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].