文｜胡香赟 编辑｜海若镜 创新药企涌向港股的热情还在持续，近期递表的应世生物就是其中之一。 准备多年的应世生物，会成为下一家吗？ 出走创业后，王在琪也并未像彼时大部分创新药企偏好的那样，选择一个热门的靶点或适应症领域，而是决心从更底层出发，瞄准"耐药"这个几乎存在于所 有类型的癌症和抗癌药物中的问题。 在王在琪看来，这将是免疫治疗和靶向治疗普及后的"终极"市场所在。因此，如果真的能解决重磅药物的耐药问题，理论上就能让更多肿瘤患者从现有的治 疗手段中获益，自然也对应着更大的市场空间。 瞄准"耐药"问题， 赌一个跨国药企做失败的靶点 应世生物豪赌的"耐药克星"，是一种FAK小分子抑制剂。 FAK名为粘着斑激酶，早在本世纪之初，制药界对FAK抑制剂的临床研究就已经开始，辉瑞、葛兰素史克、勃林格殷格翰等都曾有过尝试。但在当时，跨国 药企们主要是把它当作一种靶向药来做单药研究，效果并不算好。据称，2005年到2018年间，至少5个FAK抑制剂因疗效不佳而被终止开发。 应世生物成立于2017年，专注于肿瘤新药研发。创始人王在琪是制药界的"老炮儿"，创业前一直在礼来、默沙东、罗氏等跨国药企任职，领导过国内外20多 个新药分 ...

Core Viewpoint - InxMed Limited, a late-stage biotech company focused on improving cancer treatment, has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and CCB International as joint sponsors [1][3]. Company Overview - InxMed Limited was established in 2017 and aims to address the core challenges of cancer treatment, particularly drug resistance caused by tumor defenses [1][3]. - The company focuses on key signaling pathways common across various tumor types, especially the FAK and integrin pathways, which play critical roles in tumor cell survival [3]. Product Pipeline - The product pipeline includes: - **Ifebemtinib**: A highly selective FAK inhibitor nearing commercialization, currently undergoing multiple clinical development projects in China. It has received breakthrough therapy designation from NMPA for three indications and fast track designation from FDA for one indication, indicating its potential as a cornerstone therapy for cancer [3][4]. - **IN10028**: A second-generation selective FAK inhibitor aimed at maintaining a leading position in the field, with an IND application expected to be submitted by 2025 and first human clinical trials anticipated to start in Q1 2026 [4]. - **Three innovative antibody-drug conjugates (ADCs)**: - **OMTX705**: Targets CAFs in the tumor microenvironment and shows synergy with various therapies, including anti-PD-1 [3]. - **IN30758**: Focuses on upstream signaling pathways of FAK, showing synergy with FAK inhibitors [3]. - **IN30778**: Targets unique tumor-associated antigens that are highly expressed in various solid tumors [3]. Financial Overview - Financial performance for the three months ending March 31 for the years 2023 to 2025 shows: - Net other income/loss: -392 thousand RMB in 2023, 2,472 thousand RMB in 2024, and 397 thousand RMB in 2025 [5]. - Administrative expenses: -38,104 thousand RMB in 2023, -45,071 thousand RMB in 2024, and -9,866 thousand RMB in 2025 [5]. - R&D expenses: -135,517 thousand RMB in 2023, -99,999 thousand RMB in 2024, and -17,207 thousand RMB in 2025 [5]. - Operating loss: -174,013 thousand RMB in 2023, -142,598 thousand RMB in 2024, and -26,676 thousand RMB in 2025 [5]. - Net loss for the year: -209,249 thousand RMB in 2023, -184,619 thousand RMB in 2024, and -29,712 thousand RMB in 2025 [5].

智通财经APP获悉，据港交所8月25日披露，应世生物(InxMed Limited)向港交所主板递交上市申请，中信证券和建银国际为其联席保荐人。据招股书，应世 生物是一家于2017年成立的处于临床后期阶段的生物科技公司，致力于改进目前疗效有限的肿瘤治疗方案。公司的使命是解决肿瘤治疗的核心挑战-由肿瘤 防御所引起的耐药。 招股书显示，应世生物聚焦于多种肿瘤类型共有拥有的关键讯号传导枢纽，尤其是 FAK及整合素通路，它们在肿瘤细胞存活中发挥关键作用，并导致不同 治疗案失败。同时，应世生物通过靶向CAFs来拆除肿瘤细胞周围的保护屏障。通过靶向耐药关键通路，应世生物为重塑癌症治疗合理用药方案，开辟治疗 创新的新前沿。 据应世生物在招股书中或存在的风险因素中提到，公司在很大程度上依赖于候选产品的成功。倘若无法成功完成临床开发或实现临床阶段及临床前阶段产品 线的商业化，或者倘若在上述任何环节遇到重大延误或成本超支，则公司的业务及前景可能会受到重大不利影响。 截至最后实际可行日期，应世生物的产品管线包括：(i)核心产品ifebemtinib (一种接近商业化的高选择性FAK抑制剂)，其正在中国进行多项临床开发项目;其 针对 ...