Core Viewpoint - InxMed Limited-B (应世生物) has submitted its prospectus to the Hong Kong Stock Exchange, aiming to address the challenges of tumor treatment, particularly drug resistance, through innovative therapies focused on FAK inhibitors [2][3]. Company Overview - 应世生物 is a late-stage clinical biotechnology company focused on improving cancer treatment options, specifically targeting the mechanisms of drug resistance in tumors [2]. - The company is developing FAK inhibitors, which are expected to disrupt tumor defense systems and enhance the effectiveness of T-cell therapies [2]. Financial Performance - 应世生物 has not yet achieved profitability, with significant research and development expenses amounting to 136 million yuan, 100 million yuan, and 16 million yuan for the years 2023 to 2025 respectively [3]. - The company reported losses of 209 million yuan, 185 million yuan, and 3.37 million yuan for the same periods [3]. - Operating cash flows have been negative, with net cash from operating activities at -141 million yuan, -120 million yuan, and -31.39 million yuan for the years 2023 to 2025 [4]. Funding and Valuation - To sustain operations, 应世生物 has relied on external financing, raising a total of 33.72 million USD in its latest C round of financing [5][7]. - The company's valuation has increased from 43 million USD to 306 million USD since its inception [5]. Product Pipeline - 应世生物's product pipeline includes its core product ifebemtinib, which has received breakthrough therapy designation from the NMPA and fast track designation from the FDA for multiple indications [8][9]. - The company is advancing ifebemtinib into Phase III clinical trials, with plans to submit a New Drug Application (NDA) by the end of 2025 or early 2026 [9]. Market Potential - The global market for selective FAK inhibitors is expected to reach 5.562 billion USD by 2035, with a compound annual growth rate (CAGR) of 71.7% starting in 2026 [11]. - In China, the market is projected to reach 1.571 billion USD by 2035, with a CAGR of 54.6% from 2027 [11]. Commercialization Challenges - Despite the promising pipeline, 应世生物 has not yet commercialized any products and faces challenges in establishing a marketing strategy and generating revenue [12][13]. - The company plans to recruit marketing professionals and seek partnerships with leading biopharmaceutical companies to enhance its commercialization efforts [12].