FilingReader Intelligence

CARsgen Therapeutics posts $109m loss despite product approval

March 18, 2025 at 05:28 PM UTCBy FilingReader AI

CARsgen Therapeutics (HKEX: 2171) reported a net loss of RMB798 million ($109 million) for the year ended December 31, 2024, up from RMB748 million in the previous year. This increase occurred despite the February 2024 approval and commercial launch of its first product, zevorcabtagene autoleucel (赛恺泽®), for relapsed or refractory multiple myeloma in China. Revenue for the year reached RMB39.4 million, primarily from sales of this product and a RMB75 million milestone payment from Huadong Medicine. Research and development expenses decreased to RMB466 million. The company ended the year with cash and bank balances of RMB1.479 billion. Looking ahead, CARsgen is focusing on expanding the applications of its approved product and other pipeline candidates, with plans to submit an NDA for satri-cel in China during the first half of 2025. Additionally, the company announced an RMB80 million investment into its allogeneic CAR T-cell therapy subsidiary, UCARsgen Biotech Limited.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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