Hbm Holdings Ltd. · HKEX:2142
Hbm — Harbour BioMed — H1 2025 Earnings Presentation
35 slides from Hbm's earnings presentation, Aug 28, 2025
Slide 1: Harbour BioMed 2025 Interim Results
Harbour BioMed 2025 Interim Results August 28, 2025 HBM HOLDINGS-B 2142-HK
Slide 2: Agenda
Agenda First Half 2025: 01 Strong Momentum Continues, Jingsong Wang MD PhD Driven by Three Growth Engines Harbour Therapeutics: 02 Integrating Clinical Resources for Xiaolu Tao PhD Late-Stage Assets Nona Biosciences: 03 The Foundation for Global Yiping Rong PhD Antibody Innovation Financial and Busi
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by HBM Holdings Limited (the “Company”) solely for informational purposes and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an inducement to enter into in
Slide 4: Transforming into a Globally Recognized Model of Sustainable Innovation Powered by Three Growth Engines
Harbour BioMed is Transforming into A Globally Recognized Model of Sustainable Innovation Powered by Three Growth Engines Nona Biosciences | Global for Global A Global R&D Platform Leveraging Harbour Mice® Innovation Platform Expansion | China for Global Our Three Growth Engines Pioneering New Colla
Slide 5: Our Three Growth Engines Have Driven Successes in Both Financial and R&D Performance
Our Three Growth Engines Have Driven Successes in Both Financial and R&D Performance Growth Engines Exceptional Growth in 25H1 • Nona Biosciences was shortlisted for the 2025 Prix Galien Award for “Top Start-up” • Research and technology licensing revenue surged 165% yoy Nona • A network of 110+ par
Slide 6: Record-Breaking Performance Provides a Solid and Sustainable Financial Foundation
Record-Breaking Performance Provides a Solid and Sustainable Financial Foundation to Efficiently Advance Our Corporate Strategy 3x 51x +92% $101.3M $73M $321.2M （~725M RMB） （~523M RMB） （~2.3B RMB） 25H1 Revenue 25H1 Net Profit Cash Balance* (as of 06/30/2025) Harbour BioMed is backed by strong and su
Slide 7: Harbour Mice: The Only Antibody+, TCE, and XDC Development Platform
Harbour Mice® - The Only Antibody+, TCE, and XDC Development Platform Endorsed by Top-Tier MNCs and Leading Biotech Companies Antibody+ Total BD Package over $2B TCE Total BD Package over $1.5B …… …… XDC Total BD Package over $1.5B Harbour Mice® Others Total BD Package over $2B …… …… Long-Term Strat
Slide 8: The World-Leading HBICE Platform Has Become an Anchor Choice for Global Biopharma Partnerships
The World-Leading HBICE® Platform Has Become An Anchor Choice for Global Biopharma Partnerships Continuous Endorsements by Top-Tier MNCs NK Cell Engager World-Leading TCE Platform: ▪ NKp30 Optimized CD3 combined with unique 2+1 format HBM7022 (CLDNxCD3) ▪ CD16a Unique 2+1 format for enhanced ▪ NKp46
Slide 9: Total BD Package Exceeds $6B in 2025
Total BD Package Exceeds $6B as of Today in 2025, Proactively Exploring New Collaboration Opportunities Total BD Package Exceeds $6B as of Today in 2025… HBM7022 TCE HBM9378 mAb 2+ assets, $4.4b+ 1st Chinese to “go HBM9033 ADC Out-license total size, $105M global” Out-license $970M+ equity investmen
Slide 10: Integrated, End-to-End Approach from Discovery to Commercialization
We Unlock Value from Technology to Product through An Integrated, End-to-End Approach from Discovery to Commercialization In Global For Global In China For Global In China For China Translational Early Discovery Pre-Clinical PoC PoC Commercialization Early Development ✓ Candidates advancing through
Slide 11: Harbour BioMed and AstraZeneca Formed a Global Long-Term Strategic Collaboration
Harbour BioMed and AstraZeneca Formed A Global Long-Term Strategic Collaboration, Accelerating Harbour’s R&D and Product Innovation The AZ Model A Global Benchmark for Collaboration • Chugai secured stable revenue by commercializing Roche’s innovative drugs in Japan, funding its early R&D while ❑ Gl
Slide 12: Harbour Therapeutics: Efficiently Integrating Clinical Resources for Mid-to-Late-Stage Assets
Harbour Therapeutics: Efficiently Integrating Clinical Resources for High-Potential Mid-to-Late-Stage Assets 20+ Programs 5+ 10+ Programs Programs HBM9378 R2006 TSLP CD19 x CD3 HBM9161 HBM9378 HBM9161 HBM7575 HBM7026 Immunology FcRn TSLP FcRn TSLP bsAb BCMA x CD19 x CD3 HBM7020 HBM9161 J9003 BCMA x
Slide 13: Autoimmune Diseases: Large Patient Population, Significant Unmet Needs, Growing Out-Licensing
Autoimmune Diseases: Large Patient Population, Significant Unmet Needs, Substantial Market Potential, and Growing Out-Licensing Out-licensing deals for autoimmune products from Global Patient Global Market China showed rapid growth from 2021 to 2025… Population Size Total Amount (USD in 100M) 406 As
Slide 14: Global Leading Portfolio of Potentially BIC Pipelines in Immunology, Oncology, and Other
Harbour Therapeutics: Global Leading Portfolio of Potentially BIC Pipelines in Immunology, Oncology, and Other Innovative Therapeutics Phase III Program / Modality IND Phase I Phase II Territory Partner Positioning / Status and beyond HBM9161 FcRn GC gMG • China commercial partnered with CSPC Batocl
Slide 15: Next-Gen Complex Molecules are Advancing at Full Speed into Clinical Development
Harbour Therapeutics: Powered by Its Platform, Next-Gen Complex Molecules are Advancing at Full Speed into Clinical Development Program / Modality Platform Early Discovery PCC IND Submission Territory Partner Positioning / Status HBM7004 IND Submission • “2+1” TCE combo for solid tumor HBICE Solid T
Slide 16: HBM9378 (TSLP): Fully Human, Ultra-Long-Acting TSLP mAb
HBM9378 (TSLP): A Fully Human, Ultra-Long-Acting TSLP mAb with Extended Dosing Interval Enhancing Patient Compliance Highlights ❑ 2nd Fully-human TSLP mAb globally ❑ 3-6 month ultra-long dosing interval, with a half time more than 2-3 times of Tezepelumab in monkey Phae II trial initiation within si
Slide 17: HBM7020 (BCMAxCD3): Great Potential in Autoimmune Disease
HBM7020 (BCMAxCD3): Great Potential in Autoimmune Disease Highlights ❑ HBICE® technology grants asymmetric structure but less light chain mispairings 2025.06 ❑ Minimized cytokine release risk by monovalent anti-CD3 • Completed ex-GC out- with low binding affinity and silenced Fc licensing to Otsuka
Slide 18: HBM7020: Global Licensing Agreement with Otsuka
HBM7020 (BCMAxCD3): Global Licensing Agreement with Otsuka and Collaborative Expansion in Immunology Further Advance the Development of Next-Generation Upfront and Milestone Payments Biologics ✓ $47M upfront plus near-term payment Licensing Agreement with ✓ Up to $623M development and Visterra* to A
Slide 19: HBM7022/AZD5863 (Claudin18.2xCD3): Clinical Program Progressing Smoothly
HBM7022/AZD5863 (Claudin18.2xCD3) : Clinical Program Progressing Smoothly with Phase I Data Readout Expected in Mid-2026 Highlights ❑ 2+1 format with better activity and potential larger therapeutic window ❑ Low CD3 and high CLDN18.2 affinity reduce systemic 2022.04 2023.05-07 2026.06 • Out-licensin
Slide 20: HBM9033 (MSLN ADC): Next-Gen Mesothelin ADC for Solid Tumors
HBM9033/PF-08052666/SGN-MesoC2 (MSLN ADC): Next-Gen Mesothelin ADC for Solid Tumors Highlights ❑ Composed of a cleavable tripeptide linker carrying a topoisomerase 1 inhibitor (TOP1i) payload (average drug-to-antibody ratio of 8) ❑ MSLN (Mesothelin) is a glycosylphosphatidylinositol (GPI)-anchored m
Slide 21: Developing Next-Gen Cornerstone I/O Combinations Centered on PD-(L)1+ Therapies
We are Strategically Developing Next-Gen Cornerstone I/O Combinations Centered on PD-(L)1+ Therapies Next-Gen Foundational I/O Combinations: PD-(L)1+ ✓ Progressing from mAbs to bsAbs, to complex multispecific molecules ✓ Demonstrates superior PFS/OS compared to existing PD1 mAbs ✓ Features an improv
Slide 22: Nona Biosciences: The Foundation for Global Antibody Innovation
Nona Biosciences: The Foundation for Global Antibody Innovation HCAb as Core Infrastructure and Building Blocks to Formulate Next-Gen Antibody+ Innovation 25H1 Key Business Progress* HBICE ® /HBICATM enable TCE and HBICE® autoimmune bispecific/multi-specific Nona Biosciences HBICATM antibody develop
Slide 23: HBICE/HBICA Demonstrates Value of Bispecific/Multi-specific Development in Autoimmune Diseases
HBICE®/HBICATM Demonstrates Significant Value of Bispecific/ Multi- specific Development in Autoimmune Diseases HCAb Platform Highlights （Fully-human ✓ Fully human sequence from transgenic mice after in-vivo maturation and natural heavy-chain only selection grants excellent biophysical properties, d
Slide 24: The Unique XDC Platform Enables Flexible Molecular Design
The Unique XDC Platform Enables Flexible Molecular Design with Improved Safety and Specificity ✓ Diverse spatial structural optimization facilitates complex XDC molecule design ✓ TME-specific cleavable linkers and toxins expand targetable epitopes and enhance HCAb Platform bystander effects （Fully-h
Slide 25: NonaCARFx Develops Novel In-Vivo CAR-T Therapies
NonaCARFxTM Develops Novel In-Vivo CAR-T Therapies, Expanding Potential Applications in Oncology and Autoimmune Diseases HCAb Platform Highlights （Fully-human ✓ NonaCARTM a Fully Human HCAb-Derived CAR: Compact, single-domain VH antibodies (with low heavy-chain only immunogenicity) enables efficient
Slide 26: Hu-mAtrIx Dry to Wet AI Platform to Accelerate Next-Gen Antibody
Hu-mAtrIxTM Dry to Wet AI Platform to Accelerate Next-Gen Antibody across Multiple Fields Hu-mAtrIxTM AI Model Fully Humanized Training Validation Antibody Innovative Applications Data Sandbox with Privacy Computing for DRY High level Security Multi specific LAB Environment antibody drugs Antibody
Slide 27: Financial and Business Model: Scaling Towards Profitable Growth
Financial and Business Model: Scaling Towards Profitable Growth Partnership with AZ Secures A Long-Term Revenue Base Enhancing Profitability Indicative Illustration of Revenue Build-Up Recurring Revenue Analysis and Illustrative Guidance • Batoclimab expected to contribute royalties upon approval Ro
Slide 28: 25H1 Revenue and Profit Delivered Explosive Growth
25H1 Revenue and Profit Delivered Explosive Growth, Demonstrating Significant Platform Value Realization Financial Highlights • 25H1 revenue reached $101 million (≈RMB 725 million), up 327% YoY. Molecule licensing fees surged 350% YoY, driven by multiple molecule licensing and strategic collaboratio
Slide 29: Strong Cash Position with Improved Operating Cash Flow
Strong Cash Position with Improved Operating Cash Flow and Further Optimized Finance Structure Financial Highlights • As of June 30, 2025, the cash position reached $320 million (≈RMB 2.291 billion), up 92% from year-end 2024. Operating cash flow increased 47% YoY to $62 million (≈RMB 440 million),
Slide 30: Long-Term Value Gaining Recognition in the Capital Market
The Company’s Long-Term Value is Gaining Recognition in The Capital Market, Further Enhancing Shareholder Returns MSCI 2.4亿240M HKD • 展现公司管理层对未来 业务发展的积极预期和 “BUY” • Included in the MSCI Global Small • 港元 Share buybacks and insider • Received “Strong Buy” or “Buy” ratings 坚定信心 Cap Index in May 回购+增持 p
Slide 31: Key Catalysts over the Next 12 Months
Abundant Catalysts over The Next 12 Months are Expected to Drive Robust Growth for Harbour Clinical Pipelines • HBM9161 Batoclmab China BLA clearance • HBM9378 TSLP mAb • Global Phase II trial in moderate-to-severe asthma initiated, interim data readout expected in mid-2026 • Moderate-to-severe asth
Slide 32: Harbour 3.0 – Charting The New Chapter
Harbour 3.0 – Charting The New Chapter Three Growth Engines Drive Our Next-Generation “Antibody+” Strategy, Aiming to Become The World’s Premier Platform-based Biopharma Company by 2028 Growth Engines Growth Strategy ✓ Focus on blockbuster drugs and high-potential therapeutic areas, incubate leading
Slide 33: The Management Team Has Been Further Enhanced
The Management Team Has Been Further Enhanced with Extensive Experience and Resources Yiping Rong Yajie Li Xiaolu Tao Ben Chih Chiho Ngan PhD PhD PhD PhD Chief Scientific Chief Medical President of Chief Scientific Portfolio Strategy Officer Officer Development Officer, Neuro- science Jingsong Wang
Slide 34: Q&A
Q&A Contact： IR@harbourbiomed.com
Slide 35: Thank You
Thank You www.harbourbiomed.com www.nonabio.com Healthy life, Brakthrough Medicine