五年亏10亿！第三次冲击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, indicating ongoing challenges in achieving a successful public listing [1][2]. Group 1: Company Overview - Aikebaifa, established in 2013, focuses on discovering and developing therapies for respiratory and pediatric diseases, with a pipeline of six candidate drugs [2]. - The company has developed key products targeting respiratory syncytial virus (RSV) and other related diseases, with several candidates licensed from other firms [2][3]. 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, accumulating losses exceeding RMB 1 billion since its inception [4][5]. - Revenue for 2023 was RMB 6.7 million, with no revenue expected for 2024 and the first half of 2025, highlighting the lack of commercialized products [4][5]. Group 3: Research and Development - Aikebaifa's R&D expenses for 2023, 2024, and the first half of 2025 were RMB 216 million, RMB 165 million, and RMB 86 million, respectively, with core products accounting for a significant portion of these costs [3][5]. - The company plans to use funds raised from the IPO primarily for the development of core products and other candidate drugs, as well as for operational expenses [3][8]. Group 4: Future Outlook - The company anticipates significant increases in expenditures due to ongoing clinical development activities and may require additional funding through various means to sustain operations [8].