Core Viewpoint - Jingze Biopharma has submitted an application for listing on the Hong Kong Stock Exchange, focusing on assisted reproductive and ophthalmic drugs, with eight candidate drugs in its pipeline [1][3]. Group 1: Company Overview - Jingze Biopharma aims to commercialize its first product, JZB30, a recombinant human follicle-stimulating hormone (FSH) lyophilized powder injection, expected to generate revenue by 2026 [1][3]. - The company has previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board but faced delays in completing the necessary guidance [1][3]. Group 2: Product Pipeline and Market Competition - All of Jingze Biopharma's late-stage products are generic drugs, with JZB30 competing against established products like Follitropin [4][6]. - The domestic market for recombinant human FSH is dominated by companies like Merck and Jinsai Pharmaceutical, which have significant market shares [6][9]. - The market for injectable recombinant human FSH has shown limited growth, with sales fluctuating between 1.12 billion and 2.02 billion from 2015 to 2023 [6][9]. Group 3: Financial Situation - Jingze Biopharma has been operating at a loss, with projected losses of approximately 246 million and 243 million for 2023 and 2024, respectively [9][10]. - The company has raised about 930 million through six rounds of financing, with a significant portion raised during the C+ round [9][10]. - As of the end of 2024, the company's cash reserves were critically low, with only 68.6 million and 27.08 million remaining [10].

Core Viewpoint - Jingze Biopharma is pursuing an IPO on the Hong Kong Stock Exchange, focusing on high-growth areas of assisted reproduction and ophthalmic drugs, despite facing significant financial challenges and uncertainties in its development pipeline [1][3]. Company Overview - Jingze Biopharma specializes in assisted reproduction and ophthalmic drugs, with a notable presence in clinical-stage large molecule drugs in China as of June 20, 2025 [3]. - The company’s core product, JZB30 (recombinant human follicle-stimulating hormone lyophilized powder injection), received commercialization approval in April 2025, targeting the leading imported drug in the global ovulation market [3]. - Another key product, JZB33 (recombinant human follicle-stimulating hormone aqueous injection), has completed bioequivalence trials and submitted a New Drug Application (NDA) as of June 2025 [3]. Product Pipeline - Jingze Biopharma has a total of eight drug candidates, with JZB30 approved and JZB33 submitted for NDA. JZB05 (anti-VEGF intravitreal injection) is undergoing Phase III clinical trials across over 40 centers in China, aiming for submission in the second half of 2026 [4]. - The company is also developing JZB32 for symptomatic vitreomacular adhesion, currently in Phase I clinical trials, along with several other products at various stages of development [4]. Financial Performance - Jingze Biopharma has reported net losses of 246 million yuan and 243 million yuan for 2023 and 2024, respectively, totaling over 480 million yuan in losses over two years [4]. - Research and development expenditures for the same period were 122 million yuan and 133 million yuan, accounting for over 70% of total operating expenses [4]. - As of the end of 2024, the company’s net current liabilities reached 1.325 billion yuan, an increase from 948 million yuan at the end of 2023, indicating significant liquidity pressure [4]. Operational Challenges - The company heavily relies on third-party contract research organizations (CROs) for preclinical research and some clinical trials, as well as third-party manufacturers for production, which poses risks related to timely delivery and compliance [5]. - Jingze Biopharma lacks experience in successfully commercializing drugs, planning to collaborate with established domestic pharmaceutical companies for the distribution of JZB30 while also preparing to build its own sales team, which requires substantial investment and time [5].

Core Viewpoint - Jingze Biopharmaceuticals is preparing for an IPO on the Hong Kong Stock Exchange, focusing on reproductive and ophthalmic drugs, and is one of the leading companies in China with the most clinical-stage macromolecule drugs in these fields [1][3]. Summary by Sections - Jingze Biopharmaceuticals submitted its prospectus for an IPO on June 27, 2025, with CICC and Guoyuan International as joint sponsors. The company, established in 2014, specializes in reproductive and ophthalmic drugs [1]. - As of June 20, 2025, Jingze's core product in reproductive treatment, JZB30 (rhFSH lyophilized powder injection), has been approved for commercialization, while JZB33 (rhFSH aqueous injection) has submitted an NDA. In the ophthalmic field, JZB05 (anti-VEGF intravitreal injection) is undergoing Phase III clinical trials at over 40 centers in mainland China [2][3]. - JZB30 is Jingze's first commercialized product in reproductive treatment, serving as a follicle-stimulating hormone for ovulation induction. JZB05 is expected to be the first commercial product in the ophthalmic field, targeting diseases like wAMD and DME. JZB30 is a biosimilar to the leading imported product, while JZB05 is a biosimilar to the top-selling anti-VEGF drug, with the latter projected to achieve $9.5 billion in annual sales by 2024 [4]. - Since its inception, Jingze Biopharmaceuticals has completed financing totaling 927 million yuan, with a valuation of 3.09 billion yuan following its last round of financing before the IPO. The net proceeds from the IPO will primarily be used to advance core product development, clinical trials for key products, and general corporate purposes [4].