Clover Biopharmaceuticals Ltd. (HK:2197) has released an update.
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Clover Biopharmaceuticals Ltd. reported a significant downturn, posting a loss of RMB 95.1 million for the first half of 2024, compared to a profit of RMB 650.6 million in the same period last year. This decline was attributed to non-recurring income from funding and a lack of inventory impairment provisions that bolstered the previous year’s results. Cost cuts in administration, sales, and R&D failed to offset the losses, with cash and bank balances also decreasing by RMB 265.7 million from the end of 2023.
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