上市首日破发，派格生物医药尚缺产品“撑腰”

Core Insights - On May 27, 2023, the company PegBio Pharmaceuticals debuted on the Hong Kong Stock Exchange, experiencing a significant drop of 25.9% on its first trading day, falling below its issue price [1][2] - The company has not yet received approval for any products to be marketed, and it is projected to incur cumulative losses exceeding 500 million yuan in 2023 and 2024 [1][2] - PegBio's core product, PB-119, is aimed at treating type 2 diabetes and obesity, with its new drug application (NDA) accepted by the National Medical Products Administration, but the timeline for profitability remains uncertain due to intense competition in the market [1][4] Company Overview - PegBio Pharmaceuticals, established in 2008, focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder field, with a current focus on type 2 diabetes, obesity, non-alcoholic fatty liver disease, opioid-induced constipation, and congenital hyperinsulinemia [2] - The company has developed six products but has yet to bring any to market [2] - As of the end of 2024, PegBio's cash and cash equivalents are projected to be only 28.39 million yuan [3] Financial Performance - The company reported total losses of 279 million yuan and 283 million yuan for the years 2023 and 2024, respectively, primarily due to research and management expenses [2] - Prior to the IPO, PegBio raised approximately 503 million USD and 1.05 billion yuan through nine rounds of pre-IPO investments, utilizing 93.77% of these funds by the last feasible date [2] Product Development and Market Competition - The funds raised from the IPO will be allocated towards the commercialization of the core product, expansion of indications, and development of other products, as well as enhancing overseas operations [4] - PB-119 is a long-acting GLP-1 receptor agonist, with the NDA for type 2 diabetes expected to be approved in 2023, and clinical trials for obesity treatment are underway [4] - The competitive landscape for PB-119 is intense, with numerous existing and potential competitors in the market, including 13 and over 15 competing products for type 2 diabetes and obesity, respectively, already submitted for NDA or in phase III clinical trials in China [5]