靖因药业闯关港交所：技术光环下的资本博弈与IPO前路

Core Viewpoint - Sirius Therapeutics, a four-year-old biotech company focusing on siRNA therapies, has submitted its IPO application to the Hong Kong Stock Exchange, backed by major underwriters including Goldman Sachs and HSBC. Despite its promising narrative, the company faces uncertainties regarding its commercialization path and reliance on non-recurring income [2]. Group 1: Product Pipeline and Market Potential - The company has a clear and ambitious strategic layout centered around its siRNA technology platform, targeting three major chronic disease areas: coagulation disorders, cardiovascular diseases, and obesity, each with billion-dollar market potential [3]. - The lead product, SRSD107, targets coagulation factor XI and is currently in Phase II clinical trials in Europe, with plans to initiate trials in China and Australia/New Zealand. It is positioned as a potential first-in-class therapy with the ability to provide effective anticoagulation without increasing bleeding risk [3]. - The second key product, SRSD216, targets lipoprotein(a) for treating high Lp(a) levels and related cardiovascular diseases, entering Phase IIa trials in both China and the U.S. It shows over 95% Lp(a) suppression with a long duration of effect, enhancing patient compliance [4]. - The third product, SRSD384, aims to address the obesity market by targeting the INHBE protein, promoting fat loss while preserving muscle mass, differentiating it from current GLP-1 receptor agonists [4]. Group 2: Financial Performance and Profitability - As of mid-2025, the company has not generated any product sales revenue, with reported losses of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, totaling 651 million yuan in losses. However, it reported a profit of 34.46 million yuan in the first half of 2025 [5][6]. - The reported profitability is heavily reliant on non-recurring income, with other income reaching 144 million yuan in mid-2025, significantly up from 4.51 million yuan the previous year, primarily due to a strategic partnership with CRISPR Therapeutics [6]. - The partnership with CRISPR includes a cash payment of $25 million and $70 million in CRISPR shares, along with potential milestone payments of up to $800 million, contributing to the company's financial performance [6]. Group 3: Shareholder Composition and Valuation - Sirius Therapeutics boasts a strong shareholder base, including OrbiMed and Tencent, which enhances its credibility and potential for future collaborations [7][8]. - The company has raised approximately $144 million through multiple funding rounds, indicating continued market confidence. Its post-money valuation reached $253 million after a $47.5 million Series B round in April 2025 [8]. - The valuation logic is primarily based on the high growth prospects of the siRNA market, projected to reach $50.3 billion by 2040, and the synergies from its collaboration with CRISPR [8]. Group 4: Market Competition and Future Challenges - The siRNA market is highly competitive, with established players like Alnylam and Arrowhead already having products on the market. The company must prove its ability to stand out in this crowded field [11]. - The IPO represents a significant bet on cutting-edge biotechnology, emphasizing the potential for technological innovation to address major diseases [11]. - The company faces challenges in demonstrating sustainable profitability and navigating the long commercialization path, which typically requires substantial investment and time [10][12].