眼科创新药企拨康视云今起招股，千万级BD难掩研发高增压力

Core Viewpoint - The Hong Kong stock market's innovative drug sector shows signs of recovery in the first half of 2025, with companies like BoKang Vision preparing for IPOs, indicating a potential investment opportunity in the ophthalmic drug market [1][9]. Company Overview - BoKang Vision, established in 2015, is a clinical-stage ophthalmic biotech company focusing on innovative therapies for eye diseases, with a pipeline that includes eight candidate drugs, four of which are in clinical stages [2][6]. - The company plans to raise funds through an IPO on July 3, 2025, aiming to develop and commercialize two core ophthalmic drugs [1][6]. Product Pipeline - The two core products, CBT-001 and CBT-009, target pterygium and myopia in adolescents, respectively. CBT-001 is the first targeted therapy for pterygium in Phase III clinical trials, while CBT-009 is the only clinical candidate using a non-aqueous formulation [4][5]. - CBT-001 has completed patient enrollment for multi-center trials in the U.S. and China, marking a significant milestone in its development [4][6]. Market Potential and Challenges - The innovative drug market remains attractive, particularly for "first-in-class" therapies, but BoKang Vision faces challenges in commercializing its products due to a lack of revenue and the need for substantial funding [6][8]. - The pricing strategy for CBT-001 and CBT-009 is set against existing competitors, but the low treatment rates for pterygium may hinder market penetration [11][12]. Financial Overview - BoKang Vision reported no revenue in 2022 and 2023, with projected revenue of $10 million in 2024, primarily from licensing agreements [6][8]. - The company has incurred significant operating losses, with R&D expenses increasing substantially, indicating a high burn rate of cash reserves [14][6]. Competitive Landscape - The company faces intense competition in the myopia treatment market, with over 15 similar drugs in development and recent approvals for competing products [13][12]. - The competitive environment is expected to intensify as rivals gain regulatory approval, potentially impacting BoKang Vision's market position and pricing power [13][12]. Strategic Recommendations - To succeed, BoKang Vision must accelerate the commercialization of its core products and adopt a flexible pricing strategy, possibly exploring insurance or assistance programs to enhance market access [15][12]. - Collaborating with multinational pharmaceutical companies could help mitigate risks and expedite the commercialization process [15][12].