Core Viewpoint - Sirius Therapeutics has submitted its listing application to the Hong Kong Stock Exchange, with a valuation of approximately $253 million after its Series B funding round in April 2025, backed by prominent investors [1][2]. Group 1: Company Overview - Sirius Therapeutics was established in 2021 and focuses on developing siRNA therapies [1]. - The company is co-founded by top healthcare investment firms OrbiMed Entities and Creacion Ventures, holding over 40% of shares, with Tencent's investment arm holding 8.14% and Hancan Capital holding over 13% [1]. - The company reported a net loss of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, totaling 651 million yuan in losses [3]. Group 2: Financial Performance - In the first half of 2025, Sirius Therapeutics achieved a net profit of 34.46 million yuan, marking its first profitable period, primarily driven by non-recurring income [3][4]. - The company generated 144 million yuan in other income, a significant increase from 4.51 million yuan in the same period last year, largely due to a strategic partnership with CRISPR Therapeutics [3][4]. Group 3: Product Pipeline and Challenges - The core product, SRSD107, is in Phase II clinical trials for venous thromboembolism, while two key products, SRSD216 and SRSD384, are also in various stages of development [5][6]. - The company faces significant competition in the FXI/FXIa inhibitor space, with several competitors already in Phase III trials, including drugs from Novartis, Bayer, and Johnson & Johnson [7][8]. - Sirius Therapeutics has 65 patents and applications, but only one has been granted, with 32 critical patents pending, posing potential risks in a competitive biopharmaceutical landscape [9].

Group 1: Industry Overview - The small RNA drug sector has gained significant attention in recent years, with Alnylam (ALNY) seeing a stock price increase of over 60 times since its IPO, reaching a market capitalization of $55.9 billion [1] - Major pharmaceutical companies like Novartis and Roche are increasing their investments in this field [1] - Several domestic companies in China, including Yuyuan Pharmaceutical, Hengrui Medicine, and others, are also developing small RNA drugs [1] Group 2: Company Profile - Sirius Therapeutics - Sirius Therapeutics, founded in 2021, is a global clinical-stage biotechnology company focused on siRNA therapies for chronic diseases, with a dual headquarters in San Diego and Shanghai [3][8] - The company has completed three rounds of financing, raising approximately $144 million, with major investors including OrbiMed Entities and Creacion Ventures [3] - As of April 2025, the company's post-investment valuation is approximately $253 million [4] Group 3: Product Pipeline - The core product, SRSD107, is a siRNA drug targeting coagulation factor XI, currently in Phase II clinical trials in Europe, with plans for additional trials in China and Australia/New Zealand [16][19] - SRSD216, another key product, targets Lp(a) to lower its levels, addressing a significant unmet need in cardiovascular disease management [22][23] - SRSD384 is a candidate drug targeting obesity, currently advancing towards IND application [17] Group 4: Financial Performance - Sirius Therapeutics has not generated any revenue from product sales, with other income primarily from bank interest and investment returns [24] - The company reported losses of approximately 616 million yuan over two and a half years, mainly due to R&D expenditures [25] - As of June 2025, the company had cash and cash equivalents of 618 million yuan, estimated to sustain operations for 30 months [27] Group 5: Market Potential - The global siRNA therapy market is projected to reach $2.4 billion in 2024, with an expected growth to $50.3 billion by 2040, reflecting a compound annual growth rate of 20.9% [13] - Since the approval of the first siRNA drug, Onpattro, in 2018, significant clinical and commercial validation has been achieved, with seven siRNA products currently approved in major markets [12]

Core Viewpoint - Sirius Therapeutics, a four-year-old biotech company focusing on siRNA therapies, has submitted its IPO application to the Hong Kong Stock Exchange, backed by major underwriters including Goldman Sachs and HSBC. Despite its promising narrative, the company faces uncertainties regarding its commercialization path and reliance on non-recurring income [2]. Group 1: Product Pipeline and Market Potential - The company has a clear and ambitious strategic layout centered around its siRNA technology platform, targeting three major chronic disease areas: coagulation disorders, cardiovascular diseases, and obesity, each with billion-dollar market potential [3]. - The lead product, SRSD107, targets coagulation factor XI and is currently in Phase II clinical trials in Europe, with plans to initiate trials in China and Australia/New Zealand. It is positioned as a potential first-in-class therapy with the ability to provide effective anticoagulation without increasing bleeding risk [3]. - The second key product, SRSD216, targets lipoprotein(a) for treating high Lp(a) levels and related cardiovascular diseases, entering Phase IIa trials in both China and the U.S. It shows over 95% Lp(a) suppression with a long duration of effect, enhancing patient compliance [4]. - The third product, SRSD384, aims to address the obesity market by targeting the INHBE protein, promoting fat loss while preserving muscle mass, differentiating it from current GLP-1 receptor agonists [4]. Group 2: Financial Performance and Profitability - As of mid-2025, the company has not generated any product sales revenue, with reported losses of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, totaling 651 million yuan in losses. However, it reported a profit of 34.46 million yuan in the first half of 2025 [5][6]. - The reported profitability is heavily reliant on non-recurring income, with other income reaching 144 million yuan in mid-2025, significantly up from 4.51 million yuan the previous year, primarily due to a strategic partnership with CRISPR Therapeutics [6]. - The partnership with CRISPR includes a cash payment of $25 million and $70 million in CRISPR shares, along with potential milestone payments of up to $800 million, contributing to the company's financial performance [6]. Group 3: Shareholder Composition and Valuation - Sirius Therapeutics boasts a strong shareholder base, including OrbiMed and Tencent, which enhances its credibility and potential for future collaborations [7][8]. - The company has raised approximately $144 million through multiple funding rounds, indicating continued market confidence. Its post-money valuation reached $253 million after a $47.5 million Series B round in April 2025 [8]. - The valuation logic is primarily based on the high growth prospects of the siRNA market, projected to reach $50.3 billion by 2040, and the synergies from its collaboration with CRISPR [8]. Group 4: Market Competition and Future Challenges - The siRNA market is highly competitive, with established players like Alnylam and Arrowhead already having products on the market. The company must prove its ability to stand out in this crowded field [11]. - The IPO represents a significant bet on cutting-edge biotechnology, emphasizing the potential for technological innovation to address major diseases [11]. - The company faces challenges in demonstrating sustainable profitability and navigating the long commercialization path, which typically requires substantial investment and time [10][12].

Core Insights - Jingyin Pharmaceutical has appointed Guozheng International Securities (Hong Kong) Limited as its overall coordinator for its IPO application submitted to the Hong Kong Stock Exchange on September 28, 2023 [1] - The company is a global clinical-stage biotechnology firm focused on the clinical and commercial value of siRNA therapies, with no candidate drugs commercialized to date [1][4] - The company reported net losses of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, but achieved a net profit of 34.46 million yuan in the first half of 2025 [1][4] Company Overview - Jingyin Pharmaceutical was co-founded by OrbiMed Entities and Creacion Ventures in 2021, with dual headquarters in San Diego and Shanghai [2] - The company has completed multiple rounds of financing since its inception, including Series A, B, and B2 rounds [2] Key Products and Development - The core product, SRSD107, is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II clinical trials in Europe, with plans for additional trials in China and Australia/New Zealand [2] - Other products include SRSD216, targeting Lp(a), and SRSD384, aimed at obesity, with ongoing clinical trials [2] Collaborations and Financials - In May 2025, Jingyin Pharmaceutical entered a collaboration agreement with CRISPR Therapeutics for SRSD107, receiving an upfront payment of $95 million and potential milestone payments exceeding $800 million [3] - The company has 65 patents and patent applications, including 14 related to its core products [3] Financial Performance - The company reported significant net losses since its establishment, with R&D expenses of 233 million yuan, 213 million yuan, and 64.67 million yuan for 2023, 2024, and the first half of 2025, respectively [4] - Operating cash outflows were 209 million yuan and 180 million yuan for 2023 and 2024, with a net cash inflow of 97.95 million yuan in the first half of 2025 [5] Future Funding Needs - Jingyin Pharmaceutical may require substantial additional funding through public offerings, private equity, debt financing, or partnerships to sustain operations [6]

Core Insights - Jingyin Pharmaceutical has appointed Guozheng International Securities (Hong Kong) Limited as its overall coordinator for its upcoming IPO, having submitted its listing application to the Hong Kong Stock Exchange on September 28 [1] - The company is a global clinical-stage biotechnology firm focused on realizing the clinical and commercial value of siRNA therapies, with no candidate drugs yet commercialized [1][4] - The company reported net losses of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, but achieved a net profit of 34.46 million yuan in the first half of 2025, indicating a turnaround [1][4] Product Development - The core product, SRSD107, is currently undergoing a Phase II clinical trial in Europe, with plans to initiate another Phase II trial in China and Australia/New Zealand [2] - SRSD216, another key product, is in a Phase IIa trial in both China and the U.S., targeting Lp(a) [2] - SRSD384, aimed at obesity, is actively progressing towards IND application [2] Strategic Partnerships - In May 2025, Jingyin Pharmaceutical entered into a collaboration agreement with CRISPR Therapeutics for the development and commercialization of SRSD107, receiving an upfront payment of $95 million and potential milestone payments exceeding $800 million [3] - The partnership involves a 50-50 cost and profit-sharing mechanism for the development of SRSD107 [3] Financial Overview - The company has incurred significant net losses since its inception, with R&D expenses of 233 million yuan, 213 million yuan, and 64.67 million yuan for 2023, 2024, and the first half of 2025, respectively [4] - Other income surged from 4.5 million yuan in the first half of 2024 to 144 million yuan in the first half of 2025, primarily due to the fair value gains from financial assets related to the CRISPR collaboration [4] Cash Flow and Funding Needs - Operating cash outflows were 209 million yuan and 180 million yuan for 2023 and 2024, respectively, while the first half of 2025 saw a net cash inflow of 97.95 million yuan [5] - The company may require substantial additional funding through public offerings, private equity, debt financing, or partnerships to sustain operations [6]

Core Viewpoint - Sirius Therapeutics has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for the development of its core products and pipeline projects in the cardiovascular disease sector [1]. Group 1: Company Overview - Sirius Therapeutics was founded in 2021 by OrbiMed Entities and Creacion Ventures, focusing on innovative nucleic acid therapies [1]. - The company has not generated any revenue or sales costs to date [1]. Group 2: Financial Performance - The company reported losses of RMB 309 million and RMB 342 million for 2023 and 2024, respectively [2]. - In the first half of 2025, Sirius Therapeutics achieved a profit of RMB 34.46 million, compared to a loss of RMB 159 million in the same period the previous year, primarily due to non-recurring gains from its collaboration with CRISPR [1][2]. Group 3: Funding and Valuation - In April 2025, Sirius Therapeutics entered into a B2 round share purchase agreement, raising approximately USD 47.5 million, resulting in a valuation of USD 253 million [3]. - OrbiMed Entities is the controlling shareholder, with significant stakes held by OrbiMed Asia, OrbiMed U.S., and Creacion Ventures [3].

Core Viewpoint - Sirius Therapeutics has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for the development of its core products and pipeline projects in the cardiovascular disease sector [1][2]. Financial Performance - The company has not generated any revenue or sales costs to date. It reported losses of RMB 309 million and RMB 342 million for 2023 and 2024, respectively. However, it is projected to achieve a profit of RMB 34.46 million in the first half of 2025, compared to a loss of RMB 159 million in the same period last year, primarily due to non-recurring income from its collaboration with CRISPR [1][2]. - For the first half of 2025, other income and gains amounted to RMB 144 million, a significant increase from RMB 4.51 million in the previous year, attributed to fair value gains from financial assets related to the CRISPR collaboration [2]. Investment and Shareholding Structure - In April 2025, Sirius Therapeutics entered into a B2 round share purchase agreement, raising approximately USD 47.5 million by issuing 26,498,776 shares, resulting in a post-funding valuation of USD 253 million [3]. - OrbiMed Entities is the controlling shareholder, with OrbiMed Asia, OrbiMed U.S., and Creacion Ventures holding 20.23% each. The CEO, Dr. Curt William Bradshaw, holds 1.46%, while Tencent's subsidiary holds 8.14% [3].

Core Viewpoint - Sirius Therapeutics-B (靖因药业) has submitted its listing application to the Hong Kong Stock Exchange, focusing on the clinical and commercial potential of siRNA therapies, with three main product pipelines targeting coagulation disorders, cardiovascular metabolic diseases, and obesity [3]. Group 1: Company Overview - Sirius Therapeutics-B is a global clinical-stage biotechnology company dedicated to maximizing the clinical and commercial value of siRNA therapies [3]. - The company has developed three major product pipelines, with SRSD107 as its core product, targeting coagulation factor XI and currently undergoing Phase II clinical trials in Europe [3]. - The company has established a global collaboration with CRISPR Therapeutics for the development and commercialization of SRSD107 [3]. Group 2: Financial Performance - The company reported no revenue or sales costs during the historical performance period [4]. - For 2023 and 2024, other income and gains were RMB 8.81 million and RMB 9.79 million, respectively, while the net loss attributable to shareholders was RMB -309.09 million and RMB -342.00 million [4][6]. - In the first half of 2025, other income and gains surged to RMB 144.61 million, a year-on-year increase of 3094.81%, with a net profit of RMB 34.46 million, marking a turnaround from losses [4][6]. Group 3: Funding and Valuation - Since its inception, the company has completed three rounds of financing, raising a total of approximately USD 144 million, with the latest round valuing the company at USD 25.3 million (approximately RMB 1.8 billion) [7]. - Major shareholders include OrbiMed Entities and Creacion Ventures, each holding approximately 20.23% of the company's issued share capital [10].

Core Viewpoint - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on developing siRNA therapies and has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC as joint sponsors [1] Industry Summary - The siRNA therapy market is projected to grow from $2.4 billion in 2024 to $50.3 billion by 2040, representing a compound annual growth rate (CAGR) of 20.9% [1] - siRNA therapies address disease mechanisms at the nucleic acid level and can target "undruggable" proteins that traditional technologies struggle to reach, offering a paradigm shift in chronic disease management with advantages such as longer durability, higher compliance, good safety profile, and lower drug interactions [1] Company Summary - The company has three core product pipelines focusing on coagulation disorders, cardiovascular metabolic diseases, and obesity [1] - SRSD107 is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II clinical trials in Europe [1] - SRSD216 is a potential best-in-class siRNA targeting Lp(a), with ongoing Phase IIa trials in China and the United States [1] - SRSD384 is an INHBE-targeting candidate drug for obesity, supported by compelling preclinical data, and is actively pursuing IND application [1] - The company’s proprietary PEPR platform includes chemical modifications, target and sequence optimization, and delivery technologies, and is researching extrahepatic delivery systems to expand the range of siRNA effects [1]

Core Viewpoint - Jingyin Pharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC acting as joint sponsors [1] Company Overview - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on maximizing the clinical and commercial value of siRNA therapies. The company aims to innovate treatment standards for chronic diseases through its proprietary siRNA technology platform and global collaboration network [4][5] - The siRNA therapy market is projected to reach USD 2.4 billion in 2024 and grow to USD 50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [4] Product Pipeline - The company is advancing three major product pipelines targeting coagulation disorders, cardiovascular metabolic diseases, and obesity, each with significant market potential. In 2024, these therapeutic areas are expected to have at least one blockbuster drug with annual sales exceeding USD 10 billion [5] - Key pipeline products include: - SRSD107: A potential first-in-class siRNA drug targeting coagulation factor XI, currently in Phase II clinical trials in Europe and planned for trials in China and Australia/New Zealand - SRSD216: A potential best-in-class siRNA targeting Lp(a), undergoing Phase IIa trials in China and the U.S. - SRSD384: An INHBE-targeting candidate for obesity, with promising preclinical data and active IND application [5] Financial Performance - For the six months ending June 30, 2023, 2024, and 2025, the company reported other income and revenue of approximately RMB 8.81 million, RMB 9.79 million, and RMB 14.4 million, respectively. The net loss for the same periods was approximately RMB 309 million, RMB 342 million, and RMB 34.5 million [6][7] - Administrative expenses and R&D expenses for the same periods were RMB 25.56 million, RMB 22.71 million, and RMB 233.42 million, RMB 213.33 million, respectively [7]