GenFleet Therapeutics (Shanghai) Inc. (GenFleet) released unaudited interim results for the six months ended 30 June 2026, showing a significantly reduced net loss and strengthened liquidity despite lower top-line revenue.

Revenue and Income • Revenue declined 52.1% year-on-year to RMB42.47 million, mainly reflecting a RMB71.17 million fall in licensing income. • Drug-supply sales climbed almost six-fold to RMB30.60 million, offsetting part of the licensing shortfall. • Other income and gains jumped 396.6% to RMB40.62 million, driven by an additional RMB26.87 million in interest from time deposits and RMB5.42 million in foreign-exchange hedge gains.

Cost Structure and Profitability • R&D expenditure rose 57.3% to RMB192.53 million as the company advanced multiple mid-to-late-stage pipeline assets, including two Phase III studies of oral KRAS G12D inhibitor GFH375. • Administrative expenses fell 26.1% to RMB27.30 million following the completion of IPO-related spending in 2025. • Foreign-exchange losses lifted other expenses to RMB61.18 million (1H25: RMB0.29 million). • The absence of a fair-value loss on redemption liabilities (1H25: RMB615.87 million) contributed to the narrower loss of RMB220.17 million (1H25: RMB698.60 million).

Cash Flow and Balance Sheet • Operating cash outflow widened to RMB283.68 million, reflecting higher clinical investment. • Cash and bank balances totalled RMB1.78 billion at 30 June 2026, down from RMB2.07 billion at 31 December 2025 but providing substantial funding runway. • Interest-bearing bank borrowings increased to RMB124.45 million (31 December 2025: RMB83.90 million) with rates between 2.08% and 2.30%.

Pipeline Progress • GFH375 secured two Breakthrough Therapy Designations in China and advanced to Phase III trials for metastatic pancreatic cancer and non-small cell lung cancer, with NDA submission targeted for 2027 and potential commercial launch in 2028. • Pan-RAS inhibitor GFH276 completed dose-escalation in Phase I/II studies, displaying favourable pharmacokinetics and synergistic preclinical activity in combination regimens. • Recently approved KRAS G12C inhibitor fulzerasib continued commercial roll-out in China and Macau and reported positive Phase II data in combination with cetuximab for first-line NSCLC, published in Lancet Oncology. • First-in-class GDF15/IL-6 bispecific antibody GFS202A showed dose-dependent weight and muscle-mass gains in cachexia patients in Phase I trials. • ADC candidate GFS784, featuring a Pan-RAS inhibitor payload, demonstrated potent anti-tumour activity in preclinical models. • AI-driven STAT6 degrader GFH946 advanced through accelerated preclinical development.

Post-Period Capital Raise On 17 July 2026, GenFleet placed 13.60 million new H shares at HK$34.69 each, raising net proceeds of approximately HK$466.90 million to fund additional clinical programmes and platform expansion.

Outlook With six registrational trials planned for 2026–2027 and a cash reserve exceeding RMB1.78 billion, GenFleet states it is positioned to sustain its accelerated R&D agenda while targeting commercial milestones for its RAS-focused portfolio.