维立志博港股上市路：年亏3亿，正心谷资本等股东加持能否破局？

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. is embarking on its journey to list on the Hong Kong Stock Exchange, focusing on innovative therapies for cancer and autoimmune diseases, with a pipeline of 12 drug candidates, 6 of which are in clinical stages [1][3]. Financial Performance - In 2023, the company reported revenue of 8.87 million RMB, with no new revenue recorded thereafter. The losses for 2023 and 2024 were 360 million RMB and 301 million RMB, respectively, with R&D expenditures of 231 million RMB and 186 million RMB [1][2]. - Administrative expenses increased from 38 million RMB to 87.69 million RMB from 2023 to 2024. In Q1 2025, R&D spending was 57.75 million RMB, with a loss of 75.37 million RMB, showing a reduction compared to the same period last year [2][3]. Cash Position and Funding - As of March 31, 2025, the company held cash and cash equivalents of 431 million RMB, providing support for ongoing R&D and market expansion [3]. - Since its inception, Weilizhibo has raised over 1 billion RMB through multiple funding rounds, including a significant 607 million RMB in its C round in 2021, and has established partnerships that may yield substantial returns [3]. Shareholding Structure - The company's executive directors, including Dr. Kang Xiaoqiang and Dr. Lai Shoupeng, collectively control approximately 20.08% of the voting rights through a concerted action agreement. Major shareholders include well-known investment firms such as Enran Venture Capital and Zhengxin Valley Capital [3][5].