先通医药冲刺“核药第一股”：持续亏损现金流欠佳，偿债能力偏弱

Core Insights - The enthusiasm for biopharmaceutical companies to list in Hong Kong remains strong, with Xiantong Pharmaceutical recently submitting its listing application to the Hong Kong Stock Exchange, expected to become the first "nuclear medicine" stock in Hong Kong [1][2] - Xiantong Pharmaceutical focuses on the Chinese radioactive drug market, aiming to develop and commercialize innovative radioactive drugs, with a pipeline that includes 15 assets across oncology, neurodegenerative diseases, and cardiovascular diseases [1][2] Industry Overview - The global radioactive drug market is experiencing rapid growth, with a projected market size increase from $9.7 billion in 2024 to $57.3 billion by 2035, representing a compound annual growth rate (CAGR) of 17.5% [2] - Since 2021, over 80 related transactions have occurred globally, involving major multinational pharmaceutical companies, while China has seen more than 15 transactions during the same period [2] Company Financials - In 2023 and 2024, Xiantong Pharmaceutical reported revenues of 10.23 million and 44.06 million yuan, respectively, with net losses of 309 million and 156 million yuan [3][4] - The company’s revenue sources include sales of pharmaceutical products, licensing income, and CRO/CDMO services, with a significant increase in revenue expected in 2024 due to increased orders for CRO/CDMO services [3][4] Research and Development - Xiantong Pharmaceutical has a dedicated R&D team of 196 members, with R&D expenses accounting for the highest proportion of total costs, indicating a strong focus on product development [5][6] - The company is advancing its core product, XTR008, which is in the registration phase and is expected to submit a New Drug Application (NDA) in March 2025, with approval anticipated in 2026 [2][5] Cash Flow and Debt - The company has consistently negative operating cash flow, with net cash used in operating activities of -306 million and -277 million yuan for 2023 and 2024, respectively [6][7] - Xiantong Pharmaceutical's current ratio is below 1, indicating potential short-term liquidity risks, as current liabilities significantly exceed current assets [7] Funding and Future Plans - Since 2017, Xiantong Pharmaceutical has completed nine rounds of financing, raising over 2.9 billion yuan, with a post-investment valuation of approximately 5.188 billion yuan as of December 2024 [7][8] - The funds raised from the IPO will primarily be used for R&D and registration of core products, development of other candidates, enhancing sales and marketing capabilities, and establishing new production bases [7][8]