郭广昌刘永好投资的应世生物赴港IPO 1.34亿元在手现金能撑到上市吗？

Core Viewpoint - InxMed Limited is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for the development and commercialization of its core product, ifebemtinib [1] Company Overview - InxMed Limited, established in 2017, is an innovative drug development company focused on therapies targeting the fundamental survival mechanisms of tumors, including FAK inhibitors, RAS inhibitors, and ADC drugs [2] - The company is currently in the late clinical stage of its core product, ifebemtinib, which is a highly selective FAK inhibitor [3] Financial Performance - In the first quarter of 2024 and 2025, InxMed reported revenues of 2.472 million and 1.603 million respectively, primarily from government grants and foreign exchange gains [3] - The company incurred net losses of 209 million, 185 million, and 3 million for the years 2023, 2024, and the first quarter of 2025, with a cumulative net loss of 804 million since its inception [3] - The company has not generated any revenue from its main business operations, relying on external financing to sustain its operations [3] Funding and Valuation - From December 2018 to January 2025, InxMed completed five rounds of financing, raising nearly 130 million USD and achieving a valuation exceeding 300 million USD [4] - Notable investors include companies owned by Liu Yonghao and Guo Guangchang, holding 1.63% and 8.97% of shares respectively [4] - As of the first quarter of 2025, the company had cash and cash equivalents of 134 million USD, but faces operational expenses exceeding 30 million USD per quarter, raising concerns about its cash flow sustainability until the IPO [4]