Core Viewpoint - Axbio International Limited, a leader in integrated circuit biotechnology, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to innovate in life sciences and diagnostics through advanced electrochemical detection platforms [3]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Axbio's projected revenues are $0 and $479,000 respectively, with net losses of $22.86 million and $23.47 million [4]. - The company has reported continuous negative operating cash flows, with net cash flows of -$16.73 million in 2023 and -$15.00 million in 2024 [5]. Cash Flow and Financing - Axbio has not received any investments in nearly three years and has minimal bank loans, leading to net outflows in financing cash flows of $24,600 and $260,700 for 2023 and 2024 respectively [5]. - The primary outflow in 2023 was due to repaying a preferred shareholder's loan amounting to $18.69 million, while in 2024, the main outflow was for repurchasing preferred shares totaling $2.5 million [5]. Assets and Liabilities - As of the end of 2024, Axbio holds cash and cash equivalents of $36.91 million, with short-term bank borrowings of $835,000, indicating manageable short-term debt pressure [5]. - However, the company has a financial liability of $97.83 million related to financial liabilities measured at fair value, which could lead to significant equity buybacks if the company fails to go public by December 31, 2026 [6].

Company Overview - Axbio International Limited, referred to as "安序源", is a global leader in integrated circuit biotechnology, established in 2016, focusing on developing next-generation electrochemical detection platforms for life sciences tools and diagnostics [3]. - The company integrates integrated circuits, biotechnology, and artificial intelligence technologies to create advanced foundational platforms for life science research and clinical applications [3]. Product Pipeline - As of April 21, 2025, Axbio's product pipeline includes a microarray chip analyzer, two EL-NGS gene sequencers, and various supporting test kits [3]. - The core product, AxiLona EL-100, has received registration approval from the Jiangsu Provincial Drug Administration [3]. Financial Performance - For the fiscal year ending December 31, 2023, Axbio reported zero revenue, with a net loss of $22.86 million. In 2024, projected revenue is $479,000, with an expected net loss of $23.47 million [4]. - The company has incurred research and development expenses of $15.29 million in 2023 and $11.41 million in 2024 [4]. Funding and Valuation - Axbio has undergone multiple funding rounds since its inception, including a $20 million funding round in October 2021, resulting in a post-money valuation of $239 million, and a $70 million funding round in March 2023, with a post-money valuation of $348 million [5]. - The company has a diverse shareholder structure, with Dr. Hui Tian holding 30.44% and Dr. Igor Ivanov holding 15.22% of the shares [6][8]. Shareholder Structure - The major shareholders include Dr. Hui Tian (30.44%), Dr. Igor Ivanov (15.22%), and several investment funds, including AstraZeneca-CICC and YF Digital Health, each holding 5.91% [6][8]. - The total number of shares held by various stakeholders amounts to 181,440,701 shares, representing 100% of the issued share capital [7].