凌科药业IPO风险深剖：2024年净亏损扩大20.3% 流动比率骤降57.5% 生物科技新星的...

Core Business and Business Model - Lingke Pharmaceutical focuses on innovative drugs for autoimmune and inflammatory diseases, with a core pipeline centered on the JAK-STAT signaling pathway, featuring three clinical-stage candidates [1] - The company has partnered with a single external collaborator, Siheng Pharmaceutical, for the commercialization of LNK01001, which poses a risk due to reliance on a single sales channel [1][5] Financial Data Alerts - Lingke Pharmaceutical has reported a continuous increase in net losses for three consecutive years, with a projected net loss of 312.3 million yuan in 2024, a 20.3% increase from 2023 [2] - The current ratio has dropped significantly from 35.3% in 2023 to 15.0% in 2024, indicating deteriorating short-term liquidity [2] Cash Flow and Funding Pressure - The company’s cash flow has worsened, with negative operating cash flows of -227.6 million yuan in 2023 and -240.9 million yuan in 2024, leaving cash reserves sufficient for only about 15 months of operations [3] Supply Chain and Customer Risks - The concentration of suppliers has increased, with the top five suppliers accounting for 68.5% of procurement in 2025, which may weaken bargaining power and affect clinical progress if core suppliers face capacity constraints [4] Equity Structure and Capital Risks - Management controls 34.97% of voting rights, with institutional investors holding 57.5%, which may dilute the interests of ordinary shareholders [6] - The company faces high redemption risk due to stringent terms that could require repayment of 1.197 billion yuan if certain milestones are not met by specified deadlines [7] Core Team and Governance Risks - Management compensation is significantly below industry averages, which may impact team stability [8] - Frequent transactions with related parties raise concerns about the clarity of financial boundaries and potential internal control issues [8] R&D Risks - Prepaid research expenses have decreased by 85.7%, indicating a reduction in R&D investment that could slow clinical progress [9] - The core product LNK01001 faces competition from established products, necessitating proof of superior efficacy in its Phase III trials to ensure commercial viability [10]