B&K Corporation Limited (B&K Corp.) reported a RMB121.92 million (USD16.9 million) first-half 2026 net loss, widening 40.6% year on year from RMB86.68 million, as aggressive investment in drug development lifted research and development (R&D) costs 58.8% to RMB61.27 million (USD8.5 million).
Operating Metrics • Revenue: Nil, reflecting the pre-commercial status of the company’s pipeline. • Other income: RMB1.00 million, up 59.1%, driven by higher interest on December 2025 IPO proceeds. • Administrative expenses: RMB55.65 million, +15.6% YoY, linked to staff costs and share-based payments. • Other expenses: RMB5.37 million versus RMB0.04 million a year earlier, mainly foreign-exchange losses. • Finance costs: RMB0.62 million, +16.4% YoY.
Balance Sheet • Cash and cash equivalents stood at RMB535.85 million (USD74.3 million), down 15.3% from end-2025 after intensified R&D outlays. • Total assets declined 13.2% to RMB593.74 million. • Total equity fell 10.9% to RMB556.42 million; the current‐ratio improved to 41.6x from 17.1x due to lower short-term liabilities.
Cash Flow & Capital Allocation • Operating cash outflow reached RMB66.34 million, reflecting higher development spend and share-based compensation. • Capital expenditure was RMB4.33 million, focused on laboratory equipment upgrades. • IPO proceeds utilisation: RMB76.40 million deployed since listing, primarily for core product trials and R&D platform expansion; RMB523.40 million remains earmarked for pipeline advancement and general corporate purposes.
Pipeline Progress • Pro-101-1 (rhPDGF-BB topical gel for deep second-degree thermal burns): Phase IIIa trial in China has enrolled 40 patients; completion targeted for Q1 2027. IND submission for Phase III (deep burns) planned for early 2027; Phase IIb data for superficial burns expected Q1 2027. • Pro-101-2 (rhPDGF-BB gel for diabetic foot ulcers): Phase II enrolment of 160 patients finished in July 2026; Phase II read-out slated for Q1 2027, with Phase III initiation intended for Q2 2027 in China, and IND/CTN filings in the US and Japan targeted for Q1 2027. • Pro-101-3 (fresh wounds, pressure/radiation ulcers): Chinese IND approval obtained in March 2026; Phase Ib start pending. • Early-stage assets include PDGF spray (Pro-102), eye-drop (Pro-103), microneedle alopecia therapy (Pro-104), oral PDGF (Pro-105), mRNA oncology candidate (Mes-201), two ASOs (Oli-101 & Oli-201) and Tβ4 eye-drop (Pro-201) with planned IND in Q3 2026.
Outlook & Strategy Management will prioritise completing late-stage trials, securing GMP manufacturing capacity in mainland China, expanding R&D infrastructure with AI-enabled discovery tools, and pursuing US-Japan regulatory pathways. Approximately 62% of remaining IPO funds are allocated to progressing Pro-101-1 and Pro-101-2 toward commercialisation by 2027-2030.
Governance Updates Shareholders approved the abolition of the Supervisory Committee and the company’s Chinese name change to “青城新藥生物科技(青島)股份有限公司,” effective 13 July 2026. The board also named Dr. Zhai Junhui as Chief Scientist in August 2026.
No interim dividend was declared. The company confirms compliance with Hong Kong’s Corporate Governance Code and maintains a public float above regulatory thresholds.