Core Viewpoint - InxMed Limited has submitted its IPO application to the Hong Kong Stock Exchange after completing a $34 million Series C financing round, indicating a strategic move to secure funding for its clinical-stage oncology products [1][8]. Financial Performance - The company reported operating losses of RMB 174 million, RMB 143 million, and RMB 27.5 million for the years 2023, 2024, and the first quarter of 2025, respectively, with cumulative losses reaching RMB 765 million by Q1 2025 [3][4]. - The first quarter of 2025 showed a significant reduction in losses compared to the same period in the previous year, primarily due to a positive change in the fair value of financial liabilities [3][4]. - R&D expenses have been decreasing, from RMB 1.36 billion in 2023 to RMB 1 billion in 2024, and further down to RMB 162 million in Q1 2025, while administrative expenses have been rising [5][6]. Product Pipeline - InxMed's core product, the FAK inhibitor ifebemtinib, is in Phase III clinical trials, positioning the company ahead of competitors like GSK and Amplia Therapeutics [5][6]. - The company has also acquired other candidates, including OMTX705, which is expected to enter Phase II trials in late 2026 [6]. Market Position and Competition - The FAK inhibitors represent a new direction in cancer treatment, with ifebemtinib being the only one in advanced clinical stages among its peers [5][6]. - The market for ifebemtinib is limited, with an estimated 17,800 cases of PROC in China in 2020, growing to 18,600 by 2024, indicating a modest growth rate of 1.1% [7]. Financial Health - As of March 2025, the company reported a net debt of RMB 765.9 million and current liabilities exceeding cash reserves by more than five times, raising concerns about financial sustainability [7][8]. - The recent Series C financing of RMB 243 million is insufficient to cover the company's debt obligations, which may explain the urgency in pursuing an IPO [8]. Valuation Metrics - Since its establishment in 2017, InxMed has raised approximately RMB 929.3 million, with a post-money valuation of about RMB 2.18 billion [8]. - The company's market-to-research ratio is approximately 20.41 times based on 2024 R&D expenditures, which is significantly lower than the median of 26.84 times for other unprofitable biotech firms listed under the 18A rule [8].