高光制药递表港交所 一年半累计亏损超4亿元

Core Viewpoint - Hangzhou Gaoguang Pharmaceutical Co., Ltd. (Gaoguang Pharmaceutical) submitted its IPO application to the Hong Kong Stock Exchange on December 4, 2025, with CICC and China Merchants International as joint sponsors. The company aims to raise funds for clinical development of its core product TLL-018 and other pipeline candidates, despite currently having no approved drugs on the market [1][2][3]. Company Overview - Gaoguang Pharmaceutical, established in late 2017, focuses on developing therapies for autoimmune and inflammatory diseases, with a strong emphasis on neuroinflammation. Its core products include TLL-018, TLL-041, and TLL-009, which form a unique combination of selective TYK2/JAK1 inhibitors [2][6]. - The company has a differentiated asset portfolio that includes four candidates in clinical stages and several in preclinical stages, targeting various autoimmune and neurodegenerative diseases [2][3]. Financial Performance - For the reporting periods of 2023, 2024, and the first half of 2025, Gaoguang Pharmaceutical reported revenues of 226 million, 0, and 107 million yuan respectively, with losses of 73.79 million, -226 million, and -190 million yuan. Cumulatively, the losses for 2024 and the first half of 2025 reached 416 million yuan [4][5]. - The revenue in the first half of 2025 increased from 0 to 107 million yuan, primarily due to milestone income from a collaboration with Biohaven. The company attributes its net losses to operational expenses and changes in the fair value of financial instruments [4][5]. Cash Position and Funding Needs - As of the end of the first half of 2025, Gaoguang Pharmaceutical had cash and cash equivalents of only 169 million yuan, indicating a precarious financial position with net current liabilities of 714 million yuan [5][6]. - The company has completed six rounds of financing since its inception, raising approximately 662 million yuan, with a post-financing valuation of about 2.46 billion yuan after the C round in November 2025, reflecting an over 800% increase since the A round in early 2019 [6]. Competitive Landscape - Gaoguang Pharmaceutical's core product TLL-018 faces intense competition in the JAK inhibitor space, particularly for indications like rheumatoid arthritis, where established players such as Pfizer, AbbVie, and Eli Lilly have already launched competing products [6][7]. - The company plans to submit a new drug application for TLL-018 to the National Medical Products Administration by the end of 2026, while its competitors are already in advanced clinical stages [3][6]. Leadership and Governance - The founder and CEO, Liang Congxin, has over 30 years of experience in small molecule drug discovery and has been instrumental in the development of several approved drugs. He holds a significant stake in the company, with 17.69% ownership prior to the IPO [7].