君赛生物 拟赴港上市

Core Viewpoint - Junsei Biotech has submitted its listing application to the Hong Kong Stock Exchange, focusing on innovative cell therapies and drug development for solid tumors, with its core product GC101 expected to be the first approved tumor-infiltrating lymphocyte (TIL) therapy [1][2]. Financial Performance - The company is projected to incur net losses of approximately RMB 94 million, RMB 164 million, and RMB 98 million for the years 2023, 2024, and the first half of 2025, respectively [3][4]. - The company anticipates continued losses in the short term [3]. Research and Development - Junsei Biotech's R&D costs are expected to be RMB 57.62 million, RMB 90.99 million, and RMB 52.80 million for the years 2023, 2024, and the first half of 2025, respectively [5]. - The company is focusing on expanding the indications for its core product and advancing its clinical development, which will require significant R&D investment [5]. Product Pipeline - The core product GC101 is currently undergoing a key Phase II clinical trial for melanoma and is expected to submit a Biologics License Application (BLA) by 2026 [1]. - The clinical pipeline also includes GC101 for non-small cell lung cancer, which is in Phase Ib, along with plans for multi-indication combination therapies and postoperative adjuvant treatments [1]. Funding Utilization - The funds raised from the IPO are intended to advance the clinical development of TIL product pipelines, upgrade the company's technology platform, enhance production management and manufacturing capabilities, and for general corporate purposes [2].