三年累亏17亿，创始人拿千万年薪，科望医药再次递表港交所

Core Viewpoint - Elpiscience Biopharmaceuticals, Inc. (科望医药) is seeking to list on the Hong Kong Stock Exchange after previous unsuccessful IPO attempts, with a focus on innovative cancer immunotherapy [1][2] Company Overview - Elpiscience is an innovative biopharmaceutical company specializing in cancer immunotherapy, currently without any commercially approved products and operating at a loss [1][3] - The company has accumulated losses of 1.712 billion yuan from 2022 to 2024, with losses of 771 million yuan, 853 million yuan, and 88 million yuan in each respective year [1][3] Management and Founders - The founders, Ji Xiaohui and Lu Hongtao, have impressive backgrounds in the pharmaceutical industry, with significant experience in management roles at major companies [2][3] - Their annual salaries were reported to be in the millions, with 13.4 million yuan and 10.8 million yuan in 2022, and 12.3 million yuan and 10.2 million yuan in 2023 [2] Funding and Financial Status - The company has raised a total of 252 million USD (approximately 1.79 billion yuan) through four rounds of financing, with notable investors including Eli Lilly Asia Fund and Tencent [3][4] - As of the end of 2024, Elpiscience's total liabilities are approximately 2.738 billion yuan, with a significant portion attributed to redeemable preferred shares [10] Product Pipeline - Elpiscience's pipeline includes six main assets, with four in clinical stages and two in preclinical stages [5][6] - The core product, ES102, is a six-valent OX40 agonist antibody aimed at treating cancers resistant to immune checkpoint inhibitors (ICIs) [8] - ES104 is another key product, currently in active clinical development as a VEGF/DLL4 bispecific antibody [9] Commercialization Timeline - The company anticipates potential commercialization of its clinical assets by 2028, contingent on successful IPO and regulatory approvals [9]