Gacors (01167.HK) to reduce losses by over 6% in 2025, with R&D expenditure cut by 42.9% to focus on commercialisation

ZC Asia has learnt that on 10 March, biotechnology company Gacors (01167.HK) disclosed its annual results announcement for the year ending 31 December 2025. During the reporting period, the company achieved operating revenue of RMB53.53 million (all figures in RMB), representing a significant decline of 65.6% compared to RMB156 million in 2024. The company attributed this change primarily to a temporary reduction in collaboration income from licensing agreements during the period.

Data indicates that JiaKeSi's net loss for 2025 narrowed to RMB 146 million, representing a reduction of approximately 6.25% compared to the RMB 156 million loss recorded in the same period of 2024. This improvement stemmed primarily from a significant decrease in research and development expenses – the company's R&D expenditure for 2025 amounted to approximately RMB 189 million, a substantial year-on-year reduction of 42.9%. Management stated in the results that this was chiefly due to the absence of substantial costs for pivotal clinical trials during the reporting period, reflecting proactive adjustments in capital utilisation efficiency.

2025 undoubtedly marked the pivotal year for JiaKeSi's transition from the ‘clinical stage’ to the ‘commercialisation stage’. The company's core product—the KRAS G12C inhibitor Glaricel (brand name: Aierkai®)—received marketing approval from the National Medical Products Administration in May 2025 for treating second-line and beyond non-small cell lung cancer (NSCLC) patients.

A more pivotal milestone materialised by year-end. In December 2025, Aierkai® was successfully included in the National Reimbursement Drug List, effective from January 2026. This signalled the product's formal entry into its volume growth phase.

Notably, three competing KRAS G12C inhibitors underwent simultaneous reimbursement negotiations in China during 2025, creating an exceptionally fierce competitive landscape. JiaKeSi opted to collaborate with Ailis to advance Phase III trials for first-line NSCLC combination therapies, seeking to carve out a differentiated niche within this crowded market. However, facing the dual pressures of first-year price negotiations under the medical insurance scheme and intense competition from similar products, the extent to which Aricai® can contribute to cash flow will be a significant test for JiaKeSi's commercialisation team.

Disclaimer: The content herein is for reference only and does not constitute any form of investment advice. Should any information contained herein prove inaccurate, incomplete, or potentially misleading, please refer to the company's official announcements. Market risks exist; investment requires caution.