Rebon Pharmaceutical-B (09637) had impressive first interim results: revenue increased 8.6 times over the same period last year, and multiple innovation pipelines accelerated when AP301 was declared and listed

According to the Zhitong Finance App, Rebon Pharmaceutical-B (09637) released its first interim results report after listing. During the reporting period, the company achieved revenue of RMB 104.2 million, an increase of about 8.6 times the same period last year; total cash and term deposits at the end of the period were approximately RMB 1,393 million. The company has made simultaneous progress in core product registration, global clinical development, commercialization and capital markets, and the multi-level nephropathy product pipeline has accelerated towards the value realization stage.

In terms of revenue structure, the company has formed a dual channel where product sales and external licensing go hand in hand. Maxilla® contributed 24.8 million yuan to product sales revenue, an increase of about 105% over the previous year, continuously verifying the company's market access, academic promotion and commercialization capabilities in the field of nephrology; license revenue of $79.3 million came from granting AP306 rights outside of Greater China to R1 Therapeutics, reflecting the global commercial value of the innovation pipeline.

The core product AP301 is moving from clinical development to market. AP301 is positioned by the company as the best oral iron-phosphorus binder in its class. It is used to treat hyperphosphatemia in dialysis patients. It has characteristics such as high phosphorus binding capacity, no chewing, and almost no systemic absorption in the gastrointestinal tract. It is expected to reduce the amount of daily medication taken by patients and improve gastrointestinal tolerance and long-term medication adherence. In August 2026, AP301's new drug marketing application was accepted by the State Drug Administration; its global phase III multi-regional clinical trial has also completed enrolling all patients.

AP306 opens a new phase of global clinical development. This product is positioned by the company as the first oral pan-phosphorus transporter inhibitor of its kind. It can simultaneously inhibit the three key phosphorous transporters NAPI-IIb, PIT-1, and PIT-2, and play a role in intestinal phosphorus absorption. Completed phase II clinical trials have shown that AP306 can control the patient's average blood phosphorus within the better range recommended by KDIGO. The average daily maintenance dose is about 300 mg, which is about one-sixteenth of the positive control drug sevilam carbonate in the test. Currently, AP306 has been recognized as a breakthrough therapeutic drug by the State Drug Administration, and the first global phase IIb clinical trial has completed randomization and administration of the first test subjects.

In terms of globalization, the company has reached an interest cooperation with R1 Therapeutics in regions other than AP306 Greater China, and reserves all rights in Greater China. R1's shareholders include nephrology care service provider Davita and U.S. Renal Care. According to DaVita's public disclosure, it operates 2,657 outpatient dialysis centers in the US (data as of the end of 2025), which is expected to provide industrial collaboration for overseas clinical development and future commercialization of AP306.

Other innovation pipelines are also being advanced in depth. AP303 is an oral dual PPAR agonist designed to slow or block the progression of chronic kidney disease, covering indications such as diabetic nephropathy and IgA nephropathy. Applications for phase II clinical trials were approved in China and the US in 2025, and preparations are currently underway for the launch of the trial. AP308 is an engineered recombinant IgA protease. It is intended to explore the functional cure of IgA nephropathy by directly cutting and removing the pathogenic IgA that has already been generated. The preclinical study has been published in the official journal “Kidney International” of the International Society of Nephrology.

The company has now built a product portfolio including seven candidate products under development and one commercial product, covering corrective treatment of hyperphosphatemia, renal anemia, IgA nephropathy, and chronic kidney disease. The net proceeds from the listing of the company's H shares and the exercise of over-allotment rights were approximately HK$1.36 billion, providing a solid financial guarantee for the advancement of these innovative pipelines.