益方生物拟赴港上市，此前科创板已募资20亿

Core Viewpoint - Yifang Biopharma has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, focusing on its innovative drug pipeline and ongoing R&D investments [2][4]. Group 1: Financial Performance - In the first three quarters of 2025, the company reported revenue of 30.89 million yuan and a net loss of 181 million yuan, with R&D expenses reaching 190 million yuan [2]. - Since its IPO on the Sci-Tech Innovation Board in 2022, Yifang Biopharma has accumulated losses exceeding 1.189 billion yuan, indicating a heavy reliance on R&D funding [2]. Group 2: Product Pipeline - The company has two commercialized drugs, BPI-D0316 and D-1553, which are included in the national medical insurance directory, generating revenue through external licensing [2]. - Yifang Biopharma is developing core drugs D-2570 and D-0502, with D-2570 targeting conditions like psoriasis and ulcerative colitis, and potential future applications in other diseases [3]. Group 3: Market Dynamics - The price of BPI-D0316 significantly decreased after being included in the medical insurance directory, dropping from approximately 6000 yuan to between 2800 and 2862 yuan, a reduction of 52%-53%, impacting the company's revenue expectations [3]. - The market for psoriasis is expected to grow, indicating potential for future revenue despite current pricing pressures [3]. Group 4: Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated to the clinical development of core products D-2570 and D-0502 to accelerate their R&D processes [4].