恒润达生IPO迷局：未盈利却估值百亿元，是创新先锋还是资本泡沫｜创新药观察

Core Viewpoint - Hengrun Dazheng, a biotech company focused on immune cell therapy, is attempting to go public on the Sci-Tech Innovation Board despite being unprofitable and facing significant financial losses. The company has not yet commercialized any products and is at risk of delisting if it fails to meet financial performance criteria post-IPO [1][2][5]. Financial Performance - Hengrun Dazheng has reported substantial losses over the past three years, with net losses of CNY 274 million, CNY 283 million, and CNY 188 million from 2022 to 2024. As of the end of 2024, the cumulative undistributed profits stand at -CNY 904 million [2][3]. - The company has incurred high R&D expenses, amounting to CNY 242 million, CNY 256 million, and CNY 152 million from 2022 to 2024, contributing to its financial losses [3]. - Cash flow from operating activities has been negative, with net cash flows of -CNY 209 million, -CNY 226 million, and -CNY 141 million during the same period, leading to a significant reduction in liquid assets [3]. Liquidity and Solvency - Hengrun Dazheng's liquidity ratios, including current and quick ratios, have been declining, indicating insufficient debt repayment capacity. The debt-to-asset ratio has increased significantly, reaching 84.76% by the end of 2024, which is considerably higher than the average of comparable companies [3][4]. Product Development and Market Position - The company is developing a pipeline of 11 projects, including CAR-T and CAR-NK therapies, with the most advanced products HR001 and HR003 expected to enter the market by 2025. However, these products face competition from at least six already approved CAR-T therapies in China [7][8]. - The efficacy and safety of Hengrun Dazheng's core products have been questioned, with HR001 showing an overall response rate (ORR) of 68%, which is lower than competitors, and HR003 showing an ORR of 86%, also below market standards [9][10]. IPO and Valuation - Hengrun Dazheng plans to issue up to 50 million shares, aiming to raise CNY 2.539 billion for R&D and operational expenses. The estimated post-IPO valuation exceeds CNY 10 billion, which is considered high given the competitive landscape and the company's current lack of revenue [11].