君圣泰医药-B2025年度报告

年度報告 24727606783888990929395149156 D 24840 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 191001-1010 83One Bay East21 15434301-10 5025 829 201614 183171712-1716 2511 www.hightidetx.com Conyers Trust Company (Cayman) LimitedP.O. Box 2681Grand Cayman KY1-1111Cayman Islands (HighTideTherapeutics,Inc.) (CKM) HTD1801AMPKNLRP3CKMHTD18012(T2DM)IIIMASHIIbHTD1801CKMCKM 2025CKM 20262025CKM HTD1801T2DMIIICKMSYMPHONYHTD18015224HARMONYHTD1801SGLT-2HTD1801T2DM(NDA) HTD1801T2DMCKMADAEASD EASLIIJAMA Network Open SYMPHONYIIIT2DMHTD1801eGFR52eGFRHTD1801 ASNHTD1801(CKD)eGFRCVCTHTD1801CKMHTD1801CKDT2DMCKM 2025CKM •TOP10 HTD1801CKM CKM HTD1801CKM2026HTD1801CKMCKDCKMHTD1801 CKM CKM HTD1801(NME)CKMHTD1801AMPKNLRP3AMPKNLRP3HTD1801Lp(a)ApoBALT/ASThs-CRPHTD1801HTD1801 HTD1801AMPKNLRP3CKMCKMCKMCKM90%80%5.9CKMCKMHTD1801CKMHTD1801HTD1801CKM 4,580HTD1801HTD1801CKM(T2DM)(CKD)(MASH)(PSC)HTD1801HTD4010HTF1037 HTF1057 HTD1804HTD18058 100+HTD1801 6826 HTD1801 •HTD1801CKMT2DMCKD MASHPSC •HTD1801•HTD1801T2DMIII(NMPA)HTD1801T2DM(NDA)MASHIIb (T2DM) •T2DMT2DM2-4T2DM •T2DMIbIIIIIHTD1801(HbA1c)HTD1801HOMA-IRT2DMIbII IIIMASHT2DMIIaHTD1801 •61(EASD)HTD1801T2DMIII(SYMPHONY-2) HTD180124HbA1c(LS)-1.21%-0.68%LS-0.53%p0.000133%HTD180124HbA1c7%11%p0.000124HTD1801 HTD1801eGFR HTD1801 HTD1801 HTD1801 •(ADA)85III(SYMPHONY-1)HTD1801T2DM H T D1801H b A1c ( -1.3% )42%HTD1801HbA1c7%HTD1801HbA1c≥8.5%HTD1801HbA1c-1.5%HTD1801HbA1c HTD1801(LDL-C)(non-HDL-C) HTD1801T2DMγ(GGT)C(hs-CRP)T2DM •(EASL)T2DMIIHTD1801T2DM(MASLD) HTD1801T2DMMASLDHTD1801 •JAMANetwork OpenHTD1801T2DMII12HTD1801HTD1801T2DM • •60EASDT2DMIIHTD1801T2DMHTD1801EASD T2DMMASHHTD1801HTD1801T2DMMASH HTD1801T2DMMASH •84ADAT2DMIIHTD1801T2DMHbA1c HTD1801HTD1801T2DMMASHT2DM •SYMPHONYHTD1801T2DMIII(SYMPHONY-1SYMPHONY-2)HTD1801SYMPHONYIII2452SYMPHONY-1(NCT06350890)SYMPHONY-2(NCT06353347)IIIHTD1801(SYMPHONY-1)(SYMPHONY-2)T2DMHTD180124HbA1c28(OLE)HTD180152HTD1801 2452HTD1801HTD180152HTD1801HTD1801 •HARMONYHTD1801T2DMIII(HARMONY)T2DMHTD1801HARMONY(NCT06415773)IIIHTD1801T2DM24HbA1c IIIHTD180124HbA1cLS-1.12%-0.93%LS-0.20%95% CI-0.37 ~-0.03 P < 0.001HTD1801HTD1801LDL-Cnon-HDL-CHTD1801HbA1c<7.0%Lp(a)HTD18013.8%4.4%HTD1801 •HTD1801T2DM (CKD) •CKD•HTD1801CKDeGFR24T2DM60≤eGFR<90 mL/min/1.73m²HTD1801eGFR•HTD1801HTD1801•22(CVCT)HTD1801CKDCVCT CKMHTD1801T2DMIIISYMPHONYHTD1801eGFRHTD1801HTD1801 •58(ASN)HTD1801ASN 2025 HTD1801T2DMIIIHTD1801eGFReGFRHTD1801eGFRHTD1801 •HTD1801 •HTD1801CKDT2DMIIT (MASH) •MASH•HTD1801MASHT2DMIIaIIaHTD1801•HTD1801T2DMMASHIIb48%(NAS)≥2MASH •IIa •EASLIIaMASHMASHT2DMHTD1801 HTD1801MASHHTD1801(MRI-PDFF)(cT1) •(AASLD)MASHIIaHTD1801AASLD 1(GLP-1RAs)HTD1801MASHT2DMGLP-1RAsHTD1801 HTD1801(GI)HTD1801 •MASHMASHHTD1801 IIa •EASLMASHIIaHTD1801GLP-1RAsHTD1801HTD1801EASL GLP-1RAsHTD1801MASHT2DMGLP-1RAsHTD1801 T2DMMASHHTD1801MASHHTD1801HTD1801MASHT2DM HTD1801HTD1801MASH •HTD1801T2DMMASHIIaT2DM3IIIHTD1801T2DMHTD1801MASH(FDA) •196.5(BMI) •HTD1801CKMHTD1801MASHT2DMIIa3.5kg8kg •GLP-1RAsHTD1801GLP-1RAs •(Obesity&Weight Loss Drug DevelopmentSummit)HTD1801 HTD1801 HTD1801GLP-1RAsHTD1801 •HTD1801GLP-1RAII (PSC) •PSCPSCEASLHTD1801 •HTD1801PSCHTD1801PSC•HTD1801PSCIIHTD1801HTD1801HTD1801HTD1801PSCIIIII HTD4010 •HTD1801(AH)AHHTD4010AH •HTD4010IAHAHHTD4010Toll4AHEASL(DDW)HTD4010•EASL(DDW)HTD4010HTD4010DUR-928HTD4010 HTD4010 HTF1037 •HTF1037GLP-1RAHTF1037NASASTALT(ROS)HTF1037HTF1037 HTF1057 •HTF1057HTF1057HTF1057(BDNF) HTD1804 •HTD1804T2DM •HTD1804HTD1804 HTD1805 •HTD1805HTD1805HTD1801HTD1805 HTD1801T2DMT2DMHTD1801T2DMCKDMASHPSC CKM(i)(ii)(iii)(iv)(v) 68.049.019.072.1%29.89.9 3.225.020.1 (i)(ii)(iii)(iv) 363.554.7%164.5156.2 81.227.2%59.1 2.41.50.9 232.1381.8 532.2325.9206.3 98.350.932.58.76.2 110.056.92.6%3.5% (1)(2) (1)(2) ApolloMulti-Asset Growth FundApolloChainceCapitalFund LPChaince12.5 Apollo6.4 Chaince2.014.1Chaince1.812.80.21.3Chaince Apollo12,375Apollo176.8 69.743.51.5 32.1% 0.074.3(i)(ii) 51 49.2108.2 D. 8 6225 1 517041.048.0 401(k) 5%1,500 HTD1801HTD1801HTD1801HTD1801HTD1801 2.4 24A HTD1801 (i)HTD180150.0(ii)50.0(iii)HTD180130.0(iv)30.0 62.90% (f) HTD1801(i)(ii)HTD1801HTD1801(a)HTD1801(b) HTD1801HTD1801 HTD1801 =25%× (a)(b)(c)(d)(e) (c)HTD1801(d)(e) HTD1801 HTD1801HTD1801 5%HTD1801A HTD1801HTD1801 (4)HTD180114A.5514A.56 14A.52HTD1801 (5)HTD1801HTD1801HTD1801 1 4 A . 5 314A.53HTD1801 (6) HTD180114A.5214A.53 14A.53HTD1801 (1)HTD1801A (2)HTD1801(3)HTD1801 HTD180114A.5514A.56 14A.53HTD1801 24AA •••• 59.4%36. 7%18.5%12.5% 5% • • 13.22 156 1 13.20 13 22 20 88148 194.19.3 HTD18019.0HTD18044.6%HTD1801 60,000,0002.21 HTD1801 2.2156,555,000(HTD1801)HTD1801 123.42.69110.5 400,000600,000200,000 XV(a)XV78(b)352(c) (1)L(2)571,325,668(3)Founder BVI81,000,000(4)22,295,684(5)10,004,9647,457,872(6)FounderBVIZTGlobal EnergyFounderBVIZT Global Energy(i)(ii)ZTGlobalEnergy5,195,4966,369,3725,6160.91%1.11%0.00% (7)AIH Ca