New Risk • Jun 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$779.6m (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CN¥254m net loss in 3 years). Market cap is less than US$100m (HK$779.6m market cap, or US$99.5m). Reported Earnings • Apr 29
Full year 2025 earnings released: CN¥0.31 loss per share (vs CN¥0.70 loss in FY 2024) Full year 2025 results: CN¥0.31 loss per share (improved from CN¥0.70 loss in FY 2024). Net loss: CN¥222.6m (loss narrowed 56% from FY 2024). Products in clinical trials Phase I: 2 Phase II: 2 Phase III: 1 Revenue is expected to decline by 100% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Hong Kong are expected to grow by 22%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Apr 27
Brii Biosciences Limited Presents Cross-Study Analysis of Post-Treatment HBsAg Rebound Brii Biosciences Limited presented a cross-study analysis of post-treatment hepatitis B surface antigen (HBsAg) rebound profiles at the 35th Annual Meeting of Asian Pacific Association for the Study of the Liver (APASL 2026), taking place from April 22-25, 2026 in Istanbul, Turkey. This analysis evaluated post-end-of-treatment (EOT) HBsAg rebound in NRTI-experienced participants with chronic hepatitis B virus (HBV) infection who achieved HBsAg loss in the Phase 2 ENSURE study or the Phase 2 BRII-179-002 study. The Phase 2 ENSURE study is designed to assess the safety and efficacy of combination approaches aimed at improving functional cure outcomes. Cohorts 1-3 evaluate elebsiran in combination with PEG-IFNa compared to PEG-IFNa monotherapy, while Cohort 4 evaluates the potential role of BRII-179 in identifying immunologically responsive patients and improving HBsAg loss rate. BRII-179-002 is a multicenter, randomized, double-blind, proof-of-concept Phase 2 study that evaluates BRII-179 as an add-on therapy to PEG-IFNa. Data from the two studies were pooled to assess the incidence, magnitude and clinical relevance of HBsAg rebound following EOT in participants treated with PEG-IFNa alone or in combination with elebsiran or BRII-179. Across studies, participants demonstrated favorable off-treatment clinical outcomes. All HBsAg rebounds remained below 100 IU/mL with most rebounds remaining below 10 IU/mL. HBV DNA rebound was infrequent and not associated with clinically meaningful alanine aminotransferase (ALT) elevations following NRTI discontinuation. Together, these results suggest durable post-treatment immunological control and further support the potential for safe discontinuation of NRTIs in PEG-IFNa-based combination with novel therapeutic modalities. Notably, shorter NRTI consolidation periods (12 to 20 weeks versus 24 weeks) were not associated with higher HBsAg rebound rates, suggesting that shortening—and potentially eliminating—the NRTI consolidation period may be feasible in future treatment strategies. Additional details of the oral presentation are as follows: Title: Cross-study Analysis of HBsAg Rebound Following Treatments of Elebsiran/BRII-179 in Combination with Peginterferon Alfa. Session/Presentation Type: Oral Presentation Session 58. Date and time: 13:40 - 15:10 on April 25 (UTC+3). Presenter: Jidong Jia, M.D., Ph.D., Professor of Medicine at the Liver Research Centre, Beijing Friendship Hospital, Capital Medical University in Beijing, China. Post-EOT HBsAg rebound was observed in 24 of 55 participants (43.6%) with similar rates during NRTI consolidation (13/55, 23.6%) and after NRTI discontinuation (11/41, 26.8%). Shorter NRTI consolidation was not associated with higher HBsAg rebound rates after NRTI withdrawal, with 15.0% (3/20) of participants receiving 12–20 weeks of NRTI consolidation and 23.8% (5/21) of those receiving 24 weeks experiencing HBsAg rebound by 24 weeks after NRTI discontinuation. The magnitude of HBsAg rebound was limited, with all rebounds 90% (38/41) of participants maintaining HBV DNA. 
