CStone’s 2025 Loss Widens as R&D Spend Climbs Ahead of Pralsetinib NRDL Boost

CStone Pharmaceuticals ( (HK:2616) ) has shared an announcement.

CStone Pharmaceuticals reported 2025 revenue of RMB269.6 million, down 33.8% year-on-year, as lower pralsetinib sales and reduced one-time license fees weighed on results while cost of revenue rose on inventory write-downs and early pralsetinib supply under a patient assistance program. The company’s net loss widened sharply to RMB437.0 million, driven by weaker gross profit and a near-doubling of R&D spending on pipeline assets such as CS2009 and CS5007, but management expects pralsetinib’s inclusion in China’s National Reimbursement Drug List from 2026 to support a revenue rebound despite the short-term hit in 2025.

Research and development expenses surged to RMB311.5 million in 2025, reflecting higher clinical and preclinical investment, even as selling and marketing costs fell on lower channel fees and staff expenses. CStone ended the year with RMB918.7 million in cash and time deposits, providing funding capacity to advance its oncology pipeline, though the enlarged operating loss underscores the execution risk and dependence on successful commercialization and broader reimbursement coverage for key products.

The most recent analyst rating on (HK:2616) stock is a Sell with a HK$5.00 price target. To see the full list of analyst forecasts on CStone Pharmaceuticals stock, see the HK:2616 Stock Forecast page.

More about CStone Pharmaceuticals

CStone Pharmaceuticals, incorporated in the Cayman Islands and listed in Hong Kong, operates in the biopharmaceutical industry with a focus on oncology. Its primary products include cancer therapies such as avapritinib, pralsetinib and sugemalimab, with revenues derived from drug sales, licensing fees and royalties, particularly in the China market.

Average Trading Volume: 10,487,587

Technical Sentiment Signal: Strong Buy

Current Market Cap: HK$10.01B

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