Executive Summary

Q4 2022 net loss improved year over year to $18.3M vs. $21.2M in Q4 2021; EPS was $(0.17) vs. $(0.28) YoY, driven by lower milestone and upfront licensing payments and higher other income .
Entered a commercial agreement with Pfizer for RSV candidate sisunatovir, receiving $20.0M (release of previously restricted cash) and setting up to $135.0M in potential milestones plus low single-digit tiered net sales payments; Pfizer assumes all regional costs and releases LIAN from royalty/milestone obligations for sisunatovir .
Cash, cash equivalents and marketable securities were $302.4M at year-end, with runway projected through the end of 2024, modestly extending from “into the second half of 2024” communicated in Q3 2022 .
2023 catalysts include mid-year Phase 3 EXPLORER-CN topline for mavacamten and Q4 LIBRA topline for TP-03, with plans to file the mavacamten NDA in China in 2023—key potential stock catalysts around data and regulatory events .

What Went Well and What Went Wrong

What Went Well

Strategic agreement with Pfizer on sisunatovir: $20.0M cash released, up to $135.0M milestones, and low single-digit sales-based payments, with Pfizer assuming development/commercial costs regionally—de-risking capital needs in RSV .
Pipeline execution: Phase 3 EXPLORER-CN patient visits completed (oHCM), TP-03 Phase 3 ongoing in China, BBP-398 Phase 1 initiated, and NDAs filed for mavacamten in Singapore, Hong Kong, Macau; management aims to become commercial-stage with mavacamten .
Management tone: “2022 marked a pivotal year… With a cash runway through the end of 2024, we believe LianBio is well positioned to become a commercial-stage company” — CEO Yizhe Wang .

What Went Wrong

Operating expenses increased: G&A rose to $18.7M in Q4 2022 (vs. $14.4M in Q4 2021) on payroll, legal, consulting, and accounting costs; R&D rose to $10.6M (vs. $7.7M) reflecting higher development activities and personnel expenses .
Continued operating losses: Q4 net loss of $18.3M and FY 2022 net loss of $110.3M underscore pre-commercial burn profile despite cost optimizations YoY .
No numerical revenue/margin guidance or product revenues; the company remains pre-revenue as it advances registrational programs and commercial readiness in China .

Financial Results

P&L and EPS – sequential trend

Metric	Q2 2022	Q3 2022	Q4 2022
Research & Development ($USD Millions)	$28.6	$8.3	$10.6
General & Administrative ($USD Millions)	$14.6	$16.3	$18.7
Total Operating Expenses ($USD Millions)	$43.1	$24.5	$29.2
Interest Income, net ($USD Millions)	$0.6	$1.4	$2.1
Other Income (Expense), net ($USD Millions)	$0.2	$1.3	$8.5
Net Loss ($USD Millions)	$(42.4)	$(21.9)	$(18.3)
Net Loss per Share (Basic & Diluted) ($USD)	$(0.39)	$(0.20)	$(0.17)

Q4 year-over-year comparison

Metric	Q4 2021	Q4 2022
Research & Development ($USD Millions)	$7.7	$10.6
General & Administrative ($USD Millions)	$14.4	$18.7
Other Income (Expense), net ($USD Millions)	$(0.3)	$8.5
Net Loss ($USD Millions)	$(21.2)	$(18.3)
Net Loss per Share (Basic & Diluted) ($USD)	$(0.28)	$(0.17)

Liquidity

Metric	Q2 2022	Q3 2022	Q4 2022
Cash & Cash Equivalents ($USD Millions)	$134.3	$78.9	$79.2
Marketable Securities ($USD Millions)	$195.0	$232.9	$223.1
Restricted Cash, Non-current ($USD Millions)	$20.1	$20.1	$0.073
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$329.3	$311.7	$302.4

Notes:

LIAN did not disclose product revenue; statements of operations present only operating expenses and other income components, consistent with pre-commercial operations .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Operating plan	“Into the second half of 2024” (Q3 2022)	“Through the end of 2024” (Q4 2022)	Raised (extended)
Mavacamten EXPLORER-CN topline	2023	Mid-2023 (Q3 2022)	Mid-2023 (Q4 2022)	Maintained
Mavacamten NDA (China)	2023	Anticipated filing (Q3 2022 narrative implied via launch prep)	File NDA in 2023 (explicit)	Clarified (timing confirmed)
TP-03 LIBRA topline	2023	Q4 2023 (Q3 2022)	Q4 2023 (Q4 2022)	Maintained
Infigratinib P2a topline	2023	2H 2023 (Q3 2022)	2H 2023 (Q4 2022)	Maintained

No numerical guidance provided for revenue, margins, OpEx, OI&E or tax rate .

Earnings Call Themes & Trends

Note: We did not locate a Q4 2022 earnings call transcript in our document catalog; themes below reflect company press releases across quarters .

Topic	Previous Mentions (Q2 & Q3 2022)	Current Period (Q4 2022)	Trend
Mavacamten (oHCM) China development & launch prep	Enrollment completed; NDA filed in Singapore; HCM awareness campaign launched; added to Chinese guidelines	EXPLORER-CN visits completed; NDAs filed in Hong Kong/Macau; plan to file China NDA in 2023	Advancing toward registration and launch readiness
TP-03 (Demodex blepharitis)	Plan to initiate Phase 3 in China (H2 2022)	Phase 3 LIBRA trial ongoing; topline in Q4 2023	Execution on registrational trial timeline
Infigratinib (FGFR2)	HK NDA submitted; ongoing China P2a; plan to join global Phase 3 PROOF-301	P2a topline expected 2H 2023; plan for pivotal Phase 2 in 1H 2024	Pipeline maturation; clearer China registration path
BBP-398 (SHP2)	Plan to initiate Phase 1 and combo trials	Phase 1 monotherapy initiated; combo trial planned 2H 2023	Clinical execution on early-stage asset
Supply chain/COVID impacts	Q2 noted lockdown-related disruptions but continued execution	Not emphasized in Q4	Easing operational headwinds
Commercial build	Hiring medical affairs/MSLs/business leaders for launch	Expanded hiring; launch readiness ongoing for mavacamten	Scaling commercial infrastructure

Management Commentary

“2022 marked a pivotal year for LianBio, with sustained progress across our pipeline and building of our commercial infrastructure in anticipation of registration of mavacamten in China… With a cash runway through the end of 2024, we believe LianBio is well positioned to become a commercial-stage company” — Yizhe Wang, Ph.D., CEO (Q4 press release) .
“We believe the progress we are making across our pipeline ensures we are well-positioned to bring innovative medicines to patients in China, with our first launch anticipated in 2024” — Yizhe Wang, Ph.D. (Q3 press release) .
“Despite clinical site and agency disruptions due to COVID-19 lockdowns… LianBio continued to execute our key clinical development and regulatory priorities” (Q2 press release) .

Q&A Highlights

We did not find a Q4 2022 earnings call transcript in our sources; therefore, Q&A highlights and any call-only guidance clarifications are unavailable from primary transcripts .

Estimates Context

Wall Street consensus (S&P Global) EPS and revenue estimates for Q4 2022 were unavailable in our system for LIAN; comparison to consensus cannot be provided.
As a result, there are no estimate beat/miss determinations included for Q4 2022.

Key Takeaways for Investors

Operating losses narrowed YoY in Q4 2022 (net loss $(18.3)M vs. $(21.2)M) with EPS improvement to $(0.17); other income contributed to the YoY improvement .
The Pfizer sisunatovir transaction adds non-dilutive capital ($20.0M released) and future milestone/sales-based economics while offloading development/commercial costs, improving capital efficiency in respiratory .
Liquidity remains solid ($302.4M cash, equivalents, and marketable securities at year-end) with runway through end of 2024, supporting execution on near-term registrational readouts and China NDA filing for mavacamten .
2023 is data-rich: mid-year EXPLORER-CN topline and Q4 TP-03 LIBRA topline; positive outcomes would be significant catalysts for regulatory progression and potential 2024 launch setup .
Near-term trading implications: watch for mavacamten EXPLORER-CN data timing and China NDA submission; any clarity on commercialization timelines/NRDL inclusion could re-rate China launch expectations .
Medium-term thesis: pipeline breadth (cardiovascular, ophthalmology, oncology) and China-focused registrations position LIAN to transition to commercial-stage; execution on launch readiness and regulatory milestones is key to de-risking the story .
Risk factors: ongoing G&A and R&D spend ahead of commercialization, regulatory timing uncertainty, and absence of product revenues until approvals/launches .

LianBio (LIAN)·Q4 2022 Earnings Summary