江西赣州和美药业拟赴港上市：聚焦自身免疫性疾病与肿瘤药物研发，三年亏损超3亿元

Core Viewpoint - Ganhua Hemei Pharmaceutical Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, focusing on developing small molecule drugs for autoimmune diseases and tumors, despite not yet achieving profitability [1][4]. Company Overview - Established in 2002, Ganhua Hemei specializes in small molecule drugs targeting autoimmune diseases and tumors, with one approved product and several in clinical stages [1]. - The company has completed seven rounds of financing, with a recent valuation of 3.9 billion yuan [1][4]. Financial Performance - Ganhua Hemei reported cumulative net losses exceeding 350 million yuan from 2023 to the first half of 2025, primarily due to R&D expenditures [1][4]. - R&D expenses for 2023, 2024, and the first half of 2025 were 123 million yuan, 97 million yuan, and 53 million yuan, respectively, with core products accounting for 86.7% of total R&D spending [2]. - The company faces cash flow challenges, with negative net cash flows from operating activities of -141 million yuan, -91.25 million yuan, and -51.63 million yuan for the same periods [4]. Product Pipeline - Ganhua Hemei has seven small molecule drug candidates, with the first product, Mufemilast, expected to be approved for moderate to severe plaque psoriasis by September 2025 [2]. - Mufemilast is also undergoing clinical trials for other indications, including Behçet's disease and ankylosing spondylitis [2]. - Another product, Hemay022, focuses on late-stage breast cancer treatment and is currently in Phase III clinical trials, with plans for NDA submission in 2027 [3][4]. Market Context - In 2025, 23 biopharmaceutical companies have successfully listed on the Hong Kong Stock Exchange, indicating a favorable fundraising environment [5].