Lin BioScience Inc (6696.TWO) Q1 2025 Earnings Report

Lin BioScience reported QQ1 2025 results characterized by a pronounced operating loss driven by a high R&D burn and suppressed revenue disclosure. The company reported an operating loss of 580.6 million TWD and an EBITDA loss of 578.7 million TWD for the quarter, with a net loss of 313.2 million TWD and earnings per share of -3.84. R&D expenditures totaled 366.9 million TWD, complemented by 213.6 million TWD in general and administrative costs and 155.5 thousand TWD in selling and marketing costs, yielding a total operating expense of 580.6 million TWD. Despite the negative profitability in QQ1 2025, the balance sheet is framed by a sizable R&D pipeline across ophthalmology, oncology, and metabolic disease indications, including LBS008 (oral therapy for Dry AMD/STGD1 in late-stage development) and LBS007, LBS002, and LBS009 in various phases. YoY and QoQ metrics show material deterioration in operating income (-81.05% YoY, -82.76% QoQ) and net income (-62.75% YoY, -80.58% QoQ), with EPS down -50.59% YoY and -73.76% QoQ. The absence of reported revenue underscores the company’s pre-commercial stage and the reliance on continued capital deployment to advance its pipeline. Investors should monitor clinical milestones, potential strategic partnerships, and any prospective capital-raising activity that would support ongoing R&D and potential later-stage commercialization. Given the current data, the near-term investment thesis hinges on successful clinical readouts and the ability to secure non-dilutive or strategic funding to transition from a high-burn R&D model to a more scalable growth trajectory over the medium term.