研发费用骤降、募资额缩水，未盈利药企新通药物再闯科创板

Core Viewpoint - Xi'an Xintong Pharmaceutical Research Co., Ltd. (referred to as "Xintong Pharmaceutical") is making a second attempt to list on the Sci-Tech Innovation Board (STAR Market) after its previous IPO registration expired without issuance. The company has core products that have been launched, but it has not yet achieved profitability. The fundraising amount has decreased from 12.79 billion RMB to 9 billion RMB compared to the previous IPO attempt, and there is a significant reduction in R&D expenses expected in 2024 [1][3][6]. Company Overview - Xintong Pharmaceutical is a high-tech enterprise focused on drug research and development for over 20 years, specializing in major liver diseases such as hepatitis B, metabolic dysfunction-related fatty liver disease, and liver cancer [3]. - The company has developed a competitive position in the liver disease new drug development sector and has eight core products for liver disease treatment, with one product already approved for sale [7]. IPO History - The company’s first IPO attempt was accepted on December 6, 2021, but faced delays and ultimately failed to issue shares due to the expiration of the registration approval [3][4]. - The current IPO application has been accepted, and the company aims to meet the fifth listing standard of the Shanghai Stock Exchange, which requires a market value of no less than 40 billion RMB and at least one core product approved for phase II clinical trials [4][5]. Financials - The expected net profits for Xintong Pharmaceutical from 2022 to the first half of 2025 are projected to be negative, with cumulative unabsorbed losses amounting to 34.68 million RMB as of June 2025 [4]. - The company’s operating revenues from 2022 to the first half of 2025 are approximately 1.1 million RMB, 11.98 million RMB, 3.02 million RMB, and 9.77 million RMB, respectively [8]. Fundraising and Use of Proceeds - The company plans to raise 9 billion RMB in this IPO, with allocations of 5 billion RMB for new drug R&D, 2 billion RMB for the construction of an innovative drug production base, and 2 billion RMB for working capital [6]. - Compared to the previous IPO, the funding for new drug R&D has significantly decreased, while the funding for the production base has seen a slight increase [6]. R&D Expenses - R&D expenses for Xintong Pharmaceutical are expected to decline sharply in 2024, with figures of 53.23 million RMB, 62.10 million RMB, and 26.08 million RMB for 2022, 2023, and 2024, respectively [9]. - The decrease in R&D expenses is attributed to reduced trial costs and amortization expenses, which may impact the progress of new drug development and core competitiveness [9][10].