劲方医药二次递表港交所：核心产品商业化前景难言乐观 删除专利风险提示“欲盖弥彰”？

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing under the 18A rules, with CITIC Securities as the sole sponsor. This marks the second submission after the previous application lapsed [1][2]. Company Overview - Founded in 2017, Jinfang Pharmaceutical focuses on the development of innovative drugs for oncology, autoimmune, and inflammatory diseases. The company's core product, GFH925, a small molecule selective KRAS G12C protein inhibitor, received approval for marketing in August 2024 [1][3]. Market Competition - The KRAS G12C inhibitor market is becoming increasingly competitive, with several competitors already launched and others in late-stage clinical trials. The commercial prospects for GFH925 are uncertain due to the poor sales performance of existing competitors [2][5][6]. Product Development and Approval - GFH925 is the first KRAS G12C inhibitor approved in China for the second-line treatment of advanced non-small cell lung cancer (NSCLC). However, the product's commercial value remains to be validated [3][6]. Financial Performance - Jinfang Pharmaceutical has reported revenues of 105 million yuan, 73.73 million yuan, 105 million yuan, and 82.14 million yuan for the years 2022, 2023, and the first four months of 2025, respectively. The company has incurred total losses exceeding 1.5 billion yuan over three and a half years [9][10][11]. Patent Risks - GFH925 faces potential patent risks, with only one of five patent families granted authorization. The company has entered agreements to mitigate these risks, but the deletion of risk warnings from the updated prospectus raises concerns [7][8]. Collaborations and Agreements - The collaboration with Innovent Biologics regarding GFH925 has changed, requiring Jinfang Pharmaceutical to pay a termination fee of 20 million USD due to the alteration of rights concerning the product's commercialization [10][11].