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应世生物IPO:零营收、高负债、对赌压身 资金告急C轮融资后火速递表
Xin Lang Zheng Quan· 2025-09-19 09:12
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 近日,临床阶段生物科技公司InxMed Limited(应世生物)正式向港交所递交上市申请,中信证券与建 银国际担任联席保荐人。值得关注的是,递表前一周公司刚刚完成总额3400万美元的C轮融资。C轮融 资由复星医药旗下复健资本领投,比邻星创投、澄翔资本、昆仑资本及老股东恩然创投参与投资。 招股书显示,应世生物于2017年成立,致力于改进目前疗效有限的肿瘤治疗方案。截至递表时,公司的 产品管线包括核心产品FAK抑制剂ifebemtinib、第二代选择性 FAK抑制剂IN10028以及OMTX705、 IN30758、IN30778三款抗体偶联药物 ADC。 费用方面,作为一家尚未有产品上市、零营收的创新药企,研发费用本是应世生物最核心的支出。然而 数据显示,公司研发开支呈现连续下降趋势。2023年,公司研发费用为1.36亿元,2024年降至1亿元。 2025年一季度,研发费用进一步下降,期内研发费用为1621.4万元,同比下降5.8%。而公司行政费用则 逐年走高,2025年一季度行政费用几与研发费用相当。 从产品角度看,应世生物押注的FA ...
科望医药二战港交所:累亏超20亿资金链显著承压 核心管线均为引进自研能力待考
Xin Lang Zheng Quan· 2025-05-30 13:07
Core Viewpoint - Kewang Pharmaceutical has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to raise funds despite facing significant operational challenges and financial losses [1][2]. Company Overview - Kewang Pharmaceutical was established in 2017 and focuses on enhancing immune responses against tumors by targeting suppressive factors in the tumor microenvironment [1]. - The company has completed four rounds of financing, raising approximately 1.79 billion yuan, with notable investors including Hillhouse Capital and Tencent [1]. Financial Performance - Kewang Pharmaceutical has not yet commercialized any products and reported revenues of 107 million yuan in 2024, primarily from collaborations and licensing agreements [2]. - Cumulative losses have reached 2.067 billion yuan as of December 31, 2024, with annual losses of 771 million yuan, 853 million yuan, and 88 million yuan from 2022 to 2024 [2]. - The company’s cash reserves have dwindled to 33 million yuan by the end of 2024, insufficient to sustain a year of R&D activities [6]. Research and Development Pipeline - The company’s core products, ES102 and ES104, are both licensed from other firms, raising concerns about Kewang's self-research capabilities [5][6]. - ES102 has shown a low overall response rate (ORR) of 11.1% in clinical trials, which may challenge its clinical value [5]. - ES104 has completed early-phase trials but is similarly licensed, indicating reliance on external innovations [5]. Valuation and Market Position - Kewang's valuation has increased over 30 times from 20 million USD in 2017 to approximately 600 million USD in 2021 [7]. - The company’s market-to-research ratio is around 37 times based on 2024 R&D costs, significantly higher than the median of 15.65 times for similar unprofitable companies listed in Hong Kong [7].