Venture(US:VEMLY) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-13 09:39Core 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 RMB and a focus on developing peptide drugs for specific medical conditions [1][3][11]. Company Overview - Maikaote is co-controlled by professors Wang Bing and Wang Mei from Xi'an Jiaotong University, holding 53% of the company [3][4]. - The company has raised 236 million RMB in its latest funding round, pushing its post-investment valuation to 2.636 billion RMB [3][5]. - The core product, MT1013, is in Phase III clinical trials targeting secondary hyperparathyroidism (SHPT) [3][11]. Financial Performance - The company has accumulated losses exceeding 300 million RMB over the past two and a half years, with no product sales revenue to date [3][5]. - Financial data shows minimal other income, primarily from government subsidies and bank interest, with significant losses reported: 195.4 million RMB in 2023, 156.8 million RMB in 2024, and 49.9 million RMB in the first half of 2025 [7][8]. - R&D expenditures are substantial, amounting to 870 million RMB in 2023, 1.07 billion RMB in 2024, and 400 million RMB in the first half of 2025 [8][10]. Market Potential and Competition - The SHPT drug market in China is projected to reach 14.1 billion RMB by 2035, with a compound annual growth rate (CAGR) of 20.5%, while the obesity drug market could explode to 102.6 billion RMB with a CAGR of 36.1% [11]. - However, the competitive landscape is intense, with existing players in the SHPT field and a monopolistic situation in the obesity drug market, raising concerns about market share [11][12]. Commercialization Strategy - The company plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations (CSO) and international licensing to minimize initial investment [12]. - The success of this model heavily relies on the capabilities and commitment of partners, making market education and promotion critical for success [12][13]. Future Outlook - The ability to 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 [11][13]. - The ongoing evolution of the Hong Kong Stock Exchange's listing rules is facilitating the entry of unprofitable biotech firms, with Maikaote's journey reflecting broader trends in the industry [13].