VISEN Pharmaceuticals reported its maiden revenue of RMB34.54 million for the six months ended 30 June 2026, generated by the January launch of its once-weekly growth hormone therapy lonapegsomatropin (brand name SKYTROFA/維臻高).

Revenue translated into a gross profit of RMB18.06 million and a gross margin of 52.3%. The company remained loss-making, but its net loss narrowed 11.8% year on year to RMB104.10 million as lower R&D and administrative spending offset higher selling and marketing costs tied to commercialisation.

Key cost lines evolved as follows: • R&D expense fell 19.9% to RMB37.37 million after completion of major clinical activities on lead programmes. • Administrative expense dropped 44.0% to RMB33.60 million. • Selling and marketing expense rose to RMB35.77 million as the commercial rollout accelerated. • Finance costs increased to RMB2.03 million on interest for bank borrowings taken in 2H 2025.

Cash and cash equivalents stood at RMB505.81 million at end-June, down from RMB632.65 million at end-2025, reflecting operating outflows of RMB119.20 million. Total assets were RMB887.16 million, while total equity was RMB671.25 million. The current ratio slipped to 4.00 from 4.47.

PRODUCT & PIPELINE • Lonapegsomatropin received NMPA approval on 26 January 2026 and delivered first prescriptions in July. • Palopegteriparatide completed its China Phase 3 open-label extension and is targeted for NDA submission in 2H 2026. • Navepegritide was granted priority review status on 17 March 2026 for paediatric achondroplasia.

BOARD CHANGES Independent non-executive director Dr. Yao Zhengbin resigned effective 27 August 2026. Mr. Zhang Qing joins the Nomination Committee, and non-executive director Mr. Michael J. Chang joins the Audit Committee.

DIVIDENDS No interim dividend was declared.

OUTLOOK Management will focus on scaling SKYTROFA sales, filing palopegteriparatide, progressing navepegritide and completing local manufacturing technology transfer, while maintaining a disciplined cash position.