Core Viewpoint - Sirius Therapeutics has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for the development of its core products and pipeline projects in the cardiovascular disease sector [1]. Group 1: Company Overview - Sirius Therapeutics was founded in 2021 by OrbiMed Entities and Creacion Ventures, focusing on innovative nucleic acid therapies [1]. - The company has not generated any revenue or sales costs to date [1]. Group 2: Financial Performance - The company reported losses of RMB 309 million and RMB 342 million for 2023 and 2024, respectively [2]. - In the first half of 2025, Sirius Therapeutics achieved a profit of RMB 34.46 million, compared to a loss of RMB 159 million in the same period the previous year, primarily due to non-recurring gains from its collaboration with CRISPR [1][2]. Group 3: Funding and Valuation - In April 2025, Sirius Therapeutics entered into a B2 round share purchase agreement, raising approximately USD 47.5 million, resulting in a valuation of USD 253 million [3]. - OrbiMed Entities is the controlling shareholder, with significant stakes held by OrbiMed Asia, OrbiMed U.S., and Creacion Ventures [3].

Core Viewpoint - Sirius Therapeutics has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for the development of its core products and pipeline projects in the cardiovascular disease sector [1][2]. Financial Performance - The company has not generated any revenue or sales costs to date. It reported losses of RMB 309 million and RMB 342 million for 2023 and 2024, respectively. However, it is projected to achieve a profit of RMB 34.46 million in the first half of 2025, compared to a loss of RMB 159 million in the same period last year, primarily due to non-recurring income from its collaboration with CRISPR [1][2]. - For the first half of 2025, other income and gains amounted to RMB 144 million, a significant increase from RMB 4.51 million in the previous year, attributed to fair value gains from financial assets related to the CRISPR collaboration [2]. Investment and Shareholding Structure - In April 2025, Sirius Therapeutics entered into a B2 round share purchase agreement, raising approximately USD 47.5 million by issuing 26,498,776 shares, resulting in a post-funding valuation of USD 253 million [3]. - OrbiMed Entities is the controlling shareholder, with OrbiMed Asia, OrbiMed U.S., and Creacion Ventures holding 20.23% each. The CEO, Dr. Curt William Bradshaw, holds 1.46%, while Tencent's subsidiary holds 8.14% [3].