Hbm Holdings Ltd. · HKEX:2142
Hbm — Harbour BioMed — FY2025 Earnings Presentation
44 slides from Hbm's earnings presentation, Apr 23, 2026
Slide 1: Harbour BioMed 2025 Annual Results
Harbour BioMed 2025 Annual Results 04/2026 Harbour BioMed 02142.HK
Slide 2: Agenda
Agenda Harbour BioMed 2025: 01 The Inaugural Year of Platform Innovation Leadership, Jingsong Wang MD PhD Powering Record-breaking Performance Harbour Therapeutics： 02 Global Leading Potential BIC Immunology/Oncology Xiaolu Tao Pipelines Enter the Harvest Phase PhD Next-gen Complex Molecules Gain In
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: Harbour BioMed 2025
Harbour BioMed 2025 The Inaugural Year of Platform Innovation Leadership, Powering Record-breaking Performance Jingsong Wang MD PhD Founder, Chairman of the Board and Chief Executive Officer
Slide 5: Harbour BioMed Enters the Era of Platform Innovation Leadership
Harbour BioMed Enters the Era of Platform Innovation Leadership, Starting a Leap Forward Development Three Growth Engines Drive Sustained Explosive Performance 2025 Nona Biosciences A global AI-driven biopharmaceutical innovation and Adjusted Net Profit* $101M 11x （~RMB 709M） YoY Growth development
Slide 6: Leader in the New Paradigm of Global Collaboration
Leader in the New Paradigm of Global Collaboration Leader in Innovative Platform Collaboration $7B+ TOP5 • • Innovation of Complex Molecule via global leading R&D platforms New paradigm for Biotech-MNC collaboration and advance the innovation of global pharmaceutical industry to new heights (~ RMB 5
Slide 7: AstraZeneca Strategic Alliance: A Paradigm for Next-gen Co-Co Model
AstraZeneca Strategic Alliance: A Paradigm for Next-gen Co-Co Model Long-Term Global Collaboration Across All Therapeutic Areas ✓ Deal Economics: $175M upfront/near-term milestones; $4.4B in potential future milestones plus tiered royalties ✓ Collaboration Framework: Initially focuses on 2 Pre-Clini
Slide 8: Harbour-AZ Innovation Lab Launched in Beijing
AstraZeneca Strategic Alliance: A Paradigm for Next-gen Co-Co Model Harbour-AZ Innovation Lab Launched in Beijing, Setting Global Benchmark for Joint Development Harbour-AZ Innovation Lab Launched in Beijing Another Key Milestone in Strategic Partnership Launched in March 2026, the lab benchmarks MN
Slide 9: BMS Strategic Alliance: Developing Next-gen Multi-specific Antibodies
BMS Strategic Alliance: Developing Next-gen Multi-specific Antibodies Global Collaboration Focusing on Immunological Diseases: From Discovery to Clinical Development Global Strategic Collaboration and License Agreement to Discover and Develop Next-Generation Multi-specific Antibodies ✓ Collaborate t
Slide 10: Otsuka Strategic Alliance: Next-gen TCEs & Platform Expansion
Otsuka Strategic Alliance: Next-gen TCEs & Platform Expansion >$700M BCMAxCD3 Out-license and Further Commitment to Develop Tri-specifics HBM7020 (BCMAxCD3) Further Advance the Upfront and Milestone Payments Development of Next- Licensing Agreement with Visterra to Advance Next- Generation Biologics
Slide 11: NewCo Collaboration Model Enters Phase 3.0 and Continues to Evolve
NewCo Collaboration Model Enters Phase 3.0 and Continues to Evolve Harnessing China’s Early Clinical Efficiency, Deepening Global Clinical Development Involvement HBM4003 (Next-Gen CTLA-4) HBM9378 (Ultra-long-acting TSLP) Out-Licensing HBM9013 (CRH Neutralizing Antibody) Out-Licensing Solstice Oncol
Slide 12: Harbour Therapeutics
Harbour Therapeutics： Global Leading Potential BIC Immunology/Oncology Pipelines Enter the Harvest Phase Xiaolu Tao PhD President of Development
Slide 13: BIC/FIC Pipelines Capture a $100B Market Across Major Therapeutic Areas
BIC/FIC Pipelines Capture a $100B Market Across 4 Major Therapeutic Areas Modality Program&Targets Indication Discovery IND Ph1 Ph2 Ph3 Positioning HBM9161 • Partnering strong commercial mAb Batoclimab gMG engine through CSPC FcRn HBM4003 PD-1 Combo: • Superior safety profile vs. mAb Porustobart MEL
Slide 14: Core Mid-to-Late-Stage Products with $6B+ Potential Peak Sales
Core Mid-to-Late-Stage Products with $6B+ Potential Peak Sales, Unlocking Pipeline Value for Long-term Growth Potential Peak Sales* USD 3.5B USD 2.5B RMB 2B （Global Market） （Global Market） （China Market） Ultra-long-acting TSLP mAb Porustobart Batoclimab HBM9378 HBM4003 (CTLA-4) HBM9161 (FcRn) Asthma
Slide 15: Ultra-Long-Acting TSLP Portfolio: HBM9378 + HBM7575
Ultra-Long-Acting TSLP Portfolio: HBM9378 + HBM7575 Extended Dosing Improving Adherence, Targeting $10B+ Autoimmune Market HBM9378: BIC potential fully-human ultra- HBM7575: Ultra-long-acting bispecific antibody long-acting TSLP mAb with dual mechanisms for synergistic efficacy ❑ Only one global mid
Slide 16: Porustobart (HBM4003): Next-Gen Anti-CTLA-4 Antibody
Porustobart (HBM4003): Next-Gen Anti-CTLA-4 Antibody with Potential to Be the Mainstream of IO Therapeutics Outstanding MSS CRC clinical data with successful out- HBM4003: Next-gen CTLA-4 therapy with licensing in Feb. 2026 BIC target Solstice Oncology 2025.10 MSS CRC Phase II data readout ❑ Deplete
Slide 17: IBD Pipeline Portfolio: Differentiated TL1A bsAb and FIC modulator
IBD Pipeline Portfolio: Differentiated TL1A bsAb and FIC inflammatory danger signal modulator synergistically reshape IBD treatment HBM2001 (TL1A x IL-23p19): Differentiated TL1A J9003：FIC inflammatory danger signal modulator, bispecific enables bivalent blockade for precisely targets key nodes in t
Slide 18: HBM7022/AZD5863 (Claudin18.2xCD3): Phase I Data Readout Expected 2026H2
HBM7022/AZD5863 (Claudin18.2xCD3) : Clinical Progress on Track, Phase I Data Readout Expected in 2026H2 Clinical Advancement at Pace, HBM7022/AZD5863:“2+1”format with Meaningful Data Readout Anticipated improved efficacy & lower CRS risk 2022.04 2023.05-07 2026H2 Out-licensing to US&CN IND Global Ph
Slide 19: HBM7020 (BCMAxCD3): Great Potential in Autoimmune Disease
HBM7020 (BCMAxCD3): Great Potential in Autoimmune Disease Collaboration with Otsuka to tap into the high-potential HBM7020: Superior B-cell depletion with lower autoimmune market CRS risk 2025.06 Out-licensing to Otsuka ❑ Fully human heavy-chain antibody modules effectively overcome the challenge of
Slide 20: Harbour Therapeutics: Next-gen Complex Molecules
Harbour Therapeutics： Next-gen Complex Molecules Gain Initial Validation in Obesity/CNS and Other Therapeutic Areas Yiping Rong PhD Chief Scientific Officer
Slide 21: Next-Generation Assets Enter the Complex Molecule 2.0 Era
Next-Generation Assets in Immune & Inflammation and Oncology Enter the Complex Molecule 2.0 Era Evolving from Single-Target Antibody Platforms to Complex Multispecific Program Target Progress Modality Indication Positioning Molecules IL13/Undisclose Novel IL4R combination HBICE HBICA HBIME R7033 PCC
Slide 22: BBB Shuttle Platform Drives Next-Gen CNS Innovation
BBB Shuttle Platform Drives Next-Gen CNS Innovation Program Target Progress Modality Indication Positioning NEU2005 Undisclosed Target(s) PCC BsAb Neuroscience BIC molecule in brain shuttle CNS FIC molecule with dual brain NEU3001 Undisclosed Target(s) PCC AOC Neuroscience shuttle Focusing on well-v
Slide 23: Metabolic: Healthy Weight Management via Multi-Pathway Biologics
Metabolic: Healthy Weight Management via Multi-Pathway Biologics and FIC Targets Program Target Progress Modality Indication Positioning BIC. Enhance and sustain overall body weight loss and fat mass loss. Preserve LET003 Undisclosed Target(s) IND-enabling mAb Obesity or maintain lean mass FIC. Nove
Slide 24: Nona Biosciences: A Global Leading New Paradigm of AI Antibody + TechBio
Nona Biosciences: A Global Leading New Paradigm of AI Antibody + TechBio Di Hong DBA Chief Executive Officer, Nona Biosciences 24
Slide 25: Multiple Breakthroughs Leading Cutting-edge Innovation
Multiple Breakthroughs Leading Cutting-edge Innovation ❑ Innovation Ecosystem Infrastructure A³(Antibody engineering × AI × Automation) ▪ Hu-mAtrIx AI platform empowers the pipeline development process $47.6M +183% ▪ ▪ AI platform collaborations have generated scaled revenue The first fully human HC
Slide 26: Hu-mAtrIx AI Platform Enables End-to-End Drug Discovery & Development
Nona Biosciences’ Hu-mAtrIx AI Platform Enables End-to-End Drug Discovery & Development, Delivering Exponential R&D Efficiency Gains Hybridoma/Single B- - Cell Line cell Screening/Phage AI-assisted PK/PD - Media Disp - Developability & Tox. & in vivo - Process Optimization Studies Optimization - Aff
Slide 27: AI HCAb Generative Model: On-demand Antibody Sequence Generation
Nona Biosciences’ AI HCAb Generative Model: On-demand Antibody Sequence Generation, Pioneering a New Paradigm for Drug R&D Data Advantages and Scarcity: The HCAb generative model is built on 9 million NGS HCAb sequences and extensive public databases Key Features of the HCAb Generative Model: Throug
Slide 28: AI HCAb Generative Model Enhances Binding Molecule Diversity and Hit Rate
Nona Biosciences’ AI HCAb Generative Model Significantly Enhances Binding Molecule Diversity and Hit Rate The AI HCAb generative model generates candidate sequences of a higher order of magnitude through intelligent design and high-throughput screening, while significantly improving the success rate
Slide 29: Evolving Tech Platforms Solidify Long-term Competitive Advantages
Evolving Tech Platforms and Next-gen Antibody Engineering Clusters Solidify Long-term Competitive Advantages Building a Diverse and Advanced Technology Portfolio in vivo CAR-T siRNA AI Drug Four Existing Technology Platforms BBB shuttle Discovery mRNA AOC in +C te Cell Therapy Mask TCEs ro ell +P Pr
Slide 30: Strategic Partnerships with Global Leading MNCs and Biotechs
Strategic Partnerships with Global Leading MNCs and Biotechs Drive Continuous Expansion of Synergistic Innovation Global Strategic Global Strategic Platform Licensing R&D Service Collaboration Collaboration H2L2 platform licensing Advance next-gen ✓ HCAb platform global Generate novel CAR-T cell bio
Slide 31: Business Model and Financial Update
Business Model and Financial Update： Platform Collaborations Solidify the Revenue Foundation, Entering a Loop of High-growth & Sustainable Profitability Youchen Chen MBA Chief Financial Officer 31
Slide 32: 2025 Financial Recap: Sustainable Model Validated by Scaled Profitability
2025 Financial Recap: Sustainable Model Validated by Scaled Profitability Partnerships Secure Long-term Revenue Base w/ Enhanced Profitability and Visibility Indicative Illustration of Revenue Build-up Illustrative Guidance • Batoclimab to generate royalties upon CDE approval on gMG in China • $12B+
Slide 33: High-speed Growth in Revenue & Profit
High-speed Growth in Revenue & Profit, Increased R&D Investment Builds Long- term Competitiveness Revenue Net Profit Financial Highlights Molecule Licensing （Unit: $,M） （Unit: $,M） Research and Technology Licensing • 2025 Revenue: $158M (~RMB 1.11B), +315% YoY 157.98 92.22 • Molecule licensing: +375
Slide 34: Strong Growth in Cash Flow & Asset Base
Strong Growth in Cash Flow & Asset Base; Sustained Financial Optimization Lays Foundation for Long-term Development Cash and Cash Equivalents Operating Cash Flow Financial Highlights （Unit: $,M） （Unit: $,M） • Cash & Cash Equivalents: $403.06M (~RMB 2.83B), 403.06 81.33 +142% +165% +142% YoY 166.82 3
Slide 35: Capital Market Key Achievements in 2025 & Primary Goals for 2026
Capital Market Key Achievements in 2025 & Primary Goals for 2026 Strategic Financing • Secured backing from top MNCs and leading long- Market Recognition & Index term capital: AstraZeneca’s premium equity Inclusion investment validates the platform’s value • Included in the MSCI Global Small-Cap Ind
Slide 36: Future Outlook
Future Outlook： Implementing Harbour 3.0, Marching Steadily Toward the 2028 Vision Jingsong Wang MD PhD Founder, Chairman of the Board and Chief Executive Officer
Slide 37: Harbour BioMed Vision 2028
Harbour BioMed Vision 2028 A Global Leading Platform-based BioPharma Group Platform Nona Biosciences Innovation Harbour Therapeutics Leadership 5+ commercial and near-commercial Revenue sustained at a high CAGR of 50- 2+ major out-licensing deals annually, with a products* with a global peak sales p
Slide 38: Global-leading Founding and Management Team
Global-leading Founding and Management Team Delivers Core Strategic Support for the High- quality Development of Platform-driven Enterprise Product Development & Nona Biosciences Incubation Company Group Operations Team Science Team Management Team Management Team Youchen Chen Xiaolu Tao Di Hong Ben
Slide 39: Three Growth Engines Accelerate the Formation of a Platform-based BioPharma Group
Three Growth Engines Accelerate the Formation of a Platform-based BioPharma Group Growth Engines 2026 Priority Catalysts • Expand the “Idea to IND” collaboration framework via strategic collaboration/joint lab establishment, platform M&A and internal capability building to drive revenue conversion N
Slide 40: 2026 Capital Allocation Plan
2026 Capital Allocation Plan: Full-speed Sprint To The Group’s 2028 Vision Harbour BioMed 2028 A Global Leading Platform-based BioPharma Group Next-gen Tech Platforms Scaling R&D Investment Strengthening Mid-to-Late- Shareholder Value Creation Power the Innovation Builds Core Innovation stage Pipeli
Slide 41: Thank You
Thank You www.harbourbiomed.com www.nonabio.com Healthy life ·Breakthrough Medicines
Slide 42: Dual Wheel Immunology and Inflammatory Portfolio
Dual Wheel Immunology and Inflammatory Portfolio Strategic Focus on 3 Core IMM TA – Respiratory, Gastroenterology, Dermatology and Immune Cell Depletion Modality Program & Targets Indication Discovery IND Ph 1 Ph 2 Ph3/BLA Territory Partner Positioning HBM9161 Batoclimab GC • Partnering: strong comm
Slide 43: Robust Portfolio of Potentially BIC Pipelines in Oncology
Robust Portfolio of Potentially BIC Pipelines in Oncology Modality Program & Targets Indication Discovery IND Ph 1 Ph 2 Ph3/BLA Territory Partner Positioning PD-1 Combo: MEL, HBM4003 Ex-GC Solstice • Superior safety profile vs. Ipilimumab mAb NSCLC, HCC, NEN, CTLA-4 Porustobart (co-own) Oncology • P
Slide 44: Diversified Weight Management Portfolio
Diversified Weight Management Portfolio De-risked target and innovative FIC targets and molecules Modality Program & Targets Discovery In Vivo CMC/Tox IND Ph1 Territory Positioning • Best-in-class LET003 IND • Enhance and sustain overall BW loss and fat mass loss mAb Global Undisclosed submission •