Zheng Quan Zhi Xing·2025-08-22 12:20Summary of Key Points Core Viewpoint - The company, Yifang Biotechnology (Shanghai) Co., Ltd., is changing part of its fundraising investment projects to enhance the efficiency of its key research projects and the use of raised funds, specifically increasing the investment in the "New Drug Research and Development Project" [1][2]. Group 1: Fundraising and Investment Changes - The company raised a total of RMB 2,083.8 million through its initial public offering, with a net amount of RMB 1,982.15 million after deducting issuance costs [1]. - The board approved an increase in the total investment for the "New Drug Research and Development Project" from RMB 1,809.62 million to RMB 1,878.12 million, utilizing RMB 68.50 million of previously unallocated funds [2][10]. - The total planned investment for the headquarters construction project remains unchanged at RMB 1,982.15 million [2]. Group 2: Project Details and Rationale - The increase in funding for the D-2570 project, a TYK2 inhibitor for treating psoriasis and other autoimmune diseases, is necessary due to positive Phase II clinical trial results and the need for further clinical exploration [8][9]. - The company plans to allocate RMB 68.50 million for the Phase III clinical trial of D-2570 and its expansion into other indications, such as ulcerative colitis and systemic lupus erythematosus [8][9]. - The market for psoriasis treatment is significant, with approximately 12.5 million patients globally, indicating a strong demand for effective therapies [9]. Group 3: Approval and Compliance - The changes to the fundraising investment projects have been reviewed and approved by the company's board and will be submitted for shareholder approval [11]. - The company is committed to managing and utilizing the raised funds in accordance with relevant regulations and will ensure timely disclosure of project progress to protect investor interests [10][11].