武汉，即将跑出一个明星IPO

Core Viewpoint - Wuhan Binhui Biotechnology Co., Ltd. is gaining significant attention from capital markets due to its innovative cancer immunotherapy, specifically its HSV-2 oncolytic virus candidate drug, despite having no approved products, no sales revenue, and consecutive years of losses [5][6]. Company Overview - Founded in 2010, Binhui Biotech focuses on the discovery, development, and commercialization of innovative cancer immunotherapies, with a clear technical path centered on the development of an HSV-2 vector platform [9][10]. - The company has established a diverse pipeline that includes oncolytic viruses, nucleic acid therapies, and protein biologics, with several products at different stages of development [10][11]. Financial Performance - The company reported revenues of 980,000 yuan, 1.725 million yuan, and 140,000 yuan for 2023, 2024, and the first half of 2025, respectively, primarily from R&D services and not from drug sales [14][15]. - Net losses for the same periods were 110 million yuan, 113 million yuan, and 44.22 million yuan, with total losses exceeding 270 million yuan over two and a half years, driven by high R&D expenditures [16]. - As of June 30, 2025, the company had cash and cash equivalents of 166 million yuan, with operating cash flow improving from -127 million yuan in 2023 to -79.13 million yuan [17]. Investment and Valuation - Binhui Biotech has completed seven rounds of financing, raising over 1 billion yuan, with a post-investment valuation of 3.22 billion yuan [18][20]. - The company has attracted investments from notable firms, including Lepu Medical, CICC Capital, and others, indicating strong market interest [20]. Market Potential - The global oncolytic virus therapy market is rapidly growing, with an expected compound annual growth rate (CAGR) of 26.9% from 2024 to 2032 [8]. - Currently, only four oncolytic virus drugs have regulatory approval, and Binhui Biotech is among the fastest in development, with its core product BS001 being the first HSV-2 oncolytic virus candidate to enter Phase III clinical trials [10][21]. Competitive Advantage - Binhui Biotech holds a unique position in the market as the only company in China with a production license for oncolytic virus drugs, ensuring its capability for large-scale production and commercialization [21].