Jenscare Scientific reported QQ2 2025 results that underscore a rapid burn in development activity despite a high gross margin on a very small revenue base. Revenue for the quarter stood at 6.713 million CNY, with gross profit of 5.9135 million CNY and a gross margin of 88.1%, reflecting a substantial contribution from fixed-cost absorption and potential prioritization of development programs. However, operating expenses totaled 75.081 million CNY, driving an EBITDA of -67.173 million CNY and an operating loss of -69.168 million CNY. Net income collapsed to -84.7825 million CNY with an EPS of -0.21. The company maintains a strong liquidity posture, with a current ratio of 6.77 and cash ratio of 5.18, and a debt ratio of 0.0595, implying limited near-term balance-sheet leverage. The delta between revenue and expenses confirms Jenscare remains in a pre-revenue, R&D-intensive phase focused on LuXValve and KenValve product candidates for structural heart disease in China. Management commentary is not captured in the provided transcript data, limiting visibility into forward-looking commitments, but the financial trajectory indicates a longer runway supported by cash reserves rather than near-term profitability. Investors should weigh the high execution risk and substantial capital needs against the potential long-term payoff from FDA/CFDA/China-wide regulatory milestones, clinical data, and eventual market adoption of its transcatheter therapies.