Harbour BioMed Announces Business Progress and Update

CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, Feb. 13, 2025 /PRNewswire/ -- Harbour BioMed (the "Company"; HKEX: 02142), a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on immunology and oncology, today announced the latest business progress and update.

Based on a preliminary review of the Company's unaudited consolidated management accounts for the year ended December 31, 2024, total profit is expected to range between RMB7.3 million and RMB22 million. During this period, the Company achieved a record-high cash profit^[1] of RMB220 million, reflecting strong financial health and operational efficiency.

The Company's sustained profitability was primarily driven by:

• The accelerated growth of its unique business model with continued strategic partnerships with global pharmaceutical and leading biotech companies.
• A growing recurring component of its revenue in 2024, including platform-based research revenue and milestone payments as collaboration programs advance.
• Effective cost control and efficient operational management.

In 2025, the Company has repurchased a total of 8,146,000 shares in the open market, amounting to nearly HK$30 million. This reflects confidence in the Company's business outlook and underscores management's view that the current valuation does not fully reflect its intrinsic value.

Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed, commented: "Harbour BioMed is accelerating its transformation into a sustainably profitable global biotech engine, driven by our proprietary Harbour Mice^® platform and differentiated business model. With more than 19 molecules progressing into the IND stage globally through partnerships with multinational pharmaceutical and biotech companies, our platform's value continues to be validated. Our strong financial performance highlights the resilience and scalability of our business. Looking ahead, we remain committed to advancing next-generation antibody technologies to address critical medical needs and deliver long-term value to our stakeholders."

About Harbour BioMed

Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on immunology and oncology. The Company is building its robust portfolio and differentiated pipeline through internal R&D capability, collaborations with co-discovery and co-development partners, and select acquisitions.

The proprietary antibody technology platforms Harbour Mice^® generates fully human monoclonal antibodies in two heavy and two light chains (H2L2) format, as well as heavy chain only (HCAb) format. Building upon the HCAb antibodies, the HCAb-based immune cell engagers (HBICE^®) bispecific antibody technology is capable of delivering tumor-killing effects unachievable by traditional combination therapies. Integrating Harbour Mice^®, and HBICE^® with a single B cell cloning platform, our antibody discovery engine is highly unique and efficient for the development of next-generation therapeutic antibodies. For further information, please refer to www.harbourbiomed.com.

Statement

The information contained in this press release is only a preliminary assessment by the Board based on the unaudited consolidated management accounts of the Company and its subsidiaries for the year ended December 31, 2024 currently available to the Company, and is not based on any figures or information which have been reviewed or confirmed by the audit committee of the Board, or reviewed or audited by the auditors of the Company. The actual results for the year ended December 31, 2024 may differ from those disclosed in this press release. As such, the above figures are strictly for information only and not for any other purposes.

SOURCE Harbour BioMed