Core Insights - The company, founded in 2015 by Wu Chenbing, focuses on the development of bispecific antibodies, particularly T cell engagers (TCEs), which are considered next-generation technologies in tumor immunotherapy [3] - The company has developed a proprietary bispecific antibody technology platform and has a pipeline that includes eight investigational drugs, none of which have reached commercialization as of June 2025 [3] - The company faces significant uncertainty in its core business, with low probabilities of success for drug development, particularly in the complex field of oncology [4] Financial Overview - As of the end of 2024, the company has accumulated losses of 2.355 billion yuan, with R&D expenditures of 185 million yuan and 123 million yuan in 2023 and 2024, respectively [4] - The total operating expenses for these two years reached 235 million yuan and 166 million yuan, respectively [4] - The company has raised approximately 234.5 million USD (about 1.577 billion yuan) through six rounds of financing, with a post-money valuation of 492 million USD (about 3.311 billion yuan) [4] IPO Plans - The company plans to use the funds raised from its IPO primarily to advance clinical trials for its core product EMB-01 and key products EMB-06 and EMB-07, as well as other investigational pipelines [5] - Successful listing is crucial for the company not only to secure valuable R&D funding but also to provide an exit channel for early investors and alleviate the pressure from redeemable preferred shares [5]
岸迈生物赴港IPO：8款药物尚未商业化 靠对外授权扭亏之路能走多远？
Xi Niu Cai Jing·2025-12-23 05:26