Executive Summary: QQ1 2025 for HighTide Therapeutics shows a company still in the pre-commercial phase with no reported revenue and a meaningful quarterly burn. R&D outlay of 53.21 million CNY and G&A of 10.81 million CNY produced total operating expenses of 64.02 million CNY, leading to an EBITDA of -63.77 million CNY and a net loss of -60.16 million CNY for the quarter. The absence of revenue and continued investment in pipeline development underline the company’s reliance on external funding to sustain operations. QoQ, net income improved from -85.42 million CNY in Q4 2024 to -60.16 million CNY in Q1 2025 (approximately a 29% improvement), suggesting some tightening of burn or modest expense sequencing. Management commentary (not provided in the supplied data) would typically address trial timelines, partnership discussions, and capital strategy, all of which are critical to assessing the longer-term cash runway and optionality of HTD1801 and the broader HTD pipeline. Investors should monitor HTD1801 progression, any licensing or collaboration announcements, and the company’s ability to secure additional funding to advance its clinical programs before the potential commercialization inflection points.