Core Insights - Novartis has made significant moves in the siRNA therapy space, with a $200 million upfront payment and potential milestone payments of up to $2 billion for the ARO-SNCA deal with Arrowhead, followed by a deal exceeding $5.2 billion for four siRNA drugs with another company, signaling strong market interest in the small nucleic acid field [1] - 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% [3] - Jiangyin Pharmaceutical has submitted its IPO application in Hong Kong, attracting attention due to its recent significant financing rounds and partnerships in the siRNA sector [2][4] Company Developments - Jiangyin Pharmaceutical has established a diverse product pipeline, including its core product FXI siRNA (SRSD107) for treating coagulation disorders, and two other significant candidates for heart metabolic diseases and obesity [7][9] - The company has successfully raised funds through multiple financing rounds, with a post-money valuation reaching approximately $253 million after its B2 round [4][6] - 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 [6] Market Trends - The siRNA therapy sector has gained traction among investors, with notable stock price increases for small nucleic acid companies in the U.S. market, such as Alnylam, which saw a peak stock price increase of 105.78% this year [3] - Domestic small nucleic acid drug development is rapidly expanding, with over 300 candidates in the pipeline, second only to the U.S. [4] - The standard treatment for anticoagulation has been traditional "NOAC" drugs, but the potential of siRNA therapies like SRSD107 to reduce bleeding risks presents a significant market opportunity [10] Financial Performance - Jiangyin Pharmaceutical reported a net profit of approximately $3.446 million in the first half of the year, supported by cash flow from business development transactions, despite projected net losses of $30.9 million and $34.2 million for 2023 and 2024, respectively [11] - The company has increased its cash and cash equivalents to $618 million, sufficient to support its R&D investments for the next three years [11]