药捷安康通过港交所聆讯 两年累计亏损超6亿元人民币

Core Viewpoint - The company,药捷安康, is undergoing a listing process on the Hong Kong Stock Exchange, with a focus on developing innovative therapies for cancer and other diseases, while currently not generating any revenue from product sales [1][4][7]. Company Overview - 药捷安康 is a biopharmaceutical company focused on discovering and developing small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases [4]. - The company has developed a core product, Tinengotinib (TT00420), which is a multi-target kinase (MTK) inhibitor targeting key pathways including FGFR/VEGFR, JAK, and Aurora kinases [4]. Clinical Development - Tinengotinib is currently undergoing two pivotal/registration clinical trials for cholangiocarcinoma (CCA) in patients who have progressed after FGFR inhibitor treatment, with one trial in China and another involving the US [4]. - The company is also exploring Tinengotinib for other indications such as metastatic castration-resistant prostate cancer (mCRPC), breast cancer, and hepatocellular carcinoma (HCC) [5]. Market Potential - The global CCA drug market is projected to reach $2 billion by 2024, with a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024, and further growth expected to $3.2 billion by 2027 [4]. Financial Performance - The company reported revenues of approximately 1.18 million RMB in 2023, with no revenue expected in 2024, and incurred significant operating losses of 343.39 million RMB and 274.61 million RMB for the respective years [7][9]. - The financial data indicates that the company has not yet achieved profitability and relies on milestone payments from partnerships for revenue [7].