对赌协议压顶之下 真实生物三闯港交所

Core Viewpoint - The market demand for the core product Azvudine has significantly declined, leading to a substantial drop in revenue and cash flow pressure for the company, compounded by the termination of its collaboration with Fosun Pharma and an impending listing agreement with only 7 months remaining [1][2]. Group 1: Company Overview - Real Bio was established in 2012 and focuses on the research, development, manufacturing, and commercialization of innovative drugs for viral infections, tumors, and cardiovascular diseases, with Azvudine being its core product [4]. - The company has five candidate pipelines, with Azvudine being the first approved domestic oral drug for COVID-19, and is now seeking to expand its indications to major diseases such as liver cancer, colorectal cancer, non-small cell lung cancer, and HIV infection [4]. Group 2: Financial Performance - The company has faced severe financial challenges, with net losses of 784 million yuan, 40.04 million yuan, and 165 million yuan for 2023, 2024, and the first half of 2025, respectively, totaling a cumulative loss of 989 million yuan over two and a half years [6]. - Cash and cash equivalents were reported at only 50.05 million yuan as of June 30, 2025, a significant decrease from 138 million yuan at the end of 2024 [6]. - Revenue projections show a steep decline, with expected revenues of 344 million yuan, 238 million yuan, and 16.53 million yuan for 2023, 2024, and the first half of 2025, respectively, indicating a 92% year-on-year drop in the first half of 2025 [5]. Group 3: Market Challenges - The collaboration with Fosun Pharma, which provided exclusive commercialization rights for Azvudine in mainland China, was terminated in September 2024, leading to a drastic reduction in royalty income [5]. - The company has signed agreements with 74 distributors, but the new sales channels generated only 9 million yuan in revenue in the first half of 2025, falling short of expectations [5]. Group 4: Regulatory and Future Outlook - Azvudine received conditional approval from the National Medical Products Administration in July 2022, but must complete confirmatory clinical research by 2026 to secure full approval; otherwise, its registration will be revoked in 2027 [4]. - The company faces a critical deadline regarding its listing application, having submitted it three times, with the latest being in November 2025, and only 7 months remaining to complete the listing process due to the attached redemption rights from previous financing rounds [6][7].