● Mean weight loss of up to 20.2% with no observed plateau at Week 32

● Mean menstrual frequency increased by up to 0.9 episodes during the last 12 weeks of treatment

● Up to 30% of participants experienced at least 3 normal menstrual cycles during the last 20 weeks of treatment¹

Shanghai, China, July 8, 2026 – Hengrui Pharma, a global pharmaceutical company focused on scientific and technological innovation, today announced positive topline data from the Phase 2 clinical trial (HRS9531-207) of ribupatide injection (HRS9531, also known as KAI-9531 outside Greater China), a GLP-1/GIP dual receptor agonist, for the treatment of obesity with polyendocrine-metabolic ovarian syndrome (PMOS)². Compared to placebo, ribupatide injection at all dose levels (1 mg, 2 mg, and 4 mg) achieved superiority on the primary endpoint.

● Based on the analysis of the primary estimand under the treatment policy strategy ⁱ, participants achieved a mean weight loss of up to 20.2% from baseline at Week 32, with no observed plateau.
● At Week 32, 97.5% of participants achieved at least 5% weight loss from baseline.
● During the last 12 weeks of treatment, the mean menstrual frequency in the 4 mg ribupatide injection group increased by 0.9 episodes from baseline (the 12 weeks prior to informed consent; 1.1 episodes after placebo adjustment); furthermore, during the last 20 weeks of treatment, up to 30% of participants experienced at least 3 normal menstrual cycles (21–35 days).

● Ribupatide injection demonstrated a favorable safety and tolerability profile; most treatment-emergent adverse events (TEAEs) were mild and gastrointestinal-related.

Hengrui Pharma intends to share further data from this Phase 2 clinical trial of ribupatide injection at upcoming scientific conferences.

About the HRS9531-207 Trial

HRS9531-207 is a multicenter, randomized, double-blind, placebo-controlled Phase 2 clinical trial (NCT06595797) designed to evaluate the efficacy and safety of varying doses of ribupatide injection in participants with obesity and polyendocrine-metabolic ovarian syndrome (PMOS). A total of 158 participants were enrolled and randomized in a 1:1:1:1 ratio to receive weekly treatment with ribupatide injection (1 mg, 2 mg, 4 mg) or placebo. The primary endpoint is the percentage change in body weight from baseline at Week 32.

About Ribupatide

Leveraging a forward-looking strategic layout in metabolic diseases, Hengrui Pharma has established a leading and differentiated GLP-1 portfolio alongside a robust pipeline of next-generation innovative therapies, with the goal of addressing significant unmet clinical needs in obesity and beyond.

Ribupatide (HRS9531, also known as KAI-9531 outside Greater China) is a GLP-1 (glucagon-like peptide-1)/GIP (glucose-dependent insulinotropic polypeptide) dual receptor agonist independently developed by Hengrui Pharma. It is being developed as both a once-weekly subcutaneous injection and a once-daily oral tablet for the treatment of overweight or obesity and type 2 diabetes. In 2025, the new drug application for ribupatide injection for long-term weight management in adults was accepted by China's National Medical Products Administration (NMPA).

In May 2024, Hengrui Pharma granted Kailera Therapeutics exclusive global rights outside Greater China to develop, manufacture, and commercialize a portfolio of innovative GLP-1 therapeutics—including ribupatide. Kailera is currently evaluating injectable ribupatide for the treatment of obesity in the KaiNETIC global Phase 3 clinical program.

About Hengrui Pharma

Hengrui Pharma is an innovative, global pharmaceutical company dedicated to the research, development and commercialization of high-quality medicines to address unmet clinical needs. Its therapeutic areas of focus include oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. Driven by a patient-focused philosophy since its founding in 1970, Hengrui Pharma remains committed to advancing human health by striving to conquer diseases, improve health, and extend lives through the power of science and technology. For more information, visit us at Hengrui.com and follow us on LinkedIn.

Hengrui Pharma Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that reflect Hengrui Pharma’s beliefs or expectations about the future or future events as of the respective dates indicated therein (“forward-looking statements”). These forward-looking statements are based on a number of assumptions about Hengrui Pharma’s operations, its future development plans, market (financial and otherwise) conditions and growth prospects, and are subject to significant risks, uncertainties and other factors beyond Hengrui Pharma’s control, and accordingly, actual results may differ materially from those contemplated by these forward-looking statements. No reliance should be placed on such statements, which reflect the view of the management of Hengrui Pharma as at the date of this press release. Hengrui Pharma does not undertake any obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates.

ⁱ primary estimand under the treatment policy strategy: Data collection continues—and the data are included in the analysis—following the occurrence of intercurrent events (such as premature treatment discontinuation or the use of other weight-loss therapies) to evaluate the treatment effect while accounting for the impact of such events.

References:

1.Normal menstrual cycle: A cycle duration of 21–35 days.

2.Compiled based on research data.