西安交大教授夫妇创26亿估值企业 冲刺港股IPO

Core Viewpoint - The company, Maikaote Pharmaceutical Technology Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange despite being unprofitable, with a current valuation of 2.636 billion yuan following a recent financing round of 236 million yuan [1][2]. Financial Performance - The company has accumulated losses exceeding 300 million yuan over the past two and a half years, with minimal revenue generated from other income sources, primarily government grants and bank interest [3][5]. - In the first half of 2025, the company reported other income of only 1.222 million yuan, highlighting the challenges faced by innovative pharmaceutical companies in terms of high investment and long development cycles [2][5]. - The company's R&D expenditures were significant, amounting to 87 million yuan, 107 million yuan, and 40 million yuan for the years 2023, 2024, and the first half of 2025, respectively [5]. Product Pipeline and Market Potential - Maikaote focuses on developing a dual-specificity/multi-specificity peptide drug platform, with its core product MT1013 targeting secondary hyperparathyroidism (SHPT) and expected to be commercialized by early 2028 [6][8]. - The company has a product matrix addressing metabolic and cardiovascular diseases, with significant market potential; the SHPT drug market in China is projected to reach 14.1 billion yuan by 2035, growing at a CAGR of 20.5% [6][7]. Competitive Landscape - The company faces intense competition in the SHPT and obesity treatment markets, with existing players potentially launching more effective, safer, or cheaper drugs, which could limit Maikaote's market share [6][7]. - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations and international licensing, which may reduce initial investment but relies heavily on partners' capabilities [7]. Future Outlook - The ability to successfully launch MT1013 by 2028 and capture market share amidst fierce competition will be crucial for the company's transition from a "story" to a "value" proposition [8]. - The ongoing evolution of the Hong Kong Stock Exchange's listing rules is facilitating the entry of unprofitable biotech companies into the capital market, raising questions about their commercialization capabilities [8].