Jacobio Pharma (01167.HK) saw its stock soar 5.56% in early trading on Thursday, following the release of its 2024 annual results and updates on its drug development pipeline. The company's strong financial performance and significant progress in its clinical-stage products have boosted investor confidence in its future prospects.

According to the annual report released on Wednesday evening, Jacobio Pharma reported revenue of RMB160 million for 2024, with R&D expenses of RMB330 million. The company's major operating and financing activities generated RMB320 million in cash inflows, bringing its total cash and bank balances to a robust RMB1.45 billion by the end of 2024. This strong financial position provides Jacobio with ample resources to continue advancing its drug development programs.

Investors were particularly encouraged by the progress of Jacobio's lead drug candidate, glecirasib (JAB-21822), a KRAS G12C inhibitor. The company has submitted a New Drug Application (NDA) for glecirasib to treat non-small cell lung cancer, with approval expected in the first half of 2025. Additionally, Jacobio has successfully licensed out the China rights for glecirasib and its SHP2 inhibitor, sitneprotafib, marking its transition from early R&D to value realization. The company also reported advancements in its other pipeline products, including a pan-KRAS inhibitor and a p53 Y220C activator, further solidifying its position in the competitive oncology drug market.