现金及等价物仅够“活”12个月！岸迈生物携21亿美元BD交易赴港“续命”？

Core Viewpoint - The domestic innovative drug sector is experiencing a resurgence, driven by the business development (BD) model, which allows companies to monetize their research through partnerships with multinational pharmaceutical firms [1][2]. Company Overview - An innovative biotech company, Aimi Biotech, is preparing for an IPO in Hong Kong and has gained attention for its significant BD transactions, accumulating over $2.1 billion in deal value since the end of 2023, ranking second globally in the TCE bispecific antibody market [1][5]. - Aimi Biotech's founder, Wu Chenbing, previously served as the Chief Scientific Officer and R&D President at 3SBio, indicating a strong connection between the two companies and reflecting the evolution of Chinese innovative drug companies from followers to leaders in the industry [1][5]. Financial Position - As of the end of 2024, Aimi Biotech's cash and cash equivalents are sufficient to sustain operations for only 12 months, highlighting the need for additional funding to support ongoing research and commercialization efforts [2][10]. - The company reported a net profit of 47.7 million yuan in 2024, following a loss of 595 million yuan in 2023, primarily due to R&D expenditures and changes in the fair value of preferred shares [9]. Product Pipeline - Aimi Biotech's lead product, EMB-01, is a bispecific antibody targeting EGFR/cMET, which is expected to enter Phase II clinical trials for metastatic colorectal cancer in the second half of 2025. The global bispecific antibody market is projected to reach $22 billion by 2034, with a compound annual growth rate of 32.4% [8][9]. - The company is also developing other bispecific antibodies, including EMB-06 and EMB-07, which are in various stages of clinical research [9]. Strategic Partnerships - Aimi Biotech has engaged in multiple licensing agreements, including a significant deal with a Spanish pharmaceutical company, Almirall, and a strategic research collaboration with Candid, which collectively contribute to its revenue and market presence [9].