维立志博闯关港交所上市，暂未商业化，亏损金额大幅收窄

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. has submitted an updated prospectus for its IPO on the Hong Kong Stock Exchange after a previous application was deemed "invalid" [1] Financial Performance - For Q1 2025, Weilizhibo reported zero revenue and a net loss of approximately RMB 75.37 million, compared to a net loss of RMB 86.57 million in Q1 2024, which also had zero revenue [3][4] - In 2023, the company generated revenue of approximately RMB 8.87 million, while 2024 revenue was zero. The net losses for 2023 and 2024 were approximately RMB 362.25 million and RMB 301.22 million, respectively, indicating a narrowing loss [3][5] - Adjusted net losses (non-IFRS) for 2023, 2024, and Q1 2025 were approximately RMB 226.88 million, RMB 202.66 million, and RMB 66.52 million, respectively [5][6] Business Overview - Established in 2012, Weilizhibo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing innovative therapies for unmet medical needs in oncology and autoimmune diseases [6][8] - The company has a pipeline of 14 major assets, with 6 in clinical stages, including its core product LBL-024, a novel PD-L1 and 4-1BB bispecific antibody [6][8] - LBL-024 has entered a pivotal clinical trial for the treatment of advanced pulmonary neuroendocrine carcinoma as of July 2024, with ongoing evaluations for its efficacy against various cancers [6][8] Shareholder Information - The company has a registered capital of approximately RMB 157 million, with major shareholders including Nanjing Lizhi Enterprise Management Consulting Center and Loyal Valley Capital Advantage Fund III LP [8]