Hua Xia Shi Bao·2025-06-18 06:35Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. (Weilizhibo) has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, facing significant challenges due to operational difficulties and financial pressures despite a strong fundraising history [2][4]. Financing and Valuation - Since its establishment, Weilizhibo has completed 8 rounds of financing, raising approximately 1.084 billion yuan, with a post-investment valuation reaching 3.13 billion yuan before its IPO [2][14]. - The company has attracted investments from notable institutions such as Enran Venture Capital and Hankan Capital [2]. Product Pipeline and Market Challenges - Weilizhibo's pipeline includes 14 candidate drugs, with 6 in clinical stages, including the core product LBL-024, a dual-specific antibody targeting PD-L1 and 4-1BB, which is in a pivotal clinical trial for advanced pulmonary neuroendocrine carcinoma [4][5]. - The market for pulmonary neuroendocrine carcinoma is characterized as "niche," with limited patient numbers and a projected increase in incidence from 48,200 cases in 2019 to 65,200 cases by 2024 globally [5][6]. Financial Performance and Losses - The company has reported cumulative losses exceeding 700 million yuan from 2023 to the first quarter of 2025, with significant cash flow issues and negative operating cash flows of -193 million yuan, -119 million yuan, and -26.4 million yuan for the respective years [9][12]. - Weilizhibo's only revenue source was a collaboration with BeiGene, which ended in May 2025, leading to a "zero revenue" situation [9][12]. Operational and Strategic Risks - The company faces challenges in commercializing its core product due to the small patient base and limited market size, which may cap potential revenue growth even if the product is successfully launched [6][9]. - High R&D expenditures have consistently outpaced revenue, with R&D costs accounting for over 85% of total operating expenses in recent years [11][12]. Shareholder Dynamics - Prior to the IPO, early investors have begun to transfer their shares at discounted prices, indicating potential concerns about the company's future prospects [15][16].