Core Insights - Novartis has made significant investments in the siRNA field, including a $200 million upfront payment and potential milestone payments of up to $2 billion for the ARO-SNCA therapy, and a subsequent deal with Sihuan Pharmaceutical worth over $5.2 billion, signaling strong market interest in small nucleic acid therapies [1][2] - The global siRNA therapy market is projected to grow from $2.4 billion in 2024 to $50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [2] - Domestic companies in China are rapidly expanding their siRNA drug pipelines, with over 300 new drugs in development, second only to the U.S. [3] Company Developments - Jiangyin Pharmaceutical has submitted its IPO application to the Hong Kong Stock Exchange, with a post-investment valuation of $253 million following multiple funding rounds [3][5] - The company has established a diverse product pipeline, including its core product FXI siRNA (SRSD107), which targets coagulation factor XI and shows promise in reducing thrombotic events while minimizing bleeding risks [6][8] - Jiangyin's collaboration with CRISPR Therapeutics involves a 50:50 co-development model for FXI siRNA, which includes $25 million in cash and $70 million in equity, along with $800 million in milestone payments [5][6] Financial Performance - Despite projected net losses of approximately $309 million and $342 million for 2023 and 2024, respectively, Jiangyin achieved a net profit of $34.46 million in the first half of the year, supported by cash flow from business development transactions [10] - The company has increased its cash and cash equivalents to $618 million, sufficient to cover nearly three years of R&D investments, and is expected to receive $800 million in milestone payments from CRISPR Therapeutics, enhancing its financial stability [10]