十年烧钱12亿元、研发“断崖式”收缩，银诺医药携“国产司美格鲁肽”二度闯关IPO ｜ 创新药观察

Core Viewpoint - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. (Yinnuo Pharma) has submitted a second IPO application to the Hong Kong Stock Exchange, aiming to penetrate the competitive GLP-1 market dominated by international giants like Semaglutide and Tirzepatide [1][9]. Company Overview - Founded in 2014, Yinnuo Pharma is recognized as a long-distance runner in the GLP-1 sector, focusing on a single drug strategy with its core product, Isupatide α (brand name: Yinuo Qing) [1][2]. - The company has faced significant financial challenges, with cumulative losses exceeding 1.2 billion RMB from 2022 to 2024, including a peak loss of 733 million RMB in 2023 [2][5]. Financial Performance - In 2023, Yinnuo Pharma's R&D expenditure was 492 million RMB, with 76.4% allocated to Isupatide α. This dropped to 103 million RMB in 2024, with 95.7% directed towards the same product [3][4]. - The reduction in R&D spending was primarily due to a significant decrease in employee benefits, which fell by 93.17% from 344 million RMB in 2023 to 2.35 million RMB in 2024 [4][5]. Market Competition - The global GLP-1 receptor agonist market is highly competitive, with three long-acting agents (Dulaglutide, Semaglutide, and Tirzepatide) holding an 83% market share [9][10]. - Yinnuo Pharma is expanding the indications for Isupatide α, but its clinical trials for obesity treatment are still in early stages, limiting immediate commercial contributions [10]. Capital Dynamics - Prior to the IPO, Yinnuo Pharma experienced significant changes in its shareholder structure, with early investors reducing their stakes at a discounted price, indicating skepticism about the company's commercialization path [6][7]. - The company has raised over 1.5 billion RMB through four rounds of financing from 2020 to 2024, with valuations closely tied to the clinical progress of Isupatide α [7][8]. Industry Insights - Current policies favoring domestic innovative drug companies, such as accelerated review processes and regularized medical insurance negotiations, could benefit Yinnuo Pharma if it successfully completes its IPO [10]. - The ability to navigate pricing negotiations and establish a reliable commercialization pathway will be crucial for Yinnuo Pharma's future success in the GLP-1 market [10].