麦科奥特IPO：在研管线获批临床融资估值不增反降 单一产品依赖明显市场竞争日益加剧

Core Viewpoint - Recently, Shaanxi Macao Medical Technology Co., Ltd. submitted an application for listing on the Hong Kong Stock Exchange, focusing on the development of next-generation bispecific/multispecific peptide drugs for metabolic diseases, particularly kidney-related and cardiovascular diseases [1][2]. Financial Performance - The company has no commercialized products, with revenue primarily from government subsidies and bank interest, reporting other income of 6.969 million, 4.002 million, and 1.222 million yuan for 2023, 2024, and the first half of 2025 respectively [2]. - The company incurred losses of 195 million, 157 million, and 49.9 million yuan during the same periods, totaling approximately 400 million yuan in losses over two and a half years, with R&D expenditures exceeding 200 million yuan [2]. - As of June 2025, the company had cash reserves of only 107 million yuan and net current liabilities of 907 million yuan, primarily due to redemption liabilities from pre-IPO financing [2]. Product Pipeline and Development - The company has made progress in its research pipeline, with FDA approval for clinical research of XTL6001 for obesity and weight management in 2024, and approval from the National Medical Products Administration for XTL6001 for proteinuric chronic kidney disease in 2025 [3]. - The company ranks first among domestic pharmaceutical companies in terms of the number of clinical-stage bispecific/multispecific peptide candidates, with over 30 new drug candidates, including 7 original innovative drug pipelines in clinical development [4]. Market Competition - The core product MT1013 is a globally pioneering dual-target receptor agonist peptide drug aimed at secondary hyperparathyroidism (SHPT), with expectations for commercialization in early 2028 [6]. - The competitive landscape includes Evocalcet, a new oral calcimimetic drug for SHPT, which has shown improvements in molecular structure and formulation processes, potentially increasing market competition for MT1013 [6][7]. IPO Significance - The IPO is crucial for the company to maintain R&D and normal operations, as it seeks to address its financial challenges and enhance investor confidence amid declining valuations from C to D round financing [2][3].