手握大额交易单，岸迈生物冲刺港交所丨医健IPO解码

Core Viewpoint - The company Anmai Biotech has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for clinical development, pipeline expansion, and operational funding, thereby solidifying its leading position in the dual antibody innovation field [1] Financial Performance - In 2023, the company reported a loss of 594.82 million RMB, mainly due to research and management expenses, as well as losses related to redeemable preferred shares [3][4] - For 2024, the company expects to generate revenue of 458.87 million RMB, all from external licensing and collaboration agreements, and anticipates a profit of 47.69 million RMB [3][4] - As of the end of 2024, the company's net debt is projected to be 2.34 billion RMB, with cash and cash equivalents at 386 million RMB [4] Research and Development - Research and development expenses are a core component of the company's cost structure, with expenditures of 184.63 million RMB in 2023 and 122.63 million RMB in 2024 [3][4] - The company has a research team of 30 members and plans to monitor cash flow closely, with potential for further financing if necessary [4] Business Development and Partnerships - The company has secured multiple external licensing agreements since the end of 2023, with a total transaction value exceeding 2.1 billion USD, ranking second globally in the TCE dual antibody field [1][5] - A notable partnership with VignetteBio involves a total transaction amount of 635 million USD for the overseas rights to the EMB-06 TCE drug, highlighting market recognition of Anmai Biotech's TCE pipeline [5] Product Pipeline and Market Potential - Anmai Biotech's core product, EMB-01, is designed for treating colorectal cancer and is the first EGFR/cMET dual-specific antibody to enter Phase II clinical trials globally [8][10] - The colorectal cancer market in China is projected to be valued at approximately 3.1 billion USD in 2024, with significant growth expected, indicating a substantial market opportunity for the company's products [9][10] - The competitive landscape is intensifying, with seven other candidates targeting the same EGFR/cMET pathway in development, posing challenges for the company's market position [10]