Core Insights - The article discusses the recent IPO application of Hangzhou Gaoguang Pharmaceutical Co., Ltd. to the Hong Kong Stock Exchange, highlighting its focus on innovative therapies for autoimmune and inflammatory diseases [2][3]. Company Overview - Founded in 2017, Gaoguang Pharmaceutical specializes in developing small molecule drugs for autoimmune and inflammatory diseases, with a proprietary kinase inhibitor research platform [3]. - The company's founder and CEO, Dr. Liang Congxin, is known for inventing several notable drugs, including Sunitinib, Ensartinib, and Vorolanib [3]. Product Pipeline - Gaoguang's lead candidate, TLL-018, is an oral JAK1/TYK2 dual-target inhibitor currently in Phase III clinical trials for rheumatoid arthritis (RA), psoriatic arthritis (PsA), and chronic spontaneous urticaria (CSU) [5]. - TLL-018 is expected to submit a New Drug Application (NDA) to the National Medical Products Administration by the end of 2026 for CSU and RA indications [5]. - In the neurodegenerative disease space, HL-041 (BHV-8000) is a highly selective TYK2/JAK1 dual-target inhibitor aimed at Alzheimer's and Parkinson's diseases, with a global development agreement signed with Biohaven [5]. Financial Backing - Gaoguang Pharmaceutical has attracted investments from notable firms, including Kaitai Capital (11.65% stake), Hancan Capital (9.53%), and AstraZeneca CICC (9.01%) [6]. - The company's post-money valuation after the C round of financing in November 2025 was reported at 2.462 billion yuan [6].