Bio-Thera Solutions released its 2026 interim report, showing first-half operating revenue of 519 million yuan, up 17.35% year on year, but a net loss of 252 million yuan, with the loss widening from a year earlier. As of the end of the reporting period, net assets attributable to shareholders of the listed company stood at 124 million yuan, down 67.04% year on year, while the debt-to-asset ratio rose to 95%. First-half research and development spending totaled 468 million yuan, accounting for 90.34% of operating revenue. Bio-Thera Solutions' marketed products include adalimumab and bevacizumab, among others, with additional products in development or under regulatory review. The company's rising debt-to-asset ratio had already drawn attention in an inquiry letter regarding its 2025 annual report, when the ratio stood at 83.56% at the end of 2025. The company explained that the increase was mainly because licensing revenue was recorded as contract liabilities; excluding that item, the ratio was 46.18%.
Bio-Thera Solutions LtdFirst-half net loss widened to 252 million yuan and debt-to-asset ratio climbed to 95%, reflecting deteriorating financial health.
