芳拓生物，拟赴港IPO

Core Insights - Frontera Therapeutics has submitted its listing application to the Hong Kong Stock Exchange, focusing on innovative gene therapies for patients globally [1] - The company has developed a pipeline of eight recombinant adeno-associated virus (rAAV) gene therapy candidates, with FT-002 and FT-003 being the core products [1][2] Company Overview - Founded in 2019, Frontera Therapeutics specializes in developing rAAV gene therapies, particularly for ophthalmic and cardiovascular diseases [2] - The company has advanced three candidates to Phase II clinical trials, including FT-002 for X-linked retinitis pigmentosa (XLRP) and FT-003 for neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME) [2] Financial Performance - As of the third quarters of 2023, 2024, and 2025, the company reported net losses of $35.86 million, $26.464 million, and $13.311 million, respectively [4] - Research and development expenses for the same periods were $27.585 million, $20.576 million, and $10.969 million, respectively [4] Use of Proceeds - The funds raised from the listing are intended for continued clinical development of core products FT-002 and FT-003, commercialization preparations in China, and investments in production capabilities [3] Regulatory Status - As of December 16, 2025, Frontera Therapeutics has not obtained any marketing approvals for its candidates and has not generated any revenue from product sales [4] - The company plans to adopt a flexible commercialization strategy in China, combining internal sales teams with professional partners [4]