以下文章来源于子弹财经 ，作者孟祥娜 子弹财经 . 财经新观·产业真知｜长期关注全球资本市场财经动态，深度分析IPO进程与上市企业财报，专业解读商 业模式与热点事件。 作者 | 孟祥娜 编辑 | 胡芳洁 导语：百力司康由两位海归女博士联合创立，虽未实现商业化，但核心产品临床进度领先。公司曾与 日本药企卫材深度合作，针对在研核心产品预计将获20亿美元潜在里程碑付款，但今年5月对方突然 终止合作协议，给公司的商业化前景蒙上了一层阴影。 2025年上半年，港交所迎来IPO递表热潮，企业上市热情持续高涨。 其中，生物医药领域的表现尤为抢眼。目前，脑动极光、维昇药业、映恩生物、拨康视云、恒瑞 医药等十多家生物医药企业已成功登陆港交所。 这股生物医药企业赴港上市的热潮，离不开港交所多年来对创新型企业的制度支持。自2018 年起，港交所陆续推出"18A""18C"等创新上市规则，打破了传统上市对盈利或收入的硬性 要求，为未盈利、仍处研发阶段的生物科技公司开辟了直接融资通道。 在这一背景下，6月29日，百力司康正式加入递表队列，向港交所提交上市申请。作为 创新 药企业 ，公司的针对乳腺癌、非小细胞肺癌等核心产品正处于关键研发 ...

Core Viewpoint - BlissBio Inc. is facing increased uncertainty regarding the global development prospects of its core drug BB-1701 after terminating its collaboration with Eisai, which was previously expected to yield up to $20 billion in potential revenue [2][3][14]. Group 1: Collaboration with Eisai - Two years ago, BlissBio signed a collaboration agreement with Eisai for BB-1701, which included potential milestone payments and revenue sharing, with a total value of up to $20 billion [5][6]. - In April 2023, a strategic clinical trial collaboration was established, allowing Eisai to retain rights for global development outside of Greater China [5][6]. - The collaboration has been pivotal for BlissBio, as Eisai was not only a major client but also a significant shareholder, contributing to the company's financial backing [13][14]. Group 2: Clinical Trial Data and Termination of Collaboration - Recent clinical trial data revealed that Eisai's trial showed an objective response rate (ORR) of only 14.3%, while BlissBio's own trial reported an ORR of 21.4%, raising questions about the competitiveness of BB-1701 [14][15]. - The termination of the collaboration was formalized in May 2025, with Eisai opting not to exercise its strategic rights, which significantly diminishes BlissBio's revenue prospects [14][15]. - The loss of Eisai as a client is expected to severely impact BlissBio's financial situation, with projected revenue from Eisai dropping by 87.65% in 2024 [16]. Group 3: Financial Implications - BlissBio's revenue is projected to plummet from 180 million yuan in 2023 to 22.59 million yuan in 2024, primarily due to the loss of Eisai's contributions [16]. - The company's gross profit is expected to shrink dramatically, leading to a net loss that could expand from 207 million yuan to 557 million yuan [16]. - High R&D expenditures and significant liabilities from investor agreements are contributing to BlissBio's financial distress, with total liabilities reaching 1.76 billion yuan by the end of 2024 [16].

Core Viewpoint - BlissBio Inc. is facing increased uncertainty regarding the global development and commercialization of its core drug BB-1701 after terminating its collaboration with Eisai, which was previously a significant partner in the drug's development [1][7][10]. Group 1: Collaboration with Eisai - Two years ago, BlissBio signed a business development agreement with Eisai worth up to $2 billion for the ADC candidate BB-1701 [2][3]. - In April 2023, a strategic clinical trial collaboration agreement was reached, allowing Eisai to retain rights for global development and commercialization outside Greater China [2][7]. - The collaboration has been pivotal for BlissBio, with Eisai being a major investor and shareholder, contributing significantly to the company's funding rounds [5][6]. Group 2: Clinical Trial Data - Recent clinical trial data revealed that Eisai's trial showed an objective response rate (ORR) of only 14.3%, while BlissBio's own trial reported an ORR of 21.4% [8][9]. - The disparity in trial results may have influenced Eisai's decision to terminate the collaboration, as the lower efficacy data did not demonstrate a competitive advantage [9][10]. Group 3: Financial Implications - The termination of the collaboration is expected to severely impact BlissBio's financial situation, with projected revenue from Eisai dropping by 87.65% in 2024 [10]. - The company's net loss is anticipated to widen significantly due to high R&D expenditures and the impact of redemption liabilities from previous funding agreements [10]. - BlissBio's ability to raise funds through its upcoming IPO is uncertain, as it now must independently manage the development and commercialization of BB-1701 [10].

Core Viewpoint - BlissBio Inc. (百力司康) has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Huatai International, and Jianyin International acting as joint sponsors [1] Company Overview - BlissBio Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation antibody-drug conjugates (ADCs) to address significant unmet needs in cancer treatment. The company has a pipeline consisting of four clinical-stage ADC candidates [4] - The core product, BB-1701, is a HER2-targeted ADC candidate primarily aimed at breast cancer (BC), non-small cell lung cancer (NSCLC), and potentially other HER2-expressing cancers. The company also has three other ADC candidates in clinical stages: BB-1705 (EGFR ADC), BB-1712 (anti-B7-H3 ADC), and BB-1709 (CD73 ADC) [4] Product Development - BB-1701 is the leading HER2 ADC candidate for patients previously treated with TOP1-i ADC globally. It utilizes Ailubulin as an effective payload, leveraging its multifaceted mechanism of action and differentiated resistance mechanisms. The drug has shown promising efficacy and manageable safety in ongoing Phase II studies in the US, Europe, Japan, and China, with only three cases of ILD reported among 260 patients [5] Manufacturing and Quality Control - The company possesses essential capabilities in chemistry, manufacturing, and control (CMC) development, providing high-quality, efficient, and cost-effective solutions for antibody development and ADC construction. The company has demonstrated the ability to advance projects from preclinical candidates to Investigational New Drug (IND) status in 14 months, significantly faster than the industry average of 18 months [6] Financial Performance - For the fiscal years 2023 and 2024, BlissBio Inc. reported revenues of approximately 180.2 million RMB and 22.6 million RMB, respectively. The company incurred losses of approximately 206.4 million RMB in 2023 and 556.6 million RMB in 2024 [6][7]

Core Insights - The company reported a total operating revenue of 1.283 billion yuan in 2024, representing a year-on-year growth of 8.74% [1] - The net profit attributable to shareholders decreased by 6.57% to 189 million yuan [1] - The company continues its dividend policy, proposing a cash dividend of 0.96 yuan per 10 shares, totaling an expected distribution of 40.52 million yuan [2] Revenue Breakdown - Revenue from raw materials reached 988 million yuan, an increase of 11.57% year-on-year [1] - Revenue from formulation products was 161 million yuan, growing by 16.77% year-on-year [1] - Antiviral product revenue decreased by 37.92% due to fluctuations in demand and pricing of oseltamivir [1] - Revenue from antifungal products surged by 60.28% due to increased commercialization demand [1] - Immunosuppressive product revenue grew by 45.72% driven by commercial demand [1] International Expansion - The company experienced a significant 45% increase in overseas revenue, attributed to expanded channels in North America and Europe [1] - The company has established multiple technology platforms to support the development of high-end generics and original new drugs [1] - Products have been registered and authorized for sale in the US, Europe, Japan, South Korea, and countries along the "Belt and Road" initiative, laying a solid foundation for future overseas revenue growth [1] R&D Investment - The company increased its R&D expenditure to 297 million yuan in 2024, a year-on-year increase of 19.65% [2] - Future R&D focus areas include treatments for NASH and dual-target drugs, with a particular emphasis on GLP-1 class drugs in the metabolic field [2] - The company aims to explore new administration methods, multi-target combination therapies, and expand indications to address unmet clinical needs [2] Dividend Policy - The company has maintained a consistent dividend policy since its listing in 2019, with cumulative cash dividends amounting to 246 million yuan over six years [2]