凌科药业递表港交所 核心产品LNK01001有潜力成为最佳的第二代JAK1抑制剂

Company Overview - Lingke Pharmaceutical (Zhejiang) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International as joint sponsors [1] - The company is a leading developer of innovative differentiated small molecule inhibitors targeting autoimmune and inflammatory diseases, focusing on the JAK-STAT signaling pathway [3] Product Pipeline - Key products include LNK01001, a highly selective second-generation JAK1 inhibitor, and LNK01004, a potential first-in-class third-generation soft pan-JAK inhibitor, both targeting autoimmune and inflammatory diseases [3] - LNK01006 is a cutting-edge, highly selective allosteric TYK2 inhibitor designed to penetrate the central nervous system, targeting related diseases [3] - The company has developed the proprietary IsoNova protein degradation platform, which enhances target selectivity and reduces off-target effects, expanding the range of degradable targets [3][4] Market Potential - The global JAK inhibitor market is projected to grow from $5.5 billion in 2019 to $13.9 billion in 2024, with expectations to reach $25.6 billion by 2028 and $40.8 billion by 2033 [6][16] - In China, the JAK inhibitor market is expected to expand from RMB 400 million in 2019 to RMB 3.8 billion in 2024, with forecasts of RMB 17.1 billion by 2028 and RMB 46.5 billion by 2033 [6][16] Clinical Development - As of the last feasible date, the company has 53 issued patents and 106 pending patent applications, with 34 issued patents and 45 pending applications related to its core and key products [7] - LNK01001 is currently undergoing multiple Phase III clinical trials, with new drug application stages expected in 2026 and 2027 for various indications [7] - LNK01004 has completed Phase II trials in China and plans to initiate Phase III trials in mid-2027 [7] Financial Performance - The company reported other income of RMB 20.57 million in 2023, RMB 16.98 million in 2024, and RMB 54.78 million for the nine months ending September 30, 2025 [9] - Annual losses were approximately RMB 260 million in 2023, RMB 312 million in 2024, and RMB 145 million for the nine months ending September 30, 2025 [10] - Research and development expenses were RMB 186 million in 2023, RMB 223 million in 2024, and RMB 121 million for the nine months ending September 30, 2025 [11] Industry Overview - The global market for autoimmune and inflammatory disease drugs grew from $133 billion in 2019 to $160.8 billion in 2024, with a compound annual growth rate (CAGR) of 3.9% [13] - The Chinese market for autoimmune and inflammatory disease drugs is expected to grow from RMB 42.7 billion in 2019 to RMB 66.5 billion in 2024, with a CAGR of 9.3% [13][14]