宝济药业拟赴港IPO，正在开发一系列创新产品

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, following a previous application that expired due to the validity period of the prospectus [1] Financial Performance - The company projects revenues of 6.93 million, 6.16 million, and 41.99 million for the years 2023, 2024, and the first half of 2025, respectively [1] - Net losses are expected to be -160 million, -364 million, and -183 million for the same periods [1] - Research and administrative expenses are the primary reasons for the net losses [1] Product Development - Baoji Pharmaceutical is a clinical-stage biotechnology company focused on developing recombinant biopharmaceuticals using synthetic biology [3] - The company is developing a series of innovative products aimed at addressing key limitations in existing assisted reproductive therapies [3] - The core product, SJ02, is one of the most advanced long-acting recombinant human follicle-stimulating hormone (FSH) products in clinical development in China [3] - As of June 30, 2025, the internal R&D team consists of 242 personnel, accounting for approximately 71.4% of the total workforce [3] - R&D expenditures are projected to be 133 million, 251 million, and 111 million for 2023, 2024, and the first half of 2025, respectively [3] - Core product R&D expenditures are expected to be 80 million, 127 million, and 58 million, representing 44.4%, 34.7%, and 36.0% of total operating expenses for the respective periods [3] Commercial Agreements - The company had a significant commercialization agreement with Organon & Co. that was terminated on July 28, 2025, after less than 11 months of collaboration [4] - Following the termination, the company adjusted its strategy and entered into an exclusive sales agency agreement with Anke Biological in July 2025 for the commercialization of SJ02 in Greater China [4]