Gemabank’s H1 2025 Results under Russian Accounting Standards

The International Medical Center of Biomaterials Processing and Cryostorage (IMCB, MOEX: GEMA) published its financial results for the six months of 2025 in compliance with the Russian Accounting Standards (RAS).

IMCB (Gemabank), a biotechnology company within Artgen Biotech Group (MOEX: ABIO), focuses on personal stem cell banking and the development of gene therapy drugs targeting blood and immune system disorders.

For the first half of 2025, Gemabank's net profit amounted to RUB 80,014 thousand. The company's revenue increased by 12 % to RUB 183,735 thousand compared to the same period in 2024. EBITDA, excluding income from shareholdings, totaled RUB 86,187 thousand (47 % of revenue).

Key highlights for the 6 months of 2025:

The sample banking base expanded to 45,268 samples. A total of 1,789 samples were accepted in the six months of 2025, which makes a 33 % increase compared to the same period in 2024.
A market analysis of personal stem cell banking in the Russian Federation was conducted. The analysis showed that Gemabank holds the largest market share by number of samples, accounting for 42 %.
In collaboration with Swiftgen, Gemabank designed gene therapy drug candidates for the treatment of hemophilia A and B and HIV infection. The company is implementing an experimental structure testing plan, having already obtained initial in vitro testing results for design elements. In vivo testing of the candidate drugs is planned in the near future.
Base rates for umbilical blood and cord storage were increased.
Four samples were released for transplantation and used to treat autism and organic brain damage.
ACRA reaffirmed IMCB's credit rating at BBB- (RU) with a stable outlook.
Gemabank paid 2024 dividends of
2 rubles 40 kopecks per share.

Strategic Company goals for 2025–2026 are as follows:

Maintaining a leading position with a 40% market share among cord blood banks in the Russian Federation.
Developing innovative gene therapy drugs over the next two years with the aim of creating a proprietary drug portfolio transitioning the company's business model from a service-based one (biospecimen storage services rendering) to a biotech-based one (development and commercialization of biopharmaceuticals), which could lead to business revaluation.
Expanding the partner network of clinics to use hematopoietic stem cells in regenerative medicine in the Moscow Region and other regions.
Extend Gemabank's geographic presence across the Russian Federation.

Key Income Statement Indicators for 6 Months of 2025

RUB thous.	January to June 2024	January to June 2025	% Change
Revenue	164 642	183 735	12%
Cost of sales	(26 675)	(35 578)	33%
Commercial expenses	(35 228)	(43 416)	23%
Administrative expenses	(17 521)	(16 367)	-7%
Profit (loss) on sales	85 218	88 374	4%
Income from shareholdings	9 000		-
Net interest on loans	(3 393)	1 599	-147%
Net other income (expenses)	(10 734)	(9 959)	-7%
Net profit (loss)	80 091	80 014	0%
Net profit, %	49%	44%	-
EBITDA excluding income from shareholdings*	80 590	86 187	7%
EBITDA, %	49%	47%	-

Key Balance Sheet Indicators for 6 Months of 2025

in RUB thous.	June 30, 2025	December 31, 2024	% Change
ASSETS
Intangible assets	75 572	78 640	-3,9%
Fixed assets	66 554	64 667	2,9%
Financial investments	708 890	730 480	-3,0%
Total non-current assets	851 016	873 787	-2,6%
Accounts receivable	22 120	29 405	-24,8%
Financial investments (excluding cash equivalents)	182 000	47 000	287,2%
Cash and cash equivalents	157 645	276 895	-43,1%
Total current assets	373 640	362 150	3,2%
TOTAL ASSETS	1 224 656	1 235 937	-0,9%
LIABILITIES
Accumulated revaluation of non-current assets	(13 800)	24 600	-156,1%
Surplus fund (excluding accumulated revaluation)	242 504	242 504	0,0%
Retained earnings (uncovered loss)	80 780	36 598	120,7%
Total capital and reserves	309 641	303 859	1,9%
Borrowings	228 108	228 108	0,0%
Other liabilities	521 006	515 574	1,1%
Total long-term liabilities	749 114	743 682	0,7%
Borrowings	11 867	11 954	-0,7%
Accounts payable	152 945	175 933	-13,1%
Estimated liabilities	1 088	508	114,2%
Total current liabilities	165 901	188 395	-11,9%
TOTAL LIABILITIES	1 224 656	1 235 937	-0,9%

The financial statements of IMCB, PJSC, for the six months of 2025 are available through the link.