8轮融资超10亿，维立志博二次递表，一家Biotech的港股闯关记

Core Viewpoint - The enthusiasm of mainland companies for listing on the Hong Kong stock market has surged, with 248 out of 450 companies planning to go public, indicating strong interest in the market [1] Company Overview - Founded in 2012, the company focuses on the discovery, development, and commercialization of new therapies for cancer and autoimmune diseases, positioning itself as a leader in next-generation cancer immunotherapy [3][4] - The company has completed 8 rounds of financing, raising a total of 1.084 billion yuan, attracting notable investors such as Enran Venture Capital and Shenzhen Capital Group [3] Product Pipeline - The company has developed 14 candidate drugs, with 6 currently in clinical stages, including its core product LBL-024, which is the first PD-L1/4-1BB bispecific antibody to enter the registration clinical phase globally [7][8] - LBL-024 is expected to become the fourth approved immunotherapy target after PD-1/L1, CTLA-4, and LAG3, with a significant market potential projected to reach $2.9 billion by 2030, growing at a CAGR of 284.9% from 2026 to 2030 [7] Clinical Progress - LBL-024 has received breakthrough therapy designation from the NMPA for treating advanced pulmonary neuroendocrine carcinoma and orphan drug designation from the FDA for neuroendocrine cancer, showcasing its clinical value and development potential [8] Strategic Positioning - The company has established a strong competitive barrier in the TCE field, having developed a proprietary LeadsBodyTM platform and a complete TCE product matrix covering hematological malignancies, solid tumors, and autoimmune diseases [9] - The innovative design of LBL-034, a bispecific TCE targeting GPRC5D and CD3, aims to activate T cells effectively while minimizing risks associated with T cell exhaustion and cytokine release syndrome [9] Innovation and Future Outlook - The company’s advancements in ADC, IO2.0, and TCE platforms highlight its robust research and development capabilities, contributing to a comprehensive innovation ecosystem [10][11] - The current IPO environment emphasizes the importance of companies with innovative potential and solid clinical data, reinforcing the market's focus on firms capable of sustained innovation and value realization [11]