速递｜银诺医药通过港交所上市聆讯！中信中金为联席保荐人

Core Viewpoint - The article highlights the progress and potential of Yinuo Pharmaceutical's candidate drug, Isupatide α, which is set to be the first domestically approved long-acting GLP-1 receptor agonist in China for the treatment of type 2 diabetes, with commercialization expected to begin in February 2025 [2][4]. Drug Pipeline and Milestones - Yinuo Pharmaceutical has established a pipeline of drugs targeting various indications, with Isupatide α's BLA for type 2 diabetes already accepted by the National Medical Products Administration (NMPA) in September 2023, and expected to receive market approval in the first half of 2025 [3][4]. - The company has also received FDA IND approval for a clinical trial targeting Metabolic Dysfunction-Associated Steatotic Liver Disease (MASH), with plans to conduct multi-center Phase IIa trials in both China and the U.S. [6]. - Five additional candidate drugs are in the preclinical stage and are preparing for IND submissions [6]. Market Outlook - The GLP-1 therapy market is projected to grow significantly, with the global market size expected to increase from $14.7 billion in 2024 to $33.8 billion by 2028. The Chinese market is anticipated to grow even faster, from 400 million RMB in 2024 to 20.7 billion RMB by 2028 [3][4]. Financial Overview - Yinuo Pharmaceutical's projected revenues for 2023 and 2024 are 16.85 million and 20.06 million RMB, respectively. Research and development expenditures are forecasted at 492 million and 100 million RMB, while administrative expenses are expected to be 256 million and 84.46 million RMB, leading to net losses of 733 million and 175 million RMB for the respective years [6].