Group 1: Company Overview - Suzhou Ribo BioTechnology Co., Ltd. (Ribo Bio) submitted its main board listing application to the Hong Kong Stock Exchange on April 25, marking a significant capital move after the termination of its Sci-Tech Innovation Board application in 2021 [1] - Founded in 2007, Ribo Bio is a global leader in the research and development of small nucleic acid drugs, particularly focusing on siRNA therapies, aiming to innovate treatment methods for cardiovascular, metabolic, kidney, and liver diseases [1][2] - The company has established a self-developed technology platform that covers all key aspects of small nucleic acid drug development, from drug delivery to chemical modification and multi-target drug design, supporting the entire lifecycle from early research to commercialization [1] Group 2: Market and Industry Trends - The small nucleic acid drug industry is rapidly evolving, with increasing competition from multinational companies and leading biotech firms developing similar or competing siRNA drugs [3] - The global small nucleic acid drug market is projected to grow from $2.7 billion in 2019 to $4.6 billion in 2023, with a compound annual growth rate (CAGR) of 14.3%, and is expected to reach $46.7 billion by 2033 at a CAGR of 26.1% [4] Group 3: Product Pipeline and Development - Ribo Bio has one of the largest siRNA drug pipelines globally, with six self-developed drug assets in clinical trials targeting seven indications related to cardiovascular, metabolic, kidney, and liver diseases, four of which are in Phase 2 trials [4] - The core product RBD4059, targeting FXI, is the world's first siRNA drug for treating thrombotic diseases, which is a leading cause of death globally, claiming over 10 million lives annually [6] - Ribo Bio is also advancing two key products, RBD5044 and RBD1016, which are significant in the treatment of lipid metabolism disorders and chronic hepatitis B, respectively [6] Group 4: Financial Performance - As of the end of 2023 and 2024, Ribo Bio reported net losses of RMB 437.3 million and RMB 281.5 million, respectively, with no revenue from commercial product sales [7][8] - The company anticipates substantial R&D expenditures as it progresses its clinical development plans, with R&D costs constituting 79.5% and 75.0% of total operating expenses for 2023 and 2024, respectively [9][10]