爱科百发，拟赴港IPO

Core Viewpoint - Shanghai Aikebaifa Biopharmaceutical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, following previous attempts in 2021 and 2023, with a focus on developing therapies for respiratory and pediatric diseases [1][2]. Group 1: Company Overview - Aikebaifa was established in 2013 and has developed six candidate drugs, including its core product, Qiruisuo Wei, aimed at treating respiratory syncytial virus (RSV) infections [2]. - The company employs a dual-track strategy for drug development, combining licensed high-potential candidates with internal research efforts [2]. Group 2: Financial Performance - The company reported net losses of RMB 270 million, RMB 197 million, and RMB 104 million for the years 2023, 2024, and the first half of 2025, respectively [6][8]. - In 2023, Aikebaifa achieved revenue of RMB 6.701 million, with no revenue projected for 2024 and the first half of 2025 [4][5]. Group 3: Research and Development Costs - Research and development costs for 2023, 2024, and the first half of 2025 were RMB 216 million, RMB 165 million, and RMB 86 million, respectively [3][5]. - The core products, Qiruisuo Wei and AK3280, accounted for 53.7%, 66.5%, and 44.1% of the total R&D costs in the respective years [3]. Group 4: Future Plans and Funding Needs - The funds raised from the IPO are intended for the development of core products, clinical trials for other candidates, and commercialization efforts in the Chinese market [3]. - The company anticipates significant increases in expenses due to ongoing clinical development activities and may require additional funding through various means to sustain operations [8][9].