英派药业IPO：核心产品商业化表现欠佳亏损加剧 普通股赎回权被提前触发原因成谜

Core Viewpoint - Nanjing Inpai Pharmaceutical Co., Ltd. has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with Goldman Sachs and CICC as joint sponsors. The company focuses on precision cancer therapies based on synthetic lethality, with its only commercial product being the PARP1/2 inhibitor, Senaparib, for first-line maintenance therapy in ovarian cancer [1][2]. Financial Performance - The financial data of Inpai Pharmaceutical reflects the typical characteristics of innovative drug companies, showing high investment and slow output. The projected revenues for 2023, 2024, and the first half of 2025 are 235 million, 34 million, and 25 million yuan respectively, with a significant year-on-year decline of 85.47% in 2024 due to reliance on technology licensing rather than direct product sales [2][3]. - The net losses for the same periods are 20 million, 255 million, and 129 million yuan, indicating that losses have not narrowed post-approval of Senaparib, but rather expanded. As of June 30, 2025, the company has only 210 million yuan in cash and cash equivalents, which is insufficient to sustain operations for more than a year given its annual R&D expenditure of approximately 200 million yuan [2][3]. Product Overview - Senaparib is the only commercialized product of Inpai Pharmaceutical, approved in January 2025 for first-line maintenance treatment in ovarian cancer. Clinical data shows it has a competitive edge, with a risk ratio of 0.43, indicating a 57% reduction in the risk of disease progression or death [3][4]. - Despite promising clinical data, market performance has been underwhelming, with Senaparib only available in 27 provinces and around 200 pharmacies as of June 30, 2025. The competitive landscape includes established PARP inhibitors like Olaparib and Niraparib, which have already gained market traction [3][4]. Market Competition - The PARP inhibitor market is becoming increasingly competitive, with nearly 40 PARP inhibitors in clinical development and four in Phase III trials. The company faces challenges in converting its product advantages into market share due to established clinical practices and hospital access barriers [4][5]. Future Prospects - Senaparib has been recommended for inclusion in the National Medical Insurance Drug List, with negotiations expected in the fourth quarter. Successful inclusion could boost sales but may compress profit margins, raising questions about the company's ability to achieve breakeven [4][5]. - Other products in Inpai's pipeline are in early stages, with a new generation PARP1 selective inhibitor currently in Phase I/II trials, unlikely to reach the market before 2030. The company will continue to rely heavily on Senaparib for revenue in the near term [5][6]. Funding and Valuation - Inpai Pharmaceutical has completed seven rounds of financing since its establishment in 2009, attracting notable investors. However, post-D+ round, the company's diluted valuation decreased from approximately 3.138 billion yuan to 2.823 billion yuan [7][8]. - A redemption right was triggered for 24,089,597 shares, indicating potential issues related to the company's IPO timeline or other significant operational challenges, although specific reasons were not disclosed in the prospectus [7][8].