西安交大教授夫妇创业，公司估值26亿，冲刺港股IPO

Core Viewpoint - The article discusses the upcoming IPO of Shaanxi Maike Aote Pharmaceutical Technology Co., Ltd. on the Hong Kong Stock Exchange, highlighting its status as an unprofitable biotech company with significant losses and a focus on developing peptide drugs [1][3][10]. Company Overview - Shaanxi Maike Aote is co-controlled by professors Wang Bing and Wang Mei from Xi'an Jiaotong University, holding 53% of the company [3][4]. - The company has recently completed a financing round of 236 million RMB, achieving a post-money valuation of 2.636 billion RMB [3]. - The core product, MT1013, targets secondary hyperparathyroidism (SHPT) and is currently in Phase III clinical trials [3][10]. Financial Performance - The company has incurred cumulative losses exceeding 300 million RMB over the past two and a half years, with no product sales revenue to date [3][6]. - Financial data shows that other income for 2023, 2024, and the first half of 2025 was 6.969 million RMB, 4.002 million RMB, and 1.222 million RMB, respectively, primarily from government grants and bank interest [6][7]. - R&D expenses for the same periods were 87.013 million RMB, 107.022 million RMB, and 40.432 million RMB, indicating a high investment typical of biotech firms [8]. Market Potential and Challenges - The company is targeting a market with significant growth potential, with the SHPT drug market projected to reach 14.1 billion RMB by 2035, growing at a CAGR of 20.5%, and the obesity drug market expected to explode to 102.6 billion RMB with a 36.1% annual growth rate [10]. - However, the competitive landscape is intense, with existing players in the SHPT space and major companies dominating the obesity market, posing risks to market share [10][11]. Commercialization Strategy - Maike Aote plans to adopt a dual-track commercialization model involving domestic third-party contract sales organizations (CSO) and international licensing, which aims to minimize initial investment [11]. - The success of this model heavily relies on the capabilities and commitment of partners, making market education and promotion critical for success [11]. Conclusion - The company's journey reflects a broader trend in China's biotech sector, where academic entrepreneurs leverage capital to pursue IPOs despite being unprofitable [11]. - The ability to transition from R&D to commercialization, particularly with the launch of MT1013 in 2028, will be crucial for the company's valuation and market presence [11].