Keymed Biosciences Reports Strong Annual Results and Promising Pipeline Developments for 2024

On March 25, 2025, Keymed Biosciences Inc. (HKEX: 02162) released its annual financial results for the year 2024, revealing significant progress in its drug development pipeline and business operations. In a landscape characterized by rapid advancements in biotechnology, Keymed is positioning itself for growth and broader impact in the healthcare sector.

Highlights from 2024 Results

After a successful period, Keymed’s annual revenue reached approximately RMB 430 million, marking a 21% increase from the previous year. This includes around RMB 40 million generated from Stapokibart, a promising treatment for multiple allergic and inflammatory conditions, within just three and a half months post-launch. The remainder of the income was primarily attributed to various licensing agreements that underscore the company’s strategic partnerships.

Keymed's core product, Stapokibart (CM310), has gained regulatory traction with several new drug applications approved by the National Medical Products Administration (NMPA) in China. These include approvals for the treatment of moderate-to-severe atopic dermatitis, chronic rhinosinusitis with nasal polyposis, and seasonal allergic rhinitis. Such approvals are pivotal as they expand the therapeutic reach of Stapokibart, which has demonstrated impressive clinical efficacy in trials.

Clinical Trials and Efficacy of Stapokibart

In clinical studies, Stapokibart has shown encouraging results. In a Phase III trial for atopic dermatitis, 92.5% of patients receiving Stapokibart achieved a significant reduction in symptoms after 52 weeks, vastly outperforming the placebo group, which achieved only 88.7%. Additionally, the treatment for chronic rhinosinusitis exhibited statistically significant improvements in nasal polyps and congestion compared to placebo controls. The Phase III study for seasonal allergic rhinitis similarly demonstrated Stapokibart’s effectiveness, significantly alleviating typical symptoms more effectively than standard treatments.

These clinical successes not only reinforce Stapokibart’s potential but also substantiate Keymed’s commitment to developing high-quality, innovative therapeutics. Continuous trials and data collection are expected to further enhance understanding and therapeutic application of Stapokibart.

Diverse Clinical Pipeline

Beyond Stapokibart, Keymed's pipeline showcases a variety of other clinical candidates undergoing rigorous testing. Products such as CM901 (AZD0901) for various cancers, CM313, a CD38 antibody, and several bispecific antibodies are in various stages of clinical trials. These candidates reflect Keymed’s strategic approach to address different medical needs, particularly in oncology and immune disorders.

Notably, CM336 (BCMAxCD3) has entered dose-expansion phases, indicating positive preliminary evaluations regarding its safety and efficacy in treating relapsed multiple myeloma. Keymed continues to prioritize research and development, reporting approximately RMB 730 million in R&D expenditure for 2024, a 23% increase year-over-year—reinforcing their investment in fostering innovation.

Strategic Partnerships and Business Development

Keymed also made significant strides in business development, entering multiple licensing agreements aimed at maximizing the global value of its pipeline. Recent deals included collaborations with entities like Belenos Biosciences and Platina Medicines Ltd., allowing for expanded market access for CM512 and CM336 in regions outside of Greater China. These agreements provide Keymed with both financial contributions and potential future royalties, reflecting a sound construction of a diversified revenue model.

In a display of proactive growth, as of the end of 2024, Keymed's workforce expanded to 1,300 full-time employees. This included personnel dedicated to crucial areas such as commercialization, drug discovery, and clinical operations—underscoring the company's commitment to scalability and operational efficiency.

With a robust cash reserve of approximately RMB 2.1 billion, Keymed is well-positioned to continue its focus on developing market-ready products while ensuring operational expenses are met. The company plans to enhance its production capacity, ensuring compliance with both domestic and international manufacturing standards.

Looking Ahead

As Keymed Biosciences moves forward, it endeavors to build on its current successes by further enhancing its technology and product platforms. The company is committed to driving commercialization, cultivating strategic partnerships, and exploring new avenues to expand its therapeutic offerings globally. Keymed remains dedicated to its mission of delivering innovative and affordable healthcare solutions for patients around the world.