科望医药三闯港交所：持续亏损，明星资本押注双抗能否破局？

Core Viewpoint - The company, Kewang Pharmaceuticals, is facing significant financial challenges and is under pressure to go public to avoid bankruptcy, with a cash reserve that can only sustain operations for three months [1][3][6] Financial Situation - As of the end of 2024, the company had only 32.82 million yuan in cash, a drastic decrease of 88% from the previous year, while R&D costs remained high at 117 million yuan [2] - Cumulative losses from 2022 to 2024 reached 1.712 billion yuan, with total losses exceeding 2.067 billion yuan since its inception [3] - The company has a net debt of 2.738 billion yuan due to convertible redeemable preferred shares, which come with mandatory redemption clauses if the IPO is not completed by a specific date [3] R&D and Pipeline Challenges - The company has seven major assets in its R&D pipeline, with four in clinical stages, but its core product, ES102, has shown disappointing clinical data, raising doubts about its efficacy [1][4] - The objective response rate (ORR) for ES102 was only 11.1%, significantly lower than the average ORR for other treatments in similar indications [4] - The company’s reliance on licensed products rather than self-developed assets raises concerns about its long-term viability and market competitiveness [5] Market and Valuation Dynamics - The valuation logic for innovative drug companies has shifted from quantity of pipeline assets to quality, emphasizing the need for clear differentiation in technology and clinical data [2] - Kewang Pharmaceuticals' valuation has soared from 20 million USD in its first round of financing to 600 million USD by 2021, but its current market valuation appears inflated compared to industry averages [5] - The company’s market valuation is significantly higher than the median price-to-research ratio of 15.65 for similar unprofitable biotech firms listed in Hong Kong [5] IPO and Regulatory Environment - The company has made three attempts to go public, with the latest submission being a critical last chance to secure funding and avoid financial collapse [6] - Recent regulatory changes in Hong Kong have increased the requirements for unprofitable biotech companies, necessitating proof of commercial potential for late-stage clinical products [6]