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 IPO application submitted to the Hong Kong Stock Exchange on September 28, 2023 [1] - The company is a global clinical-stage biotechnology firm focused on the clinical and commercial value of siRNA therapies, with no candidate drugs commercialized to date [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 [1][4] Company Overview - Jingyin Pharmaceutical was co-founded by OrbiMed Entities and Creacion Ventures in 2021, with dual headquarters in San Diego and Shanghai [2] - The company has completed multiple rounds of financing since its inception, including Series A, B, and B2 rounds [2] Key Products and Development - The core product, SRSD107, is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II clinical trials in Europe, with plans for additional trials in China and Australia/New Zealand [2] - Other products include SRSD216, targeting Lp(a), and SRSD384, aimed at obesity, with ongoing clinical trials [2] Collaborations and Financials - In May 2025, Jingyin Pharmaceutical entered a collaboration agreement with CRISPR Therapeutics for SRSD107, receiving an upfront payment of $95 million and potential milestone payments exceeding $800 million [3] - The company has 65 patents and patent applications, including 14 related to its core products [3] Financial Performance - The company reported significant net losses since its establishment, 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] - Operating cash outflows were 209 million yuan and 180 million yuan for 2023 and 2024, with a net cash inflow of 97.95 million yuan in the first half of 2025 [5] Future Funding Needs - Jingyin Pharmaceutical may require substantial additional funding through public offerings, private equity, debt financing, or partnerships to sustain operations [6]