创始人年薪千万，估值暴涨23倍，公司亏17亿

Core Viewpoint - Kewang Pharmaceutical Group is seeking to list on the Hong Kong Stock Exchange after previous attempts to go public in the US and Hong Kong failed, highlighting the company's significant valuation increase despite ongoing losses and the need for further financing [2][16]. Company Overview - Founded in 2017, Kewang Pharmaceutical focuses on innovative immunotherapy for cancer and autoimmune diseases, led by a team of prominent scientists and entrepreneurs [4][5]. - The founding team includes notable figures such as Ji Xiaohui, who has extensive experience in the pharmaceutical industry, and Lu Hongtao, who previously led GSK's global neuroimmunology department [4][5]. Financial Performance - Kewang Pharmaceutical has experienced a staggering 23-fold increase in valuation over three and a half years, from approximately $2.48 million to $599 million, despite reporting cumulative losses of 1.712 billion yuan over three years [2][5][11]. - The company reported no revenue in 2023 and only projected revenue of 106.566 million yuan in 2024, with losses of 853.451 million yuan in 2023 and 87.997 million yuan in 2024 [11][12]. Funding History - The company has completed four rounds of financing, raising a total of $252 million (approximately 1.811 billion yuan) from notable investors including Eli Lilly Asia Fund, Hillhouse Capital, and Tencent [5][6]. - The funding rounds have significantly increased the company's post-money valuation, reflecting strong investor confidence despite its lack of profitability [5][6]. Product Pipeline - Kewang's core product, ES102, is a clinical-stage OX40 agonist antibody aimed at treating cancer patients who do not respond well to immune checkpoint inhibitors, with commercialization expected as early as 2028 [9][10]. - The company also has multiple pipeline assets, with three in clinical stages, including ES014, a first-in-class dual-specificity antibody [10]. Cash Flow and Financial Needs - As of the end of 2023, Kewang's cash and cash equivalents had dwindled to 32.82 million yuan, raising concerns about its ability to sustain operations without additional funding [14]. - The upcoming IPO aims to raise funds for drug development, operational expenses, and other corporate purposes, as the company faces pressure to secure financing [15].