新股消息 | 亦诺微医药递表港交所 商业化道路未明且连年亏损

Company Overview - Yinuo Micro Pharmaceuticals has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CICC acting as joint sponsors [1] - The company focuses on clinical demand-driven biotechnology, aiming to discover, develop, produce, and commercialize novel oncolytic immunotherapies and engineered exosome therapies [3] Product Pipeline - The product pipeline includes two clinical-stage oncolytic immunotherapy candidates, two preclinical-stage engineered exosome therapy candidates, and three directly commercializable engineered exosome products [3] - The core product, MVR-T3011, is a novel oncolytic immunotherapy based on HSV-1, targeting a wide range of solid tumors, including bladder cancer and head and neck squamous cell carcinoma [3] - Another candidate, MVR-C5252, is designed for malignant glioma, featuring enhanced safety for intracranial administration and improved immune activation in immunosuppressive tumor environments [4] Market Potential - According to Frost & Sullivan, the global oncolytic immunotherapy market is projected to grow from $8.71 million in 2024 to $1.56 billion by 2028, with a compound annual growth rate (CAGR) of 105.7% [4] Financial Performance - In 2023, 2024, and the first quarter of 2025, the company reported revenues of approximately ¥6.77 million, ¥3.20 million, and ¥1.29 million, respectively [5] - The company incurred losses of approximately ¥481.75 million, ¥523.76 million, and ¥203.80 million for the same periods [5][6]