SHANGHAI, March 6, 2026 /PRNewswire/ — CARsgen Therapeutics Holdings Limited (Stock Code: 2171.HK), a company dedicated to the development of innovative CAR T-cell therapies, has announced its annual results for 2025.
Business Highlights
As of December 31, 2025, CARsgen reported cash and cash equivalents of approximately RMB1,123 million, with expectations to maintain a minimum of RMB1,000 million by the end of 2026. The company recorded a net loss of RMB103 million for the year ended December 31, 2025, reflecting a significant reduction of around 87% compared to the net loss of RMB798 million in the previous year. This improvement is attributed to operational efficiencies and changes in cash flow management, which suggest a positive outlook for adequate funding through to 2030.
In 2025, CARsgen successfully secured a total of 218 confirmed orders for zevor-cel from its commercialization partner, Huadong Medicine. Notably, in December 2025, zevor-cel was included in China’s Commercial Health Insurance Innovative Drug Catalogue (2025).
The Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) of China has accepted the New Drug Application (NDA) for satri-cel and granted it Priority Review status. The results of the confirmatory Phase II trial for satri-cel in China were published simultaneously in The Lancet and at the 2025 ASCO Annual Meeting. The company is also developing multiple allogeneic CAR-T products targeting various treatment areas, including hematologic malignancies, solid tumors, and autoimmune diseases.
CARsgen has developed the proprietary lentiviral-based CARvivo™ platform for generating in vivo CAR T-cell products, further enhancing its product pipeline. Additionally, the company has entered into strategic collaborations with key platform enterprises in Jinshan District, Shanghai, to establish an advanced commercial manufacturing base for CAR T-cell products.
Dr. Zonghai Li, Founder, Chairman of the Board, Chief Executive Officer, and Chief Scientific Officer of CARsgen Therapeutics, emphasised the significance of 2025 as a pivotal year for the company. He stated that as CARsgen enters a phase of substantial value realisation in commercialization, zevor-cel has shown excellent market performance. Furthermore, with satri-cel, the first CAR-T candidate for solid tumors undergoing NDA review, the company anticipates approval in the first half of 2026, setting the stage for its commercial launch. Dr. Li highlighted the potential of allogeneic CAR-T cell therapies as essential for large-scale patient access, describing the company’s commitment to advancing multiple allogeneic candidates using their proprietary THANK-uCAR® and THANK-u Plus™ platforms, which have demonstrated promising preliminary clinical data.
Financial Highlights
CARsgen reported revenue of approximately RMB125.7 million for the year ended December 31, 2025, primarily driven by zevor-cel, an autologous BCMA CAR T-cell product. Revenue is recognised upon completion of the ex-works delivery of products, which has resulted in a discrepancy between the number of orders from Huadong Medicine and actual deliveries due to the time cycle inherent in CAR-T manufacturing. The gross profit for the year was around RMB80 million. The company has demonstrated a strong competitive advantage in cost structure during the commercialization phase, largely due to self-manufacturing capabilities for plasmids and vectors, resulting in stable output and high yield per batch.
As of December 31, 2025, CARsgen’s cash and cash equivalents were approximately RMB1,123 million, down from RMB1,479 million as of December 31, 2024. This decrease is attributed to research and development expenses, administrative costs, and capital expenditures. Looking ahead, CARsgen remains optimistic about its financial position, anticipating adequate cash flow into 2030.
Zevor-cel Sales Growth
Zevorcabtagene autoleucel (zevor-cel, R&D code: CT053) is an autologous fully human CAR T-cell product targeting B-cell maturation antigen (BCMA) and is approved by the NMPA of China for treating adults with relapsed or refractory multiple myeloma (R/R MM) who have progressed after at least three prior lines of therapy, including a proteasome inhibitor and an immunomodulatory agent.
In collaboration with Huadong Medicine, CARsgen has established a dedicated commercial team to enhance the accessibility of zevor-cel across mainland China. In 2025, the necessary certification and regulatory filings for zevor-cel were completed in over 20 provinces and cities, culminating in the 218 confirmed orders received. The inclusion of zevor-cel in China’s Commercial Health Insurance Innovative Drug Catalogue (2025) is expected to significantly bolster its sales growth in the coming period.