Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 299

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 1
Chunk 299
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3 Compared to Year Ended December 31, 2022

For a discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, see Item 5. A. “ Operating Results” of our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on February 28, 2024.

B. Liquidity and Capital Resources

To date, we have taken a multi-source approach to fund our operations, including through cash flows generated and dividend payments from our Oncology/Immunology and Other Ventures operations, service and milestone and upfront payments from our collaboration partners, bank borrowings, investments from third parties, proceeds from our listings on various stock exchanges and follow-on offerings.

Due to the commercialization of our products in China and the out-licensing of Fruzaqla to Takeda, we had net income attributable to the Company of $37.7 million and $100.8 million for the years ended December 31, 2024 and 2023 respectively, while for the year ended December 31, 2022, the net loss attributable to the Company was $360.8 million. Our Oncology/Immunology operations have historically not generated significant profits or have operated at a net loss, and we anticipate substantial research and development expenditures for the foreseeable future as creating potential global first-in-class or best-in-class drug candidates requires a significant investment of resources over a prolonged period of time. As a result, we may need additional financing for our Oncology/Immunology operations in future periods. See Item 3. D. “ Risk Factors - Risks Relating to Our Oncology/Immunology Operations and Development of Our Drug Candidates - Our Oncology/Immunology operations historically operated at a net loss, and our future profitability is dependent on the performance of our Oncology/Immunology operations which rely on the successful commercialization of our drug candidates.”

As of December 31, 2024, we had cash and cash equivalents of $154.0 million and short-term investments of $682.1 million and unutilized bank facilities of $60.5 million. Substantially all of our bank deposits are at major financial institutions, which we believe are of high credit quality. As of December 31, 2024, we had $82.8 million in bank loans, of which $60.6 million