八旬医学博士携手伙伴冲刺IPO 维立志博唯一客户递表前终止合作

Core Viewpoint - The company Nanjing Weilizhibo Biotechnology Co., Ltd. is seeking to go public in Hong Kong, with its founders, Lai Shoupeng and Kang Xiaoqiang, aiming to unlock the identity of "founder of a listed company" after 13 years of entrepreneurship [1][2]. Company Overview - Founded in 2012 by Lai Shoupeng and Kang Xiaoqiang, the company focuses on the discovery, development, and commercialization of innovative therapies for unmet medical needs in oncology and autoimmune diseases [1][2]. - The company has not yet commercialized any products and reported cumulative losses of nearly 500 million yuan from 2023 to March 2025 [1][8]. Financial Background - The company has successfully completed eight rounds of financing, raising approximately 1.084 billion yuan, with notable investors including Enran Venture Capital and Kunming Pharmaceutical Group [4]. - As of March 31, 2025, the company held cash and cash equivalents of 431 million yuan and had interest-bearing bank loans of 255 million yuan [8]. Product Pipeline - Weilizhibo has 14 drug candidates in development, with six in clinical trials, including the core product LBL-024, which targets PD-L1 and 4-1BB and is in the registration clinical trial stage [6][7]. - The global market for 4-1BB antibodies is projected to grow significantly, reaching 17.4 billion USD by 2035 [6]. Collaborations and Partnerships - The company had a collaboration agreement with BeiGene for LBL-007, which was terminated shortly before the updated prospectus was submitted, with no reason provided for the termination [6][8]. - A new partnership with Aditum Bio for the development of a trispecific T cell engager has a potential total value of up to 614 million USD [8]. Leadership and Compensation - Lai Shoupeng serves as Chief Strategic Officer and Executive Vice President, while Kang Xiaoqiang is the Chairman and CEO. Their salaries are comparable to those of executives in innovative drug companies [4][8].