轩竹生物港股IPO：研发人员大裁撤两年多仍亏超9亿元 2025年Q1销售额-61%、商业化前景难言明朗

Core Viewpoint - The Hong Kong stock market for innovative drugs has rebounded since 2025, leading to an increase in IPO applications from pharmaceutical companies, including Xuan Zhu Biotechnology, which previously withdrew its application for the Sci-Tech Innovation Board [1][2]. Company Performance - Xuan Zhu Biotechnology's parent company, Sihuan Pharmaceutical, has reported significant losses over the past three years, with a total loss exceeding 2 billion RMB from 2022 to 2024 [2][8]. - In 2024, Sihuan Pharmaceutical achieved a revenue of 1.901 billion RMB, a slight increase of 2.2% year-on-year, but recorded a net loss of 217 million RMB, which is a 301.1% increase in losses compared to the previous year [2][8]. IPO Process - Xuan Zhu Biotechnology submitted its IPO application to the Hong Kong Stock Exchange on June 13, 2024, after withdrawing its previous application for the Sci-Tech Innovation Board due to market conditions [3][4]. - The company aims to raise 2.47 billion RMB through the IPO, with funds allocated for innovative drug research and development, as well as operational expenses [2][3]. Product Pipeline - Xuan Zhu Biotechnology has over 10 drugs in development, focusing on gastrointestinal diseases, tumors, and non-alcoholic steatohepatitis (NASH) [4][6]. - The core products include KBP-3571, which has received NDA approval for treating duodenal ulcers, and two other key products, XZP-3287 and XZP-3621, which are in various stages of clinical trials [4][6]. Financial Challenges - Despite the commercialization of KBP-3571, the revenue generated has been limited, with a significant decline of 60.72% in Q1 2025 compared to the previous year [6][8]. - The company has faced cumulative losses exceeding 900 million RMB within a span of two and a half years, primarily due to high research and development costs that outpace revenue [8][9]. Workforce Reduction - Xuan Zhu Biotechnology has significantly reduced its R&D personnel, with a decrease of 65% from 338 employees in September 2022 to 119 by June 2024, impacting its R&D expenditure [9]. - The reduction in workforce has led to a notable decrease in employee compensation and benefits, with a 58.47% drop in R&D personnel expenses in 2024 compared to the previous year [9].