君赛生物赴港IPO：核心产品数据平平且专利仍待审批 递表前股东要求回购或转让股权

Core Viewpoint - Junsei Biotech has submitted its prospectus to the Hong Kong Stock Exchange, focusing on innovative cell therapies for solid tumors, with its core product GC101 being the first TIL therapy expected to be approved in China [1][10]. Financial Performance - The company has incurred losses exceeding 350 million yuan over the past two and a half years, with net losses of 94 million yuan, 164 million yuan, and 98 million yuan for 2023, 2024, and the first half of 2025, respectively [2][11]. - Cash flow has been consistently negative, with cash usage of 55.5 million yuan, 98.3 million yuan, and 50.1 million yuan for the same periods, leaving only 63.63 million yuan in cash as of June 30, 2025 [2][11]. - The company's debt structure has worsened significantly, with short-term loans increasing by 488.84% and long-term loans by 662.7%, leading to a net debt increase from 137.8 million yuan at the end of 2023 to 427.4 million yuan by mid-2025 [2][11]. Product Pipeline - Junsei Biotech has five products in development, with GC101 currently in Phase II clinical trials for melanoma, expected to submit a Biologics License Application (BLA) in 2026 [3][12]. - The clinical data for GC101 shows an objective response rate (ORR) of 30% for late-stage melanoma patients and 41.7% for late-stage non-small cell lung cancer patients, which is considered average compared to competitors [5][14]. Patent Status - Several core patents, including those for GC101, are still pending approval in various jurisdictions, creating uncertainty regarding their eventual authorization and scope [5][14]. Valuation and Investor Sentiment - The company's valuation has increased approximately 22 times from 93 million yuan in January 2020 to 2.137 billion yuan by November 2025, largely driven by optimistic market expectations for cell therapies [7][16]. - Prior to the IPO, several early investors requested share buybacks, indicating potential concerns about the company's short-term outlook and the lengthy wait for the IPO [8][18]. - Notably, a significant shareholder sold 1.6 billion yuan worth of shares just before the IPO, raising questions about their motivations and the company's valuation [9][18].