Workflow
励晶太平洋(00575) - 2024 - 年度财报
00575REGENT PACIFIC(00575)2025-04-28 10:06

Financial Performance - The Company reported a reduced loss attributable to shareholders of approximately US4.48 million, primarily due to operating and R&D expenses of approximately US4.99 million[2]. - The Group recorded a reduced loss attributable to shareholders of approximately US4.48millionin2024,downfromUS4.48 million in 2024, down from US25.05 million in 2023[15][34]. - Total revenue for 2024 was US656,000,comparedtoalossofUS656,000, compared to a loss of US539,000 in 2023, indicating a significant improvement[34]. - The operating loss after impairment losses and provisions for 2024 was US4.34million,adecreasefromUS4.34 million, a decrease from US30.38 million in 2023[34]. - Revenue for the year ended December 31, 2024, increased to US0.72million,a148.280.72 million, a 148.28% increase from US0.29 million in 2023[191]. - Other income rose to US0.08million,reflectinga166.670.08 million, reflecting a 166.67% increase from US0.03 million in the previous year[191]. - Total loss attributable to shareholders decreased to US4.48millionfortheyearendedDecember31,2024,an82.124.48 million for the year ended December 31, 2024, an 82.12% reduction from US25.05 million in 2023[191]. - Capital deficiency increased to approximately US5.90millionasofDecember31,2024,upfromapproximatelyUS5.90 million as of December 31, 2024, up from approximately US1.55 million as of December 31, 2023[194]. - The Group recorded no amortization of intangible assets for the year ended December 31, 2024, compared to US22.18millionin2023[198].−TheGroup′sincometaxcreditfortheyearendedDecember31,2024,wasapproximatelyUS22.18 million in 2023[198]. - The Group's income tax credit for the year ended December 31, 2024, was approximately US26,000, a 99.45% decrease from US5.42millionin2023[198].ProductDevelopmentandMarketStrategy−WanbangBiopharmaceuticalsubmittedtheNDAtoNMPAattheendof2024,withapprovalexpectedwithin12months,anduponapproval,theGroupexpectstoreceiveUS5.42 million in 2023[198]. Product Development and Market Strategy - Wanbang Biopharmaceutical submitted the NDA to NMPA at the end of 2024, with approval expected within 12 months, and upon approval, the Group expects to receive US5 million and an additional US2millionuponfirstcommercialsaleofSenstend™inChina[2][7].−ThemanufacturingandsupplyagreementwassignedbetweenWanbangBiopharmaceutical,GeneticS.p.A.,andPlethoraSolutionsLimitedfortheproductionofSenstend™forthePRCmarket[2].−TherightstoFortacin™wereout−licensedtoKobayashiPharmaceuticalCo.,Ltd.fortheJapanesemarket[2][7].−TheCompanyhascompletedtheevaluationoftwoproposalsforPhase3clinicalstudiesofFortacin™intheUS[2].−ThepotentialmarketforSenstend™inChinaisapproximately9millionpatientsinitsfirstyear,growingtoover170millionpatientsbyitstenthyear[8].−TheCompanyisfocusedonthesuccessfulcommercializationofFortacin™/Senstend™inkeymarketsincludingChina,theUS,andJapan[4][5].−TheCompanyaimstocommercializeitsdeeplearningagingclocktechnologyandpartnerwithclinicsandinsurancecompanies[4][5].−DeepLongevityisintegratingitsAI−leddeeplearningtechnologytobuildandcommercializevariousagingclocks[6].−TheGroupaimstoimproveitsfinancialperformanceandreducelossesintheupcomingfiscalyear,asindicatedbythesignificantdecreaseinlossesreported[189].FinancialPositionandAssets−TotalassetsdecreasedfromUS2 million upon first commercial sale of Senstend™ in China[2][7]. - The manufacturing and supply agreement was signed between Wanbang Biopharmaceutical, Genetic S.p.A., and Plethora Solutions Limited for the production of Senstend™ for the PRC market[2]. - The rights to Fortacin™ were out-licensed to Kobayashi Pharmaceutical Co., Ltd. for the Japanese market[2][7]. - The Company has completed the evaluation of two proposals for Phase 3 clinical studies of Fortacin™ in the US[2]. - The potential market for Senstend™ in China is approximately 9 million patients in its first year, growing to over 170 million patients by its tenth year[8]. - The Company is focused on the successful commercialization of Fortacin™/Senstend™ in key markets including China, the US, and Japan[4][5]. - The Company aims to commercialize its deep learning aging clock technology and partner with clinics and insurance companies[4][5]. - Deep Longevity is integrating its AI-led deep learning technology to build and commercialize various aging clocks[6]. - The Group aims to improve its financial performance and reduce losses in the upcoming fiscal year, as indicated by the significant decrease in losses reported[189]. Financial Position and Assets - Total assets decreased from US80,310,000 in 2020 to US610,000in2024,representingadeclineofapproximately99.24610,000 in 2024, representing a decline of approximately 99.24%[37]. - Current liabilities increased significantly from US9,105,000 in 2020 to US5,649,000in2024,indicatingariseofabout62.55,649,000 in 2024, indicating a rise of about 62.5%[37]. - The Group's net liabilities reached US5,901,000 in 2024, compared to net assets of US50,305,000in2020,markingasubstantialshiftinfinancialposition[37].−TheGroup′scurrentassetsdroppedfromUS50,305,000 in 2020, marking a substantial shift in financial position[37]. - The Group's current assets dropped from US12,790,000 in 2021 to US601,000in2024,adecreaseofapproximately95.3601,000 in 2024, a decrease of approximately 95.3%[37]. - The Group's intangible assets were fully impaired, decreasing from US72,418,000 in 2020 to zero in 2024[37]. Corporate Governance and Compliance - The Group has complied with relevant laws and regulations that significantly impact its operations, ensuring adherence to applicable standards[42]. - The Group's financial risk management objectives and policies are detailed in the consolidated financial statements, indicating a structured approach to managing financial uncertainties[38]. - The company has applied all principles of the Corporate Governance Code and complied with applicable provisions during the year ended December 31, 2024[100]. - All directors have confirmed compliance with the Securities Dealing Code and the Model Code during the year ended December 31, 2024[99]. - The company has a strong governance structure with experienced professionals in key management positions, including a Chartered Secretary and a Chartered Governance Professional[188]. Share Options and Capital Structure - As of December 31, 2024, the total issued ordinary share capital consisted of 228,438,619 shares, unchanged from the previous year[55]. - The Share Option Scheme (2016) allows for 2,456,532 options available for grant as of December 31, 2024[64]. - No options were granted or exercised during the year ended December 31, 2024[65]. - The total number of options vested/unvested as of December 31, 2024, was 6,229,723[68]. - The company has not experienced any lapsing or cancellation of options during the year ended December 31, 2024[87]. - As of December 31, 2024, the company's distributable reserves amounted to approximately US$294 million, unchanged from 2023[88]. Leadership and Management - Jamie Alexander Gibson has been the CEO since May 2002, focusing on corporate finance and emerging market investment products[172]. - Jayne Allison Sutcliffe co-founded the Group in 1990 and has extensive experience in fund management, previously serving as Group Chief Executive of Charlemagne Capital Limited[175]. - Stawell Mark Searle has over 30 years of experience in investment management and has been an Independent Non-Executive Director since October 2001[175]. - Adrian Alan Chan has over 25 years of experience in accounting and financial management, serving as CFO for multiple companies including Enviro Energy International Holdings Limited[176][179]. - The management team includes experienced professionals such as Paul Eric Jones, who has over 30 years in the energy industry and corporate finance, and Michael Grant Wyllie, who has over 30 years in the pharmaceutical industry[185]. - The leadership team includes directors with diverse backgrounds in finance, law, and investment management, enhancing strategic decision-making[176][179]. Auditor and Financial Reporting - The Company has appointed RSM Hong Kong as the new auditor effective from June 21, 2023, following the resignation of BDO Limited[158]. - The company announced the resignation of RSM as the external auditor effective from July 16, 2024, due to a disagreement on the audit fee for the financial year ending December 31, 2024[162]. - Baker Tilly Hong Kong Limited was appointed as the new auditor effective from July 16, 2024, to fill the vacancy left by RSM, with a term until the next annual general meeting tentatively scheduled for June 2025[163]. - The consolidated financial statements for the year ended December 31, 2024, have been audited by Baker Tilly, which has expressed its willingness to continue in office and will seek re-appointment at the 2025 AGM[164]. - The Audit Committee reviewed RSM's audit fee proposal and deemed it inappropriate considering the current operational scale of the group and prevailing market rates[162].