Biotech生存密码（1）：迷你市值药企的现金储备与研发支出

Core Viewpoint - The article discusses the potential investment opportunities in small-cap biotech companies with market capitalizations below 3 billion, suggesting that a market recovery could lead to significant stock price increases for these companies [2][5]. Group 1: Market Trends - Many biotech stocks with market caps below 3 billion have experienced significant price increases since early 2025, indicating a trend of recovery from previous low valuations [2][5]. - The article highlights that the majority of small-cap biotech companies have cash reserves below the 600 million safety line, making it difficult for them to transition from negative to positive cash flow [5]. Group 2: Company Analysis - Yiming Oncology (宜明昂科): Focused on CD47, currently in Phase 3 clinical trials. The company has 700 million in cash, sufficient for about two years of R&D [6]. - Zhuanxin Biotech (荃信生物): Engaged in autoimmune therapies, currently has negligible cash reserves but aims to survive through business development (BD) models [8]. - Jiahua Biotech (嘉和生物): Recently merged with Yiteng, has 1.1 billion in cash, positioning it to potentially return to the mid-cap biotech sector [10]. - Tengsheng Biopharma (腾盛博药): Focused on hepatitis treatments, has 2.4 billion in net cash, but is reducing expenses and focusing on clinical trials [11]. - Sanyecao Biotech (三叶草生物): Previously a star in the COVID vaccine space, now facing financial difficulties with only 500 million in cash [13]. - Zhaoke Ophthalmology (兆科眼科): Has 1.3 billion in cash, focusing on eye care products, with a relatively low annual R&D expenditure [14]. - Deqi Pharmaceuticals (德琪医药): Has seen a significant decrease in cash reserves from 3 billion to 700 million, indicating a need for better cash management [16]. - Hualing Pharmaceuticals (华领医药): A stable company with 900 million in cash, focusing on diabetes treatments and low R&D spending [17].