Gelonghui, March 21 | Okanvision Bio-B (01477.HK) announced that for the year ended December 31, 2023, the company's revenue increased by 55.0% to RMB 246.4 million, mainly due to a sharp increase in revenue from sales of ophthalmic products and pharmaceutical product promotion services.
For the year ended 31 December 2023, the company's loss was RMB 379.8 million, down 5.7% from RMB 402.6 million for the year ended 31 December 2022, mainly due to an increase in gross profit of RMB 41.4 million and a decrease in R&D expenses of RMB 60.5 million compared with last year. Compared with last year, this was partially offset by a total decrease of RMB 27.0 million in other revenue and other revenue and an increase of RMB 43.2 million in sales and marketing expenses.
During the reporting period, the company recorded R&D expenditure of RMB 123.8 million, a decrease of 32.8% from RMB 184.3 million for the year ended December 31, 2022, mainly due to (i) a decrease in share-based payments made to R&D personnel during the reporting period compared with last year; and (ii) a reduction in third-party contracting costs.
Up to now, the company has 25 drug assets for the front and back of the eye, and has established a complete ophthalmic drug product line. Five of these products are in phase III clinical trials, covering all major diseases of the front and back of the eye.