【IPO前哨】凌科药业冲刺港股，财务成本包袱将卸下？

Core Viewpoint - Lingke Pharmaceutical is preparing for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the current trend of innovative drug companies performing well in the market [2][3]. Company Overview - Founded in 2017 in Hangzhou, Lingke Pharmaceutical specializes in innovative small molecule inhibitors for autoimmune and inflammatory diseases, focusing on the JAK-STAT signaling pathway [3]. - The company has two core products: LNK01001, a second-generation JAK1 inhibitor, and LNK01004, a third-generation pan-JAK inhibitor, both targeting autoimmune and inflammatory diseases [3][4]. Product Pipeline - LNK01001 is currently in Phase III clinical trials for atopic dermatitis, rheumatoid arthritis, and ankylosing spondylitis, with new drug applications expected to be submitted starting in 2026 [3]. - LNK01004 has completed Phase II trials for atopic dermatitis and plans to initiate Phase III trials in mid-2027 [3]. - LNK01006 is a TYK2 inhibitor targeting central nervous system diseases, with FDA approval for new drug clinical trials [4][6]. Financial Performance - Lingke Pharmaceutical has not yet generated product sales revenue, recording other income of RMB 20.57 million, RMB 16.98 million, and RMB 54.78 million for the first three quarters of 2023, 2024, and 2025, respectively [8][10]. - The company reported significant losses of RMB 260 million, RMB 312 million, and RMB 145 million for the same periods [10]. - R&D expenses were RMB 186 million, RMB 223 million, and RMB 121 million for the first three quarters of 2023, 2024, and 2025, respectively [8][10]. Funding and Cash Flow - Lingke Pharmaceutical has undergone multiple rounds of financing, attracting investments from various capital firms [7]. - The company has a high dependency on external financing, with net cash outflows from operating activities of RMB 228 million, RMB 241 million, and RMB 86 million for the first three quarters of 2023, 2024, and 2025 [12][13]. - As of September 30, 2025, the company held cash and cash equivalents of RMB 147 million, indicating a need for substantial funding to support R&D and commercialization efforts [14]. Use of IPO Proceeds - If the IPO is successful, Lingke Pharmaceutical plans to allocate funds towards the development of core products LNK01001, LNK01004, and LNK01006, enhancing R&D capabilities, upgrading office facilities, and general corporate purposes [14].