement for olverembatinib. This collaboration, with a total value reaching US$1.3 billion, includes an option payment of US$100 million and an option exercise fee and potential milestone payments totaling US$1.2 billion. Additionally, Ascentage Pharma is eligible for tiered double-digit royalties on annual net sales. To date, this is the largest out-licensing deal for any small molecule oncology drug in China. Furthermore, Ascentage Pharma also received an equity investment from Takeda. This collaboration highlights the significant clinical and commercial potential of olverembatinib in the global market and laid a solid foundation for the future global commercialization of the drug. Ascentage Pharma has already received the US$100 million option payment and US$75 million equity investment from Takeda. Commercialization of olverembatinib accelerated and strengthened the company's revenue generating ability Following the inclusion of the first approved indication of Ascentage Pharma's novel drug candidate olverembatinib into the China National Reimbursement Drug List (NRDL) in January 2023 and the regulatory approval for its new indication in November 2023, olverembatinib continued to realize its growth potential while boosting company's ability to generate revenue through product sales. During the reporting period, the sales revenue of olverembatinib grew by 120% from the second half of 2023 and by 5% year-over-year, to RMB113 million. Ascentage Pharma is expeditiously expanding the commercialization of its approved product. As of June 30, 2024, olverembatinib has entered 670 hospitals and direct-to-patient (DTP) pharmacies nationwide and its number of listed hospitals has grown by 79% compared to the end of last year. Since the approval of its new indication in November 2023 till June 30, 2024, olverembatinib has been included into 114 supplemental insurance for major diseases and Huimin insurance plans of 20 provinces and 83 municipalities. Additionally, olverembatinib was included into the special drugs catalog of the Huimin insurance plan of 20 provinces and municipalities such as Hebei, Hainan, Inner Mongolia Autonomous Region, Wuxi, Huzhou, Shenzhen, and Yantai, which greatly improved the drug's accessibility and alleviated the burden on patients. As the first China-approved third-generation BCR-ABL inhibitor, olverembatinib's clinical value and therapeutic potential continued to received high profile recognition during the reporting period, both in China and globally. In January 2024, clinical trial results of olverembatinib were included into the US National Comprehensive Cancer Network® (NCCN) Guidelines for the Management of Chronic Myeloid Leukemia (CML). Moreover, olverembatinib has received upgraded recommendations from the 2024 Chinese Society of Clinical Oncology (CSCO) Guidelines for the Diagnosis and Treatment of Hematologic Malignancies in CML and Philadelphia-positive acute lymphoblastic leukemia (Ph+ ALL), plus a number of additional Level I recommendations from the guideline. In July 2024, olverembatinib was approved in Macau China for the treatment of adult patients with tyrosine kinase inhibitor (TKI)-resistant chronic-phase CML (CML-CP) or accelerated-phase CML (CML-AP) harboring the T315I mutation; and adult patients with CML-CP resistant to and/or intolerant of first- and second-generation TKIs, marking another major milestone for olverembatinib following initial approvals it received in the Chinese mainland. Global innovation strategy yielding more encouraging results with eight registrational studies being simultaneously advanced Guided by its global innovation strategy, Ascentage Pharma delivered multiple milestone achievements and swiftly advanced its global clinical development programs during the reporting period. To date, two of the company's key drug candidates, olverembatinib and lisaftoclax (APG-2575), have been cleared to enter 11 registrational studies, including 3 registrational studies that have been completed and 8 registrational studies currently ongoing. In February 2024, olverembatinib was cleared by the US Food and Drug Administration (FDA) to enter a global registrational Phase III study in previously treated adult patients with CML-CP. This is the first FDA-cleared registrational Phase III study of olverembatinib and it represents a big step forward for Ascentage Pharma's global clinical development in hematologic malignancies. Outside hematology, the Center for Drug Evaluation (CDE) of China's National Medical Product Administration (NMPA) cleared a global registrational Phase III study of olverembatinib in patients with succinate dehydrogenase (SDH)-deficient gastrointestinal stromal tumor (GIST) who had failed prior systemic treatment. This clearance represents a crucial step in Ascentage Pharma's clinical development in solid tumors. Meanwhile, Ascentage Pharma also made notable strides with the clinical development of lisaftoclax in hematologic malignancies. During the reporting period, the China CDE cleared a Phase III study of lisaftoclax in combination with azacitidine (AZA) for the first-line treatment of newly-diagnosed patients with higher-risk myelodysplastic syndrome (MDS). This is the fourth cleared registrational Phase III study of lisaftoclax. Winning recognition from around the world with robust clinical data spanning multiple indications As an innovative biopharmaceutical company focused on global innovation, Ascentage Pharma has built a high value pipeline composed of assets with first- and best-in-class potentials and conducted more than 40 clinical trials in China, the US, Australia, Europe, and Canada. In this process, Ascentage Pharma made steady progress exploring and validating a number of its drug candidates across multiple indications and presented updated results from its clinical programs at a number of international congresses, showcasing its prowess in R&D and clinical development. During the reporting period, results from four clinical studies of olverembatinib, lisaftoclax, and APG-2449, the company's three key drug candidates, were selected for presentations at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting. This is the seventh consecutive year for Ascentage Pharma to present at the meeting. Among these results, the data of olverembatinib in patients with TKI-resistant SDH-deficient GIST were selected for an Oral Report. In the data, olverembatinib showed promising clinical benefit including a clinical benefit rate (CBR) of 92.3% and a median progression-free survival (PFS) of 25.7 months in patients with SDH-deficient GIST, an indication that currently lacks standard of care treatment. At the same meeting, Ascentage Pharma presented the latest data that further demonstrated the therapeutic potential of its FAK/ALK/ROS1 TKI APG-2449 for the treatment of non-small cell lung cancer (NSCLC). At the 2024 European Hematology Association Hybrid Congress (EHA 2024) which took place in June this year, Ascentage Pharma released update results from five studies of olverembatinib, lisaftoclax, and APG-5918, three of the company's key drug candidates. These data highlighted the company's competitiveness in the field of hematologic malignancies. The three studies of olverembatinib presented at EHA 2024 include one that reported the latest median 1-year follow-up data of olverembatinib in patients with CML and Ph+ ALL, updated from the data released at the 2023 American Society of Hematology (ASH) Annual Meeting. In the results, olverembatinib showed excellent durable clinical benefits and favorable long-term tolerability in patients who had been treated with multiple TKIs (including those who were resistant to ponatinib and/or asciminib), regardless of whether they harbored the T315I mutation. The latest data from multiple studies of lisaftoclax were also selected for presentations at the 2024 ASCO Annual Meeting and EHA 2024. These results highlighted lisaftoclax' therapeutic potential in a range of hematologic malignancies. Data released at this year's ASCO Annual Meeting include the latest promising results from a Phase Ib/II study of lisaftoclax in combination with AZA in patients with treatment-naïve (TN) or relapsed/refractory (R/R) acute myeloid leukemia (AML), and a global, multicenter Phase Ib/II study of lisaftoclax alone or in combinations for the treatment of patients with Waldenström macroglobulinemia (WM). At EHA 2024, the company presented encouraging updated data of lisaftoclax in patients with R/R multiple myeloma (MM) or immunoglobulin light-chain (AL) amyloidosis. Furthermore, results from three preclinical studies of olverembatinib, alrizomadlin (APG-115), APG-2449, and APG-5918 were announced at the 2024 American Association of Cancer Research Annual Meeting (AACR 2024), providing important scientific rationale for the future clinical development of these assets. Deepening global innovation while opening a whole new chapter on growth and development To support its long-term strategy and growth, during the reporting period, Ascentage Pharma has confidentially submitted a draft registration statement on Form F-1 to the US Securities and Exchange Commission (SEC) relating to the proposed initial public offering of American depositary shares (ADSs) representing its ordinary shares. Ascentage Pharma is steadfastly committed to its global innovation strategy and strengthening its intellectual property portfolio. As of June 30, 2024, Ascentage Pharma holds 520 issued patents globally, among of which 367 patents were issued outside of China. Dr. Dajun Yang, Chairman & CEO of Ascentage Pharma, said, "In the first half of 2024, Ascentage Pharma has achieved multiple milestones in global business development, product commercialization, and global clinical development. These achievements highlight our global innovative capabilities and competitiveness in the field of hematologic malignancies. During the reporting period, we entered into a global collaboration valued at up to US$1.3 billion with Takeda, a multinational pharmaceutical company, for olverembatinib, in an agreement that also includes tiered double-digit royalties on annual net sales. This is the largest BD deal for any small molecule oncology drug in China. Moreover, we have already received US$75 million in equity investment from Takeda. This collaboration is another validation of our leadership in the industry and olverembatinib's value in the global market that will hopefully demonstrate clinical potential in more conditions that currently lack treatment options. In February 2024, the US FDA cleared a global registrational Phase III study of olverembatinib, marking yet another major milestone in the global clinical development of the drug. It is worth emphasizing that during the reporting period, Ascentage Pharma achieved profitability for the first time in its history. With olverembatinib included into the China NRDL and approved for a new indication in the country, we are empowered to further strengthen our commercialization capabilities. At the same time, we made broad progress with our global clinical development programs, expanded the potential indications of our key drug candidates, and reinforced our competitiveness in the field of hematologic malignancies. Pressing ahead with our patient-centric global innovation strategy, we will continue to build out our commercialization capabilities and accelerate the global clinical development of our investigational assets. To fulfill our mission of addressing unmet clinical needs in China and around the world, we aspire to bring our innovative drugs to the global market as soon as possible for the benefit of more patients around the world and create additional value for societies and our investors." About Ascentage Pharma Ascentage Pharma (6855.HK) is a global, integrated biopharmaceutical company engaged in discovering, developing and commercializing both first-in-class and best-in-class therapies to address global unmet medical needs primarily in malignancies. On October 28, 2019, Ascentage Pharma was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code 6855.HK. The company has built a pipeline of 9 clinical-stage drug candidates, including novel, highly potent Bcl-2 and dual Bcl-2/Bcl-xL inhibitors, as well as candidates aimed at IAP and MDM2-p53 pathways, and next-generation TKIs. Ascentage Pharma is also the only company in the world with active clinical programs targeting all three known classes of key apoptosis regulators. The company has conducted more than 40 clinical trials in the US, Australia, Europe, and China, including 11 registrational studies (completed/ ongoing/planned). Olverembatinib, the company's first lead asset developed for the treatment of drug-resistant chronic myeloid leukemia (CML) and the company's first approved product in China, has been granted Priority Review Designations and Breakthrough Therapy Designations by the Center for Drug Evaluation (CDE) of China National Medical Products Administration (NMPA). To date, the drug had been included into the China National Reimbursement Drug List (NRDL). Furthermore, olverembatinib has been granted Orphan Drug Designations (ODDs) and a Fast Track Designation (FTD) by the US FDA, and an Orphan Designation by the EMA of the EU. To date, Ascentage Pharma has obtained a total of 16 ODDs from the US FDA and 1 Orphan Designation from the EMA of the EU for 4 of the company's investigational drug candidates. Leveraging its robust R&D capabilities, Ascentage Pharma has built a portfolio of global intellectual property rights and entered into global partnerships and other relationships with numerous leading biotechnology and pharmaceutical companies such as Takeda, AstraZeneca, Merck, Pfizer and Innovent; and research and development relationships with leading research institutions such as Dana-Farber Cancer Institute, Mayo Clinic, MD Anderson Cancer Center, National Cancer Institute and the University of Michigan. The company has built a talented team with a wealth of global experience in the discovery and development of innovative drugs and fully functional commercial manufacturing and Sales & Marketing teams. One pivotal aim of Ascentage Pharma is to continuously strengthen its R&D capabilities and accelerate its clinical development programs, in order to fulfil its mission of addressing unmet clinical needs in China and around the world for the benefit of more patients. Forward-Looking Statements The forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, Ascentage Pharma undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect. In this article, statements of, or references to, our intentions and expectations or those of any of our Directors or our Company are made as of the date of this article. Any of these intentions and expectations may alter in light of future development.
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