靖因药业，筹划港股上市

Core Insights - Jingyin Pharmaceutical has appointed Guozheng International Securities (Hong Kong) Limited as its overall coordinator for its upcoming IPO, having submitted its listing application to the Hong Kong Stock Exchange on September 28 [1] - The company is a global clinical-stage biotechnology firm focused on realizing the clinical and commercial value of siRNA therapies, with no candidate drugs yet commercialized [1][4] - The company reported net losses of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, but achieved a net profit of 34.46 million yuan in the first half of 2025, indicating a turnaround [1][4] Product Development - The core product, SRSD107, is currently undergoing a Phase II clinical trial in Europe, with plans to initiate another Phase II trial in China and Australia/New Zealand [2] - SRSD216, another key product, is in a Phase IIa trial in both China and the U.S., targeting Lp(a) [2] - SRSD384, aimed at obesity, is actively progressing towards IND application [2] Strategic Partnerships - In May 2025, Jingyin Pharmaceutical entered into a collaboration agreement with CRISPR Therapeutics for the development and commercialization of SRSD107, receiving an upfront payment of $95 million and potential milestone payments exceeding $800 million [3] - The partnership involves a 50-50 cost and profit-sharing mechanism for the development of SRSD107 [3] Financial Overview - The company has incurred significant net losses since its inception, with R&D expenses of 233 million yuan, 213 million yuan, and 64.67 million yuan for 2023, 2024, and the first half of 2025, respectively [4] - Other income surged from 4.5 million yuan in the first half of 2024 to 144 million yuan in the first half of 2025, primarily due to the fair value gains from financial assets related to the CRISPR collaboration [4] Cash Flow and Funding Needs - Operating cash outflows were 209 million yuan and 180 million yuan for 2023 and 2024, respectively, while the first half of 2025 saw a net cash inflow of 97.95 million yuan [5] - The company may require substantial additional funding through public offerings, private equity, debt financing, or partnerships to sustain operations [6]