Boan Biotech Announces 2026 Interim Results

 Innovating & transforming full steam ahead
Global Commercialization Poised for Growth

Yantai, China, August 27, 2026 — Boan Biotech (6955.HK) today announced its interim results for the first half of 2026 and the latest developments.

In the reporting period, the company recorded revenue of RMB 233.0 million. R&D expenses increased by 57.1% year-on-year to RMB 92.0 million, accounting for 39.5% of its revenue in the same period, up 25 percentage points from the same period last year. At the end of the reporting period, the company had more than RMB 1.1 billion in cash and cash equivalents. The strong cash position provides a solid foundation for scaling up R&D investment.

Boan Biotech adopts a two-phase strategy: to start from biosimilars and grow through innovative biologics. Over the past five years, the company has successfully launched five biosimilars in China, which have helped to generate cash flow and fund its operations. Meanwhile, the company has been advancing the development and registration of its key products in high-potential overseas markets, while collaborating with partners on commercialization to unlock their global market potential. Currently, the company’s strategic focus is on innovative biologics. It is concentrating resources to upgrade its pipelines and platforms full steam ahead in two therapeutic areas (oncology and autoimmune diseases) in an effort to fuel long-term growth. 

Gearing up innovation for oncology and autoimmune diseases

To date, the number of innovative drug programs under development at Boan Biotech has doubled compared with 2024. The proportion of total R&D investment allocated to innovative drug candidates increased from 13% in the first half of 2024 to 57% in the first half of 2026, with resources further tilted toward high-value pipeline assets.

The company is systematically building a pipeline of more than 10 innovative drug candidates with the potential to become First-in-Class or Best-in-Class varieties on its evolving R&D platforms. In oncology, the company is focused on the next-generation bispecific/multispecific antibodies and antibody-drug conjugates (ADCs) to develop anticancer drugs. In autoimmune diseases, it is developing differentiated bispecific/multispecific antibodies targeting key inflammatory pathways. The company’s key pipeline assets include the following:

Oncology

BA1302 (an anti-CD228 ADC)
This is the world’s only anti-CD228 ADC currently under clinical development.

• It is intended for the treatment of multiple types of advanced solid tumors, including breast cancer, esophageal cancer, lung cancer, and pancreatic cancer. 
• The dose-escalation, Phase 1a clinical trial of BA1302 as a monotherapy has been completed in China. The results showed that BA1302 demonstrated a promising antitumor activity with a favorable safety and tolerability profile in patients with multiple types of advanced solid tumors who had experienced disease progression after being treated with multiple lines of therapy. As of August 1, 2026, partial responses (PR) had been observed in patients with triple-negative breast cancer, esophageal cancer, melanoma, and cervical cancer.
• The dose-expansion, Phase 1b clinical trial is to be conducted in China soon. The drug candidate has been cleared by the FDA for clinical trials in the U.S. and has been granted an Orphan Drug Designation (ODD) for the treatment of squamous non-small cell lung cancer (sqNSCLC) and pancreatic cancer.

BA1106 (a non-IL-2 blocking anti-CD25 antibody)
This is the first innovative non-IL-2 blocking anti-CD25 antibody to undergo clinical development in China for the treatment of solid tumors.

•  The results from the Phase 1 clinical trial of BA1106 used in combination with the company’s PD-1 inhibitor, BA1104 (nivolumab injection), showed early signs of efficacy with a favorable safety and tolerability profile in patients with multiple types of solid tumors, including lung adenocarcinoma, gastric cancer, and colon cancer. All patients had previously been treated with immune checkpoint inhibitors and had experienced disease progression after treatment.
• The IND application for a Phase 2 clinical trial of BA1106 in combination with BA1104 as first- or second-line treatment for non-small cell lung cancer has been approved by the CDE in China.

BA1203 (an antibody-cytokine fusion protein targeting PD-1 and IL-2):
This is the world’s only PD-1/IL-2 molecule featuring high-activity IL-2α receptor engagement, a masking design, and the PD-1 blocking functionality.

• The Investigational New Drug (IND) application for the drug candidate has been accepted, intended for the treatment of multiple types of solid tumors.
• Through the fusion of a PD-1 antibody with an IL-2 cytokine, a masked prodrug design for IL-2, and a bivalent targeting design of the PD-1 antibody, BA1203 enables selective activation within the tumor microenvironment while reducing peripheral toxicity. Meanwhile, its PD-1 antibody possesses high affinity and retains pathway-blocking functionality, integrating PD-1 immune checkpoint inhibition with IL-2-mediated immune activation. Preclinical studies showed that BA1203 demonstrated an excellent antitumor activity with a favorable trend compared with existing PD-1/PD-L1 inhibitors, along with a good safety and tolerability profile.

BA1304 (a bispecific ADC targeting EGFR/B7-H3)

• The IND application for the drug candidate is planned to be submitted in the second half of 2026.
• Indications: lung cancer, colon cancer, bladder cancer, kidney cancer, esophageal cancer, etc.
• Targeting tumor cells co-expressing EGFR and B7-H3, BA1304 is constructed using the company’s proprietary glycan-based site-specific conjugation technology with a 1+1 common light-chain format, demonstrating high stability and homogeneity both in vitro and in vivo. It has broad-spectrum antitumor potential and has shown an excellent antitumor activity against cancer cells with varying expression levels in multiple solid tumor models.

Autoimmune Diseases

BA2201 (a bispecific antibody targeting TL1A/IL-23)
It is expected to become one of the first bispecific antibodies targeting TL1A/IL-23 in China to undergo clinical development.

• The IND application for the drug has been accepted, intended for the treatment of inflammatory bowel disease (IBD), including ulcerative colitis (UC) and Crohn’s disease (CD).
• Adopting a novel bispecific structural design and an extended half-life Fc engineering approach, BA2201 has demonstrated robust anti-inflammatory efficacy with a low immunogenicity risk and good tolerability in preclinical studies. It has shown a long half-life in cynomolgus monkeys, supporting a long-acting dosing regimen, with the potential for subcutaneous administration once every three months in humans.

An optimized portfolio of products unleashing their value globally

Among the first six biosimilars developed by Boan Biotech, Boyounuo® (bevacizumab injection), Boyoubei® (denosumab injection 60 mg), Boluojia® (denosumab injection 120 mg), Boyouping® (dulaglutide injection), and Boyoujing® (aflibercept intravitreous injection) have been approved for launch in China, and BA1104 (nivolumab injection) is in Phase 3 clinical development in China. The company has a clear pathway to launch these products in the overseas markets. Several of them have already been registered or launched in certain markets.

Among these products, two denosumab injections as the company's first products to be launched abroad have completed Phase 3 clinical trials in the U.S., Europe, and Japan, and are currently under regulatory review in the UK and the U.S. They are expected to receive marketing approvals within the next year, with plans to expand into additional countries and regions thereafter. The company has received agreement from the FDA to adopt a streamlined clinical development approach for its nivolumab injection and dulaglutide injection. In addition, the company is also filing or launching products in emerging markets such as Brazil.

With the expansion of its product portfolio, Boan Biotech is reinforcing its fundamentals and cash flow in China. During the reporting period, the company proactively optimized the pace of channel sales for Boyounuo to strike a balance between short-term earnings and the quality of commercial operations. Apart from Boyounuo, the company was working with partners to ramp up the rollout of four other products launched later. Among them, Boyoujing had the strongest sales, and Boluojia was approved for the new indication of treating bone metastases from solid tumors or multiple myeloma. In addition, BA1104, the country’s first biosimilar of Opdivo® to undergo a Phase 3 clinical trial, is expected to see a marketing authorization application submitted for it in China before the end of the year.

Building a diverse BD partnership to drive innovation and commercialization globally

Boan Biotech is building a BD partnership across the value chain from drug discovery to clinical development and global commercialization.

When it came to R&D, the company partnered with DP Technology to build an "AI for Science" model encompassing “AI agents + AI-driven drug discovery platforms + the development of investigational biologics with novel mechanisms”, which was used to power the early discovery and efficient development of biologics.

On the commercial front, the company was expanding its global footprint through diverse licensing agreements. In the Chinese mainland, it partnered with Qingdao Conson, Ocumension, and Shanghai Pharma to drive the market penetration of Boyoubei, Boyoujing, and Boyouping, respectively. Overseas, the company has licensed two denosumab injections and dulaglutide injection to its partner for commercial operations in the U.S., has partnered with Kexing to commercialize the two denosumab injections in Hong Kong and Macao SARs and the aflibercept intravitreous injection globally (excluding the Chinese mainland, EU, the UK, the U.S., and Japan), and has granted Shanghai Pharma and PHARMACARE the exclusive rights to commercialize the two denosumab injections in Southeast Asia and Latin America, respectively.

The success of a series of partnerships in China and abroad has demonstrated the company's ability to handle BD end-to-end from selecting projects to conducting negotiations and closing deals. Meanwhile, the company is in talks with several potential partners, including MNCs, for licensing or co-developing a number of innovative antibodies and their development platforms. With more data from clinical trials coming out, the value of the company's pipelines for BD is expected to be realized faster.

Powering global expansion through smart manufacturing

With the ramp-up of its new products and the expansion of its global footprint, Boan Biotech finds that its ability to supply products globally and put into place a sound quality management system has become a key pillar for international operations. The company already has the required production capacity and quality management system in place.

On the one hand, the company has been upgrading and optimizing production digitally in an effort to improve quality and increase efficiency through smart manufacturing and have enough production capacity for the ramp-up of new products and the expansion of its global footprint. During the reporting period, the company partnered with Hiacent to deploy an unmanned intelligent transport system covering all scenarios at its Yantai manufacturing facility.

On the other hand, the company has established a quality management system aligned with the standards adopted in China, the U.S., the UK, Europe, and Japan, and has received regulatory recognitions from multiple international authorities. During the reporting period, the company completed an on-site inspection by the UK Medicines and Healthcare products Regulatory Agency (MHRA). Previously, the company had also passed multiple domestic regulatory inspections and the EU QP audits, and received the GMP certification from the Brazilian Health Regulatory Agency (ANVISA) with "zero defects."

Jiang Hua, Chairlady and Chief Executive Officer of Boan Biotech, said: “Boan Biotech is accelerating its transformation from a biosimilar-led growth model into an innovation-driven biopharmaceutical company with a global footprint. Over the past five years, we have cemented our commercial foundations and cash flow while expanding the global reach of our key products. Today, we are fully devoted to building our pipeline of innovative biologics while accelerating their clinical trials and value realization. Throughout this journey, our entire team has moved forward with a shared sense of purpose. None of our key achievements would have been possible without their dedication, collaboration, and hard work. Looking ahead, we will continue to deliver results through the strong execution of our strategic initiatives, and to take our ability to innovate and compete globally to a new level.”