Core Viewpoint - ViliZhibo is advancing its IPO process with a valuation of 3.13 billion yuan, potentially becoming the first domestic TCE company listed in China [1][6]. Company Overview - Founded in 2012, ViliZhibo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing innovative therapies for cancer, autoimmune diseases, and other major diseases [2][4]. - As of May 28, 2025, the company has a pipeline of 14 candidate drugs, including 3 monoclonal antibodies for cancer, 4 bispecific antibodies, 2 antibody-drug conjugates (ADCs), and 2 bispecific fusion proteins targeting autoimmune diseases [2][4]. Product Pipeline - The core product, LBL-024, is a PD-L1 and 4-1BB bispecific antibody in the registration clinical stage, recognized as the first of its kind globally for treating advanced pulmonary neuroendocrine carcinoma (EP-NEC) [4]. - Major products include: - LBL-034, a GPRC5D-targeting CD3 TCE, showing promising efficacy signals in clinical trials for relapsed/refractory multiple myeloma [4][5]. - LBL-033, a MUC16/CD3 bispecific TCE antibody, targeting gynecological cancers with good efficacy and safety profiles [5]. - LBL-007, a LAG3-targeting monoclonal antibody, demonstrating effectiveness in nasopharyngeal carcinoma [5]. Clinical Development and Milestones - ViliZhibo has 6 products in clinical stages, including 1 core product and 3 major products, with ongoing trials for various cancers [4][5]. - The company plans to submit a Biologics License Application (BLA) for LBL-024 by 2029 for EP-NEC and small cell lung cancer [4]. Strategic Partnerships - In November 2024, ViliZhibo entered a collaboration with Aditum Bio for LBL-051, a CD19xBCMAxCD3 trispecific TCE antibody, with a total deal value of up to 614 million USD [5]. Financial Overview - ViliZhibo has received investments from various institutions and achieved a post-investment valuation of 3.13 billion yuan in its C+ round completed in 2024 [6].