Group 1 - The innovative drug sector is experiencing a recovery in market liquidity and policy support, leading to a significant rebound in the IPO market, with 10 biopharmaceutical companies successfully listing on the Hong Kong Stock Exchange in the first half of 2025, raising a total of HKD 17.489 billion [1] - Yinuo Micropharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with a post-financing valuation of USD 485 million (approximately HKD 3.8 billion) [1] - The company's core product is in the II clinical trial phase, focusing on oncolytic immunotherapy, which is considered a relatively "niche" area [1][5] Group 2 - Yinuo Micropharmaceutical has not yet approved any drugs for commercialization and has reported continuous losses, with revenues of approximately RMB 6.772 million, RMB 3.2 million, and RMB 1.287 million for 2023, 2024, and the first quarter of 2025, respectively [2][3] - The company has established external licensing agreements, including a partnership with Shanghai Pharmaceuticals for the MYR-T3011 product, which could yield up to RMB 1.1 billion in milestone payments [2][3] Group 3 - The financial situation of Yinuo Micropharmaceutical is tight, with net liabilities increasing by 41.68% from RMB 1.274 billion to RMB 1.805 billion between 2023 and 2024, and cash and cash equivalents decreasing from RMB 232 million to RMB 112 million [4] - The company plans to conduct II clinical trials for its core product MVR-T3011 targeting non-muscle invasive bladder cancer (NMIBC) and muscle-invasive bladder cancer (MIBC) starting in late 2026 [8] Group 4 - The oncolytic immunotherapy market is gaining renewed attention, with CG Oncology's candidate therapy achieving a market valuation of around USD 2 billion, indicating strong potential for Yinuo Micropharmaceutical's products [6] - Yinuo Micropharmaceutical's product pipeline includes two clinical-stage oncolytic immunotherapy candidates and three commercially viable engineered exosome products, with MVR-T3011 being the first of its kind to complete Phase I trials via systemic intravenous administration [5][10]

Core Viewpoint - Yinuo Micro Pharmaceuticals has submitted an application for an IPO on the Hong Kong Stock Exchange, focusing on the development of oncolytic immunotherapy and engineered exosome therapies [1][2] Company Overview - Established in 2015, Yinuo Micro Pharmaceuticals specializes in discovering, developing, producing, and commercializing new oncolytic immunotherapies and engineered exosome therapies [1] - The company has a clinical pipeline that includes 2 oncolytic immunotherapy candidates in clinical stages, 2 engineered exosome therapy candidates in preclinical stages, and 3 engineered exosome products ready for commercialization [2] Product Pipeline - The core product, MVR-T3011, is a novel oncolytic immunotherapy based on the HSV-1 virus, targeting bladder cancer and head and neck squamous cell carcinoma [3] - MVR-T3011 is currently in Phase II clinical trials for non-muscle invasive bladder cancer (NMIBC) and Phase I/IIa trials for head and neck squamous cell carcinoma [3][4] Market Landscape - The global market for oncolytic immunotherapy and exosome therapies is still in its early development stages, with limited market size projected at $87.1 million for oncolytic immunotherapy and $1.5 billion for exosome therapies in 2024 [4] - Yinuo Micro Pharmaceuticals is positioned in the first tier of its niche market despite not having any approved therapies for bladder cancer or head and neck squamous cell carcinoma [4] Commercialization Strategy - The company has three engineered exosome products ready for commercialization, including MVR-EX103, which has received INCI certification, allowing it to be used in cosmetic formulations [5][6] - The commercialization strategy focuses on partnerships with international brands and distribution channels, aiming to supply upstream raw materials and potentially launch its own brand in the future [6] Financial Performance - Yinuo Micro Pharmaceuticals has been operating at a loss, with cumulative losses exceeding 2 billion yuan and revenues from external licensing arrangements [9][10] - The company reported revenues of 6.77 million yuan, 3.2 million yuan, and 1.29 million yuan for 2023, 2024, and Q1 2025, respectively, with sales costs significantly exceeding revenues [9] - As of Q1 2025, the company had cash and cash equivalents of 75.61 million yuan, a decrease of 68.93% year-on-year, indicating a need for external financing [10] Investment Considerations - The company has completed seven rounds of financing, raising approximately 1.1 billion yuan, with a post-financing valuation of 4.85 billion USD [10] - The company faces significant challenges in achieving commercialization due to high production costs and complex manufacturing processes for engineered exosomes [7][8]

MVR-T3011为潜在同类最佳膀胱癌溶瘤免疫疗法，有望改变全球膀胱癌治疗格局。 本文为IPO早知道原创 作者｜罗宾 来源：公司招股书 微信公众号｜ipozaozhidao 据 IPO早知道消息，6月25日，亦诺微医药Immvira Bioscience向港交所递交招股书，花旗、中金 为联席保荐人。 亦诺微医药是 全球唯一一家具备成熟的 CMC及生产能力的生物技术公司， 致力于通过自主知识产 权的生物工程化技术，发现、开发、生产及商业化新型溶瘤免疫疗法和工程化外泌体疗法 。 公司管线组合包括用于治疗实体瘤的溶瘤免疫疗法候选药物和具临床应用前景或可直接商业化的创新 型工程化外泌体治疗产品。 亦诺微核心产品 MVR-T3011是一种基于HSV-1的新型溶瘤免疫疗法，其独特之处在于将强效的肿 瘤裂解与表达抗 PD-(L)1 抗体和 IL-12 相结合，靶向治疗全谱系膀胱癌及包含头颈鳞癌的更广泛 实体瘤类型。 凭借自主优化的 HSV-1骨架，MVR-T3011的复制能力提升了3个10级对数，支持多 途径给药，包括肿瘤内给药、膀胱内给药及静脉给药，极大地拓展了其临床适用性。 在临床研究中， MVR-T3011展现出了卓 ...

Company Overview - Yinuo Micro Pharmaceuticals has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CICC acting as joint sponsors [1] - The company focuses on clinical demand-driven biotechnology, aiming to discover, develop, produce, and commercialize novel oncolytic immunotherapies and engineered exosome therapies [3] Product Pipeline - The product pipeline includes two clinical-stage oncolytic immunotherapy candidates, two preclinical-stage engineered exosome therapy candidates, and three directly commercializable engineered exosome products [3] - The core product, MVR-T3011, is a novel oncolytic immunotherapy based on HSV-1, targeting a wide range of solid tumors, including bladder cancer and head and neck squamous cell carcinoma [3] - Another candidate, MVR-C5252, is designed for malignant glioma, featuring enhanced safety for intracranial administration and improved immune activation in immunosuppressive tumor environments [4] Market Potential - According to Frost & Sullivan, the global oncolytic immunotherapy market is projected to grow from $8.71 million in 2024 to $1.56 billion by 2028, with a compound annual growth rate (CAGR) of 105.7% [4] Financial Performance - In 2023, 2024, and the first quarter of 2025, the company reported revenues of approximately ¥6.77 million, ¥3.20 million, and ¥1.29 million, respectively [5] - The company incurred losses of approximately ¥481.75 million, ¥523.76 million, and ¥203.80 million for the same periods [5][6]