自免赛道再添上市新秀，凌科药业IPO故事的喜与忧

Core Viewpoint - Lingke Pharmaceutical (Zhejiang) Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, focusing on innovative small molecule inhibitors for autoimmune and inflammatory diseases, particularly in the JAK-STAT signaling pathway [1][2]. Company Overview - Lingke Pharmaceutical has completed multiple rounds of financing, raising over 1 billion RMB, with notable investments from institutions like Eli Lilly Asia Fund and Junlian Capital [1]. - The company has a strong focus on R&D, with its lead product LNK01001 currently in Phase III clinical trials for atopic dermatitis, rheumatoid arthritis, and ankylosing spondylitis [5][12]. Financial Performance - The company reported revenues of 20.573 million RMB in 2023, with projected revenues of 16.978 million RMB in 2024 and 54.780 million RMB in the first three quarters of 2025 [4]. - Lingke Pharmaceutical has incurred significant net losses, totaling 2.6 billion RMB in 2023, 3.12 billion RMB in 2024, and 1.45 billion RMB in the first three quarters of 2025, with cumulative losses reaching 7.17 billion RMB [2][4]. - As of September 30, 2025, the company had cash and cash equivalents of 147 million RMB, indicating a liquidity pressure with an estimated operational runway of about 15 months [3]. R&D Pipeline - The company is advancing several differentiated small molecule drugs targeting autoimmune and inflammatory diseases, with LNK01001 being the most advanced [5]. - LNK01004, a third-generation pan-JAK inhibitor, has shown promising results in Phase II trials and is expected to enter Phase III trials in mid-2027 [5]. - The IsoNova protein degradation platform has been established to enhance R&D efficiency, producing several preclinical candidates [5]. Market Landscape - The JAK inhibitor market is experiencing significant growth, with global market size projected to expand from $5.5 billion in 2019 to $25.6 billion by 2028 [7][8]. - The Chinese market for JAK inhibitors is also expected to grow from 400 million RMB in 2019 to 17.1 billion RMB by 2028, indicating strong clinical demand [7][8]. - Lingke Pharmaceutical's LNK01001 faces competition from established products in the market, which may impact its commercial success [12].