BIOKIN PHARMACEUTICAL(SH:688506) Chang Jiang Shang Bao·2025-06-03 23:49Core Viewpoint - The company, Baillie Tianheng, is intensifying its focus on innovative drug development by planning to raise up to 3.764 billion yuan through a private placement of A-shares, slightly down from the previously planned 3.9 billion yuan, to fund its R&D projects [1][2]. Group 1: Fundraising and Financials - The funds raised will be entirely allocated to innovative drug R&D projects, with the actual amount after deducting issuance costs expected to be less than 3.764 billion yuan [2]. - Despite receiving an 800 million USD upfront payment from BMS for its core product BL-B01D1, the company projects a funding gap of 4.819 billion yuan over the next three years due to ongoing R&D and operational costs [2][4]. - As of the end of 2024, the company reported a net cash reserve of 3.027 billion yuan [2]. Group 2: Product Development and Market Position - Baillie Tianheng has established a robust pipeline with 15 candidate drugs currently in clinical stages and is conducting over 80 clinical trials globally, including more than 10 Phase III studies [4][5]. - The company achieved a significant turnaround in 2024, reporting a revenue of 5.823 billion yuan, a year-on-year increase of 936.31%, and a net profit of 3.708 billion yuan, marking a substantial recovery from previous losses [4]. - The core product, BL-B01D1, is a first-in-class EGFR×HER3 bispecific antibody-drug conjugate (ADC) that has reached Phase III clinical trials, with a total potential deal value with BMS of up to 8.4 billion USD [4][5]. Group 3: Stock Performance and Market Sentiment - The company's stock price has seen significant appreciation, reaching a historical high of 301.18 yuan per share on May 30, and closing at 292.55 yuan on June 3, reflecting a 10.81 times increase from its IPO price [5].