Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board, marking a significant milestone for the company in its growth trajectory [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company [1] - The company offers various innovative animal models and preclinical pharmaceutical research and development services based on its proprietary gene editing technology [1] Technology and Services - Baiaosaitu utilizes its self-developed RenMice fully human antibody mouse platform, which includes multiple series such as RenMab, RenLite, RenNano, RenTCR, and RenTCR-mimic [1] - The platform targets nearly a thousand potential drug targets in the human body for large-scale drug discovery and development [1] - The company has plans to transfer, license, or co-develop promising antibody molecules [1] IPO Journey - The IPO application for Baiaosaitu was accepted on June 20, 2023, and the company passed the review on September 24, 2023 [1] - The registration for the IPO was submitted on September 26, 2023 [1]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to undergo its IPO review on September 24, 2025, after a two-year wait on the Sci-Tech Innovation Board, highlighting its progress in the biopharmaceutical sector and its innovative "Thousand Mice Ten Thousand Antibodies" program [1][4]. Group 1: Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing innovative animal models and drug development services based on its proprietary gene editing technology [1]. - The company has developed the RenMice platform, which allows for large-scale drug discovery targeting nearly a thousand potential drug targets [1]. Group 2: IPO Process and Financial Performance - The company was accepted for its Sci-Tech Innovation Board IPO on June 20, 2023, and has undergone two rounds of inquiries prior to the upcoming review [4]. - Financial data shows that Baiaosaitu's revenue increased from approximately 534 million yuan in 2022 to 980 million yuan in 2024, with a turnaround to a net profit of approximately 33.54 million yuan in 2024 after previous losses [5]. - In the first half of 2023, the company achieved a revenue of 621 million yuan, a 51.27% increase year-on-year, and reported a net profit of approximately 47.99 million yuan, indicating a successful recovery from losses [6]. Group 3: Research and Development Challenges - The company has experienced a significant reduction in its R&D personnel, with the number of dedicated R&D staff dropping from 58 in 2022 to just 5 in 2024, raising concerns about its innovation capacity [7]. - Governance issues are also present, as the major shareholders, who are a married couple, control over 27% of the voting rights, which may impact decision-making processes [7]. Group 4: Fundraising and Strategic Direction - Baiaosaitu has reduced its planned fundraising amount from 1.893 billion yuan to 1.185 billion yuan for its IPO, focusing on early drug development services, antibody drug research, and clinical projects [7][8]. - The company asserts that this reduction in fundraising will not alter its strategic direction, as the core projects will still revolve around its main business and technology platforms [8].

科创板IPO排队超两年，百奥赛图（北京）医药科技股份有限公司（以下简称"百奥赛图"）终于迎来了上会机会，上交所上市审核委员会 定于9月24日召开2025年第38次上市审核委员会审议会议，审议百奥赛图的首发事项。 招股书显示，百奥赛图成立于2009年，是一家临床前CRO以及生物技术企业。公司基于自主开发的基因编辑技术提供各类创新模式动物以 及临床前阶段的医药研发服务，并利用其自主开发的RenMice全人抗体小鼠平台，针对人体内近千个潜在药物靶点进行规模化药物发现与 开发（以下简称"千鼠万抗"），并将有潜力的抗体分子对外转让、授权或合作开发。 百奥赛图方面向北京商报记者表示，"千鼠万抗"计划自2020年启动，已实现阶段性成果。针对千余个靶点形成了近百万个抗体结合表位的 分子序列"货架"。商业化模式包括抗体分子序列授权/转让、合作开发，以及RenMice小鼠对外授权和抗体制备服务，公司可获取首付款、 里程碑付款及销售分成。目前，公司已与德国默克、吉利德、IDEAYA、Neurocrine、翰森制药、华润生物、荣昌生物、ADC Therapeutics 等数十家国内外知名药企达成合作。这表明"千鼠万抗"已成为公司对外 ...

记者9月23日从百奥赛图获悉，公司授权给美国IDEAYA公司的创新肿瘤药物IDE034研发获得重要进 展，展现出对肺癌、结直肠癌等多癌种的潜在治疗潜力，IDEAYA计划今年四季度在美国提交IDE034的 临床试验申请。 IDE034不是一款普通的抗体偶联药物（ADC）新药，它能够同时识别B7H3与PTK7两个肿瘤标志物， 也就是双靶点协同机制，这意味着它能更精准地锁定肿瘤细胞，提高治疗效果和安全性。IDE034还搭 载百奥赛图专有的新型连接子与载荷平台BLD1102，能与IDEAYA的相关技术形成协同作用，发挥更强 的临床效果。这是百奥赛图与国外公司开展管线授权合作的又一进展。 此前，百奥赛图的B7H3/PTK7全人源双抗ADC管线授权给IDEAYA公司，潜在交易总额近人民币30亿 元。不到一年时间，这条管线就有了快速进展，如果推进顺利，有望成为全球首个进入临床的 B7H3/PTK7双靶点ADC药物。 IDE034由百奥赛图自主研发的RenLite全人抗体共轻链平台筛选获得，这一平台能够有效避免轻重链错 配，提高研发成功率。尤其是在双抗ADC领域，百奥赛图还开发了RenNano平台，可以产生全人纳米抗 体，可 ...

9月23日，百奥赛图（02315.HK）发布消息称，公司授权给美国IDEAYA Biosciences公司的肿瘤治疗药 物IDE034项目取得阶段性进展。据介绍，该药物在肺癌、结直肠癌等癌种中显示治疗潜力，IDEAYA计 划于2024年四季度向美国监管部门提交临床试验申请。 IDE034是一款抗体偶联药物（ADC），采用双靶点设计，能够同时识别B7H3与PTK7两个肿瘤标志 物。该产品搭载百奥赛图的连接子与载荷平台BLD1102技术。 此前在2024年11月，百奥赛图将其B7H3/PTK7全人源双抗ADC项目授权给IDEAYA公司，潜在交易金额 接近30亿元人民币。若进展顺利，该项目有望成为该双靶点领域的首个临床阶段ADC产品。 IDE034基于百奥赛图的RenLite全人抗体共轻链平台开发。公司在双抗ADC领域还拥有RenNano平台， 可产生全人纳米抗体。百奥赛图依托其RenMice全人抗体小鼠平台建立了抗体分子库，为制药企业提供 研发服务。 在国际合作方面，百奥赛图在双抗ADC领域的合作伙伴包括SOTIO、ABL Bio、Radiance及ADC Therapeutics等。在抗体开发领域，公司与吉利德 ...

招股书显示，百奥赛图成立于2009年，是一家临床前CRO以及生物技术企业。公司基于自主开发的基 因编辑技术提供各类创新模式动物以及临床前阶段的医药研发服务，并利用其自主开发的RenMice全人 抗体小鼠平台（包括RenMab、RenLite、RenNano、RenTCR以及RenTCR-mimic多个系列）针对人体内 近千个潜在药物靶点进行规模化药物发现与开发，并将有潜力的抗体分子对外转让、授权或合作开发。 北京商报讯（记者 丁宁）上交所官网显示，上交所上市审核委员会定于9月24日召开2025年第38次上市 审核委员会审议会议，审议百奥赛图（北京）医药科技股份有限公司（以下简称"百奥赛图"）的首发事 项，公司科创板IPO于2023年6月20日获得受理。 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is undergoing an IPO process on the Sci-Tech Innovation Board, revealing a significant reduction in dedicated R&D personnel and a decrease in fundraising amount from 18.93 billion to 11.85 billion [1][5]. Group 1: R&D Personnel Changes - The number of dedicated R&D personnel at Baiaosaitu has drastically decreased from 58 at the end of 2022 to 5 by the end of 2024 [1][3]. - The total number of R&D personnel, including both dedicated and part-time, has also declined from 627 in 2022 to 337 in 2024 [3][4]. - The company has clarified that all personnel involved in innovative drug R&D are dedicated, while those in preclinical CRO services are part-time, aligning with industry norms [4]. Group 2: Fundraising Adjustments - The company has revised its fundraising target down to 11.85 billion, with allocations for various projects including early drug development services and antibody drug research [5]. - The initial fundraising amount was set at 18.93 billion, with the same project allocations, indicating a significant reduction of over 7 billion [5]. - The adjustments in fundraising may reflect changes in the company's operational status or market conditions, necessitating a reassessment of funding needs [5]. Group 3: Financial Performance - Baiaosaitu is projected to turn a profit in 2024 after consecutive years of losses, with revenues increasing from approximately 5.34 billion in 2022 to 9.8 billion in 2024 [5]. - The net profit attributable to the company is expected to shift from losses of 6.02 billion and 3.83 billion in 2022 and 2023, respectively, to a profit of approximately 335.42 million in 2024 [5].