Quanxin Biotech B (02509) released annual results and achieved revenue of $159 million

According to the Zhitong Finance App, Quanxin Bio-B (02509) announced results for the year ended December 31, 2024, with group revenue of RMB 159 million; net loss of RMB 350 million, a year-on-year decrease of 32.92%; and R&D expenditure of RMB 334 million.

Founded in 2015, the company is a clinical-stage biotechnology company focusing entirely on biotherapy for autoimmune and allergic diseases. It has a self-developed drug pipeline and complete commercial-scale internal production capacity. As of the last practical date, the company had two core products, QX002N and QX005N, which were developed in-house. QX002N is an IL-17A inhibitor. In February 2025, the phase III clinical trial of QX002N against ankylosing spondylitis (AS) in China reached the main end. Qx005n is a monoclonal antibody (mAb) that blocks IL-4Rα. As of the last practical date, the enrollment of QX005N in the phase III clinical trial of atopic dermatitis (AD) in China was close to completion, and on March 19, 2025, the Chinese phase III clinical trial of QX005N to treat prurigo nodular (PN) had completed patient enrollment. In addition to the core products, the company also has seven pipeline drug candidates. Among them, the IL-12/IL-23p40 inhibitor Qx001s for psoriasis (Ps) obtained a drug registration certificate approved by the State Drug Administration in October 2024. The brand name is Xiloxin®, making it the first biosimilar of usinumab injection in China. The company's product line covers the four main areas of autoimmune and allergic diseases, namely skin, rheumatism, respiratory and digestive diseases.