CStone delivered QQ3 2024 revenue of CNY 76.52 million, down 24.38% year over year and 39.79% quarter over quarter, while continuing to invest heavily in R&D and commercialization activities. The company posted a gross margin of 44.5% but reported a substantial operating loss (EBITDA and net income negative by large margins), driven by elevated operating expenses (R&D and SG&A vs. revenue). The quarterly cash burn from operations amounted to CNY 78.02 million, financed by a solid liquidity position from cash and short-term investments totaling roughly CNY 719.88 million, yielding a net cash position of about CNY −31.96 million (net debt negative). The balance sheet shows a prudent liquidity cushion with a current ratio of 1.60 and a cash ratio of 0.57, while inventory remained elevated (CNY 286.10 million) with high days‑of‑inventory (606.46 days) and days‑sales outstanding (98.71 days), signaling ongoing pipeline development and manufacturing scale-up. Net income decline remained negative, but the loss narrowed YoY as the business progresses its pipeline toward potential future revenue catalysts. Looking ahead, near-term performance hinges on pipeline milestones, potential regulatory approvals, and any strategic collaborations that could monetize assets or de-risk development costs.