Core Insights - The company, BoKang Vision, is a clinical-stage ophthalmic biotechnology firm focused on developing various therapies, with two core products: CBT-001 and CBT-009, both of which are self-developed [3] - CBT-001 targets the treatment of pterygium, a benign proliferative ocular surface disease, and has initiated Phase 3 multi-regional clinical trials in the US and China as of June 2022 and September 2023, respectively [3] - CBT-009 is aimed at treating myopia in adolescents aged 5 to 19, having completed Phase 1/2 clinical trials in January 2023, with plans to submit a new drug clinical trial application to the FDA by July 2024 [3] - Currently, there are no approved drugs for treating pterygium globally, and CBT-001 could become the first drug to treat this condition, potentially reducing the need for surgical removal [3] Product Development - The company has additional candidates in earlier stages of development, including two clinical-stage candidates (CBT-006 and CBT-004) and four preclinical candidates (CBT-007, CBT-199, CBT-145, and CBT-011) [3] - The pricing strategy for CBT-009 is being considered as an alternative treatment for myopia, with current surgical options being expensive and not suitable for patients under 18 [4] Financial Performance - The company has reported net losses during the historical performance period, with losses of approximately $67 million, $129 million, and $99 million for the years 2022, 2023, and 2024, respectively [4][5] - Revenue for 2024 is projected to be around $10 million, while the company continues to maintain a net debt position primarily due to the recognition of redeemable convertible preferred shares as liabilities [4] - Total assets decreased from $82 million in 2022 to $40 million in 2024, with total liabilities increasing from $227 million to $392 million during the same period [6]

Core Viewpoint - Cloudbreak Pharma Inc. has submitted its fourth listing application to the Hong Kong Stock Exchange, with previous applications submitted in November 2023, May 2024, and December 2024 [1]. Company Overview - Cloudbreak Pharma is a clinical-stage ophthalmic biotechnology company focused on developing various therapies for eye diseases. The company was established in the U.S. in September 2015 and registered in the Cayman Islands in November 2020 [4]. - The company has two core products, CBT-001 and CBT-009, both of which are self-developed. CBT-001 is aimed at treating pterygium, and CBT-009 targets myopia in adolescents aged 5 to 19 [4][5]. Product Pipeline - Cloudbreak Pharma has established an innovative pipeline consisting of four clinical-stage candidates and four preclinical candidates, all of which are self-developed. The pipeline covers major diseases affecting both the anterior and posterior segments of the eye [5]. - The clinical-stage candidates include CBT-001 and CBT-009, while the preclinical candidates include CBT-007, CBT-199, CBT-145, and CBT-011, targeting various eye conditions [6][7]. Market Potential - The global ophthalmic drug market has grown from $33.7 billion in 2019 to $39.6 billion in 2023, with a compound annual growth rate (CAGR) of 4.1%. It is projected to reach $53 billion by 2028 and $70.3 billion by 2033, with respective CAGRs of 6.0% and 5.8% during the specified periods [7]. Financial Performance - Cloudbreak Pharma reported losses of approximately $67 million, $129 million, and $99 million for the fiscal years 2022, 2023, and 2024, respectively. The projected revenue for 2024 is around $10 million [8].