Hong Kong–listed biopharma developer B&K CORP-B reported an unaudited net loss of RMB121.92 million for the six months ended 30 June 2026, widening 40.6% year-on-year, as the company accelerated investment in its product pipeline.

R&D spending surged 58.8% to RMB61.27 million, driven by share-based payments of RMB26.13 million and higher CDMO/CRO service fees of RMB21.08 million. Administrative expenses climbed 15.6% to RMB55.65 million, also reflecting one-off share-based charges recorded during the period.

Other expenses rose sharply to RMB5.37 million (1H25: RMB44,000), mainly reflecting foreign-exchange losses on cash balances, while finance costs increased 16.4% to RMB0.62 million. With no revenue contribution, loss per share widened to RMB1.04 from RMB0.87 a year earlier.

Cash and cash equivalents stood at RMB535.85 million at end-June, down 15.3% from end-2025 as the group funded ongoing trials. Net current assets slipped 12.1% to RMB526.03 million, though the current ratio strengthened to 41.6 times following a reduction in trade and other payables. The group carries no interest-bearing borrowings.

Pipeline advancement remained the operational focus. Lead candidate Pro-101-1 (thermal burns) is in Phase IIIa in China with 40 subjects enrolled, while Pro-101-2 (DFU) completed Phase II enrolment of 160 patients and targets Phase III initiation in 2027. Pre-clinical and IND-stage programmes include additional PDGF formulations, mRNA (Mes-201), ASO (Oli-101, Oli-201) and Tβ4 eye-drop candidate Pro-201, which is slated for Chinese IND filing in Q3 2026.

Since its December 2025 IPO, the company has deployed HK$76.4 million of the HK$599.8 million net proceeds, earmarking 61.8% of the total for continued development and commercial preparation of Pro-101-1 and Pro-101-2.

No dividend was declared for the interim period.