YS Biopharma Announces Financial Results for Fiscal Year 2023 Ended March 31, 2023
- Total revenues increased by 36.6% to RMB687.2 million (US$100.0 million) in Fiscal Year 2023. Gross profit improved to RMB533.8 million (US$77.7 million), representing a 77.7% gross margin. PIKA rabies vaccine receives approval for Phase III clinical trials in multiple countries.
- Net loss for Fiscal Year 2023 was RMB145.5 million (US$21.2 million).
Total revenues increase by
Company's PIKA rabies vaccine approved for Phase III clinical trials in
Dr. David Shao, Director, President, and CEO of YS Biopharma, commented, "We are delighted to announce our first annual results as a Nasdaq-listed company with significant year-over-year revenue growth, a stable gross margin, and a strengthened balance sheet. At the same time, we laid the foundations for our future development as we advanced our diversified portfolio of innovative product candidates, bringing them closer to commercialization. Driven by strong demand for our YSJA rabies vaccine and our strategic execution of sales and marketing initiatives, we ended fiscal year 2023 standing as one of the leading human rabies vaccine manufacturers, and we expanded our market reach to over
Business Updates
YSJATM Rabies Vaccine
YS Biopharma's marketed vaccine product, YSJATM rabies vaccine, was the first aluminum-free lyophilized rabies vaccine launched in
Clinical Pipeline
YS Biopharma is advancing a robust portfolio of innovative product candidates under various clinical development stages, including PIKA rabies vaccine, PIKA recombinant COVID-19 vaccine, and PIKA YS-ON-001.
PIKA Rabies Vaccine
- The Company has completed Phase I and Phase II clinical trials of its PIKA rabies vaccine in
Singapore , and has completed a Phase I clinical trial inChina . As of June 1, 2023, the Company had received regulatory approval to conduct Phase III clinical trials of the vaccine from authorities inthe Philippines ,Singapore , andPakistan . This multi-country Phase III study will evaluate lot-to-lot consistency of three lots of the PIKA rabies vaccine, along with the vaccine's immunogenicity and safety. - The Company plans to enroll a total of 4,500 subjects into the Phase III study, with enrollment expected to begin in the fourth quarter of 2023. The Company targets to obtain interim results in early 2024.
PIKA Recombinant COVID-19 Vaccine
- In March 2023, the Company reported positive interim safety and immunogenicity data for the PIKA recombinant COVID-19 vaccine from Phase II of the Phase II/III clinical studies which were completed in
the Philippines and theUAE . These results demonstrated the safety profile of the Company's PIKA adjuvant technology among approximately 6000 subjects in the Phase II/III trial. The results of the Phase III clinical trials are expected to be available before the end of 2023. - As the global situation regarding COVID-19 continues to evolve, the Company will continue to monitor worldwide health trends and make appropriate decisions regarding commercialization strategies for the PIKA recombinant COVID-19 vaccine.
PIKA YS-ON-001
- YS Biopharma is currently enrolling cancer patients for the Phase I clinical study of PIKA YS-ON-001 in
China . The Company expects this Phase I clinical study to be completed by December 31, 2023.
Fiscal Year 2023 Financial Results
Total Revenues
Total revenues increased by
Gross Profit
Gross profit was
Selling Expenses
Selling expenses in Fiscal Year 2023 were
General and Administrative Expenses
General and administrative expenses decreased to
Research and Development Expenses
Research and development expenses were
Net Loss
Net loss for Fiscal Year 2023 was
Balance Sheet
As of March 31, 2023, the Company had cash and cash equivalents of
Corporate Update
On March 16, 2023, the Company announced that it had completed the business combination with Summit Healthcare Acquisition Corp. and became a publicly listed company trading on the Nasdaq Capital Market, obtaining approximately
Conference Call Information
The Company's management will hold an earnings conference call on Wednesday, July 26, 2023 at 8:00 P.M. Eastern Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
United States Toll Free: 1-888-346-8982
International: 1-412-902-4272
Mainland China Toll Free: 4001-201203
Canada Toll Free: 18556699657
Hong Kong: 852-301-84992
The replay will be accessible through August 2, 2023 by dialing the following numbers:
United States Toll Free: 1-877-344-7529
International: 1-412-317-0088
Canada Toll Free: 855-669-9658
Access Code: 8524425
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://investor.ysbiopharm.com/.
About YS Biopharma
YS Biopharma is a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA® immunomodulating technology platform and a new generation of preventive and therapeutic biologics targeting Rabies, Coronavirus, Hepatitis B, Influenza, Shingles, and other virus infections. YS Biopharma operates in China, the United States, Singapore, and the
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the expected growth of YS Biopharma, the development progress of all product candidates, the progress and results of all clinical trials, YS Biopharma's ability to source and retain talent, and the cash position of YS Biopharma following the closing of the Business Combination. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether identified in this press release, and on the current expectations of YS Biopharma's management and are not predictions of actual performance.
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although YS Biopharma believes that it has a reasonable basis for each forward-looking statement contained in this press release, YS Biopharma cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the final prospectus relating to the proposed Business Combination, and other documents filed by YS Biopharma from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
YS Biopharma cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to recognize the anticipated benefits of the Business Combination, costs related to the transaction, the impact of the global COVID-19 pandemic, the risk that the transaction disrupts current plans and operations as a result of the consummation of the transaction, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of the marketed vaccine product and the clinical trial development results of the product candidates of YS Biopharma, and other risks and uncertainties, including those included under the heading "Risk Factors" in the final prospectus filed with the SEC on February 8, 2023, as supplemented on February 21, 2023, and other filings with the SEC. There may be additional risks that YS Biopharma does not presently know or that YS Biopharma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of YS Biopharma as of the date of this press release. Subsequent events and developments may cause those views to change. However, while YS Biopharma may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of YS Biopharma as of any date subsequent to the date of this press release. Except as may be required by law, YS Biopharma does not undertake any duty to update these forward-looking statements.
Investor Relations Contacts
Alyssa Li
Director of Investor Relations
Email: ir@yishengbio.com
Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: YSBiopharma.IR@icrinc.com
YS BIOPHARMA CO., LTD. AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
As of March 31, | ||||||||||||
2022 | 2023 | 2023 | ||||||||||
(RMB) | (RMB) | (US$) | ||||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash | 271,067,503 | 370,108,059 | 53,859,752 | |||||||||
Restricted cash | - | 261,766 | 38,093 | |||||||||
Accounts receivable, net | 308,555,105 | 463,051,792 | 67,385,333 | |||||||||
Advance to suppliers, net | 10,648,306 | 6,763,326 | 984,229 | |||||||||
Inventories, net | 166,505,565 | 185,380,952 | 26,977,451 | |||||||||
Prepaid expenses and other current assets | 7,987,914 | 10,412,769 | 1,515,312 | |||||||||
Total current assets | 764,764,393 | 1,035,978,664 | 150,760,170 | |||||||||
Non-current assets | ||||||||||||
Property, plant and equipment, net | 550,153,110 | 571,756,443 | 83,204,512 | |||||||||
Operating lease right-of-use assets, net | 14,850,283 | 11,132,428 | 1,620,040 | |||||||||
Deferred tax assets, net | 3,039,084 | 1,905,581 | 277,309 | |||||||||
Intangible assets, net | 80,717,978 | 78,056,792 | 11,359,168 | |||||||||
Other assets, non-current | 28,228,293 | 20,923,703 | 3,044,909 | |||||||||
Total non-current assets | 676,988,748 | 683,774,947 | 99,505,938 | |||||||||
Total assets | 1,441,753,141 | 1,719,753,611 | 250,266,108 | |||||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' | ||||||||||||
Current liabilities | ||||||||||||
Bank loans and other borrowings - current | 111,733,754 | 193,736,563 | 28,193,397 | |||||||||
Accounts payable | 30,811,100 | 80,439,489 | 11,705,908 | |||||||||
Accrued expenses and other liabilities | 326,751,353 | 377,536,644 | 54,940,793 | |||||||||
Operating lease liabilities - current | 4,322,252 | 4,753,547 | 691,757 | |||||||||
Deferred government grants - current | 2,295,701 | 2,295,701 | 334,081 | |||||||||
Total current liabilities | 475,914,160 | 658,761,944 | 95,865,936 | |||||||||
Non-current liabilities | ||||||||||||
Bank loans and other borrowings – non-current | 253,928,000 | 293,790,596 | 42,753,699 | |||||||||
Operating lease liabilities - non-current | 10,605,260 | 6,348,890 | 923,918 | |||||||||
Deferred government grants - non-current | 30,053,517 | 23,606,507 | 3,435,323 | |||||||||
Warrants liability | - | 8,792,389 | 1,279,507 | |||||||||
Total non-current liabilities | 294,586,777 | 332,538,382 | 48,392,447 | |||||||||
Total liabilities | 770,500,937 | 991,300,326 | 144,258,383 | |||||||||
Mezzanine equity | ||||||||||||
Series A and Series A-1 redeemable convertible preferred | 458,074,468 | - | - | |||||||||
Series B redeemable convertible preferred shares (par value | 912,146,924 | - | - | |||||||||
Total mezzanine equity | 1,370,221,392 | - | - | |||||||||
Shareholders'(deficit)/equity | ||||||||||||
Ordinary shares, par value | 7,978 | 12,297 | 1,790 | |||||||||
Additional paid-in capital | 808,502,018 | 2,656,891,036 | 386,642,466 | |||||||||
Accumulated deficit | (1,590,567,163) | (1,874,037,965) | (272,718,245) | |||||||||
Accumulated other comprehensive income/(loss) | 83,087,979 | (54,412,083) | (7,918,286) | |||||||||
Total shareholders' (deficit)/equity | (698,969,188) | 728,453,285 | 106,007,725 | |||||||||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 1,441,753,141 | 1,719,753,611 | 250,266,108 |
* | Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. |
YS BIOPHARMA CO., LTD. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||
Years Ended March 31, | ||||||||||||||||
2021 | 2022 | 2023 | 2023 | |||||||||||||
(RMB) | (RMB) | (RMB) | (US$) | |||||||||||||
Revenues | 257,015,929 | 502,949,894 | 687,201,070 | 100,004,521 | ||||||||||||
Cost of revenues | 59,656,877 | 117,066,090 | 153,360,262 | 22,317,660 | ||||||||||||
Gross profit | 197,359,052 | 385,883,804 | 533,840,808 | 77,686,861 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing | 73,485,259 | 185,999,704 | 272,927,356 | 39,717,589 | ||||||||||||
General and administrative | 155,334,386 | 107,620,500 | 81,595,277 | 11,874,103 | ||||||||||||
Research and development | 94,387,144 | 211,222,263 | 318,700,526 | 46,378,702 | ||||||||||||
Total operating expenses | 323,206,789 | 504,842,467 | 673,223,159 | 97,970,394 | ||||||||||||
Loss from operations | (125,847,737) | (118,958,663) | (139,382,351) | (20,283,533) | ||||||||||||
Other income (expenses): | ||||||||||||||||
Late fees related to income tax | (11,464,741) | - | - | - | ||||||||||||
Late fees related to taxes other than income tax | (7,261,947) | (231,231) | (3,603) | (524) | ||||||||||||
Late fees related to social security insurance | (7,701,793) | (1,852,378) | (747,609) | (108,795) | ||||||||||||
Government grants | 3,530,405 | 23,020,413 | 26,072,517 | 3,794,187 | ||||||||||||
Financial expenses, net | (29,689,927) | (2,717,433) | (30,857,673) | (4,490,544) | ||||||||||||
Fair value changes of warrant liability | - | - | 21,358 | 3,108 | ||||||||||||
Other income (expense), net | 4,063,743 | (327,987) | 551,760 | 80,295 | ||||||||||||
Total other (expense) income, net | (48,524,260) | 17,891,384 | (4,963,250) | (722,273) | ||||||||||||
Loss before income taxes | (174,371,997) | (101,067,279) | (144,345,601) | (21,005,806) | ||||||||||||
Income tax expense | (17,454,245) | (4,937,122) | (1,133,504) | (164,952) | ||||||||||||
Net loss | (191,826,242) | (106,004,401) | (145,479,105) | (21,170,758) | ||||||||||||
Accretion to redemption value of convertible redeemable | (16,610,297) | (130,662,326) | (137,991,697) | (20,081,159) | ||||||||||||
Net loss attributable to YS Group | (208,436,539) | (236,666,727) | (283,470,802) | (41,251,917) | ||||||||||||
Net loss | (191,826,242) | (106,004,401) | (145,479,105) | $ | (21,170,758) | |||||||||||
Other comprehensive income (loss): foreign currency | 22,455,217 | 38,864,606 | (137,500,062) | (20,009,614) | ||||||||||||
Total comprehensive loss | (169,371,025) | (67,139,795) | (282,979,167) | (41,180,372) | ||||||||||||
Loss per share*: | ||||||||||||||||
– Basic and Diluted | (3.10) | (1.71) | (1.56) | (0.23) | ||||||||||||
Weighted average number of ordinary shares | ||||||||||||||||
– Basic and Diluted | 61,827,883 | 61,827,883 | 93,058,197 | 93,058,197 |
* | Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. |
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SOURCE YS Biopharma Co., Ltd.
FAQ
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