Core Viewpoint - Tyligand Biosciences is a clinical-stage biopharmaceutical company focused on developing innovative cancer therapies, planning to list on the Hong Kong Stock Exchange under the 18A rule with a primary focus on small molecule drugs and ADC candidates [1][3]. Financial Performance - The company reported revenues of approximately RMB 0.08 billion for 2024 and RMB 0.11 billion for the first nine months of 2025, reflecting a year-on-year increase of 654.18% [4]. - The net losses were RMB 0.70 billion in 2024 and RMB 1.23 billion in the first nine months of 2025, with a year-on-year increase of 335.23% [4]. - Gross margins were reported at 90.64% for 2024 and 78.31% for the first nine months of 2025 [4]. - Research and development expenses were RMB -0.73 billion for 2024 and RMB -0.91 billion for the first nine months of 2025, with a year-on-year increase of 80.62% [4]. Drug Development Pipeline - The company has a drug portfolio that includes four candidates, with TSN1611 being the core product currently in Phase 2 clinical trials in the US and China for non-small cell lung cancer (NSCLC) [1][3]. - TSN1611 is a highly selective oral KRAS G12D inhibitor, with plans for a pivotal registration trial in China [1]. Industry Overview - The global market for KRAS G12D inhibitors is projected to grow from USD 81.8 million in 2027 to USD 3,481.6 million by 2035, with a compound annual growth rate (CAGR) of 59.8% [8]. - The Chinese market for KRAS G12D inhibitors is expected to increase from USD 12.3 million in 2027 to USD 446.5 million by 2035, with a CAGR of 56.7% [8][9]. Competitor Analysis - Comparable companies in the industry include Jinfang Pharmaceutical-B, Hengrui Medicine, and Revolution Medicines, with varying IPO details and financial metrics [12]. - Tyligand Biosciences has a current gross margin of 90.64%, which is competitive within the industry [12]. Management and Shareholding Structure - The board of directors consists of five members, including two executive directors and three non-executive directors [13]. - Major shareholders include Tyligand Holdings, which holds 23.66% of the company, with significant stakes from other investors such as Tencent and Kangzhe Pharmaceutical [15]. Financing History - The company has undergone multiple rounds of financing, with the latest B round valuing the company at approximately USD 222.2 million [17].

Core Viewpoint - TaiLi Bio is a clinical-stage biopharmaceutical company focused on discovering and developing innovative cancer therapies, with its core candidate drug TSN1611 being a selective oral KRAS G12D inhibitor [1][3]. Group 1: Company Overview - TaiLi Bio was established in 2017 and has submitted its listing application to the Hong Kong Stock Exchange [1]. - The company has a pipeline that includes four candidate drugs, with TSN1611 currently in Phase 2 clinical trials in the US and China [3]. Group 2: Financial Performance - The company reported net losses of 70.461 million yuan and 123 million yuan for the first three quarters of 2024 and 2025, respectively [1][6]. - Research and development expenses for the same periods were 72.813 million yuan and 91.17 million yuan [6]. Group 3: Business Model and Strategy - TaiLi Bio's business model focuses on the independent discovery and development of innovative drugs in the oncology field, particularly small molecule drugs and ADC candidates [3]. - The company aims to accelerate the clinical development and commercialization of TSN1611 and plans to pursue external collaborations to maximize the global value of its technology platform and product pipeline [3][4]. Group 4: Research and Development - The company has established three core self-developed technology platforms that provide a competitive advantage in the development of small molecules and ADCs [3]. - As of January 23, 2026, TaiLi Bio holds 97 patents and patent applications [6]. Group 5: Regulatory Status - As of the latest update, TaiLi Bio has not received any regulatory approvals for its candidate drugs and has not generated any revenue from product sales [6].

Core Viewpoint - Tyligand Bioscience has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [3]. Company Overview - Tyligand Bioscience, established in 2017, is a clinical-stage biopharmaceutical company focused on discovering and developing innovative cancer therapies [4]. - The company holds 97 patents and patent applications, including 25 related to its core product TSN1611 [4]. - Tyligand has not yet received any marketing approval for its candidate drugs and has not generated any revenue from product sales [4]. - The company is headquartered in Suzhou and employs a total of 64 staff, with 49 in research and development [4]. Shareholding Structure - Key shareholders include Dr. Tony Yantao Zhang, Dr. Boyu Zhong, Dr. Zhong-Yin Zhang, and Tyligand Holdings, collectively holding 24.01% of the issued shares [4]. - Dr. Tony Yantao Zhang directly holds approximately 0.35%, while Tyligand Holdings holds about 23.66%, with ownership distributed among the founders [4]. Management Team - Dr. Tony Yantao Zhang, 64, is the Chairman and CEO, responsible for overall management and strategic planning [5]. - Dr. Boyu Zhong, 63, serves as the Executive Director and President, leading research and development efforts [6]. Financial Performance - The company's revenue for 2023, 2024, and the first nine months of 2025 is projected to be 7.856 million, 1.506 million, and 11.358 million respectively, with losses of 70.461 million, 28.354 million, and 123 million [7]. - Revenue sources include providing research and development services and intellectual property licensing [7].

Group 1 - Tyligand Bioscience has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [3] - The company, founded in 2017, focuses on discovering and developing innovative cancer therapies and currently holds 97 patents and patent applications, including 25 related to its core product TSN1611 [4] - Tyligand Bioscience has not yet received any market approval for its candidate drugs and has not generated any revenue from product sales [4] Group 2 - As of December 31, 2023, the company reported revenues of 7.856 million RMB, 1.506 million RMB for the nine months ending September 30, 2024, and 11.358 million RMB for the first nine months of 2025 [7] - The company incurred losses of 70.461 million RMB, 28.354 million RMB, and 123.406 million RMB for the respective periods [7] - Revenue sources include providing research and development services and intellectual property licensing [7]

Company Overview - Tyligand Bioscience, established in 2017, is a clinical-stage biopharmaceutical company focused on discovering and developing innovative cancer therapies. The drug portfolio includes four candidate drugs, with the core product TSN1611 being a selective oral KRAS G12D inhibitor currently in Phase 2 clinical trials in the US and China [3][4]. Financial Information - The company reported revenues of RMB 7.856 million for the fiscal year 2024, RMB 1.506 million for the nine months ending September 30, 2024, and RMB 11.358 million for the nine months ending September 30, 2025 [7]. - The company incurred losses of approximately RMB 70.461 million for the fiscal year 2024, RMB 28.354 million for the nine months ending September 30, 2024, and RMB 123.406 million for the nine months ending September 30, 2025 [8]. - Gross profits were reported as RMB 7.121 million for the fiscal year 2024, RMB 1.506 million for the nine months ending September 30, 2024, and RMB 8.894 million for the nine months ending September 30, 2025 [9]. Industry Overview - Cancer is a leading cause of death globally, with approximately 10 million deaths annually. In 2024, there are expected to be 21.3 million new cancer cases, projected to rise to 27.1 million by 2035. In China, the most prevalent cancers are lung, colorectal, and thyroid cancers [10]. - The global oncology drug market has expanded significantly, with a market size growing from USD 150.3 billion in 2020 to USD 253.3 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.9%. It is expected to reach USD 702.7 billion by 2035, with immunotherapy being a major growth driver [10]. - The Chinese oncology drug market has also seen rapid growth, increasing from RMB 197.5 billion in 2020 to RMB 258.2 billion in 2024, with a CAGR of 6.9%. It is projected to reach RMB 1.04 trillion by 2035, with immuno-oncology drugs' market share expected to surge from 7.5% in 2020 to 47.5% by 2035 [13].

Company Overview - Tyligand Bioscience, established in 2017, is a clinical-stage biopharmaceutical company focused on discovering and developing innovative cancer therapies. The drug portfolio includes four candidate drugs, with the core product TSN1611 being a selective oral KRAS G12D inhibitor currently in Phase 2 clinical trials in the US and China, aimed at treating non-small cell lung cancer (NSCLC) [3][6]. Financial Information - The company reported revenues of RMB 7.856 million for the fiscal year 2024, RMB 1.506 million for the nine months ending September 30, 2024, and RMB 11.358 million for the nine months ending September 30, 2025 [5][6]. - The company incurred losses of approximately RMB 70.461 million for the fiscal year 2024, RMB 28.354 million for the nine months ending September 30, 2024, and RMB 123.406 million for the nine months ending September 30, 2025 [7]. - Gross profits were reported as RMB 7.121 million for the fiscal year 2024, RMB 1.506 million for the nine months ending September 30, 2024, and RMB 8.894 million for the nine months ending September 30, 2025 [8]. Industry Overview - Cancer is a leading cause of death globally, with approximately 10 million deaths annually. In 2024, there are expected to be 21.3 million new cancer cases, projected to rise to 27.1 million by 2035. In China, the most prevalent cancers are lung, colorectal, and thyroid cancers [9]. - The global oncology drug market has expanded significantly, with a market size growing from USD 150.3 billion in 2020 to USD 253.3 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.9%. It is expected to reach USD 702.7 billion by 2035, with immunotherapy being a major growth driver [9]. - The Chinese oncology drug market has also seen rapid growth, increasing from RMB 197.5 billion in 2020 to RMB 258.2 billion in 2024, with a CAGR of 6.9%. It is projected to reach RMB 1.04 trillion by 2035, with immuno-oncology drugs expected to capture a significant market share [12].

Group 1 - Tyligand Bioscience Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1][3] - The company, established in 2017, is a clinical-stage biopharmaceutical firm focused on discovering and developing innovative cancer therapies [1] - Tyligand's drug portfolio includes four candidate drugs, with the core product TSN1611 being a highly selective oral KRAS G12D inhibitor currently in Phase 2 clinical trials in the US and China [1] Group 2 - TSN1611 targets KRAS G12D, one of the most common oncogenic driver mutations, which has historically been challenging to treat [1] - The company plans to advance TSN1611 into pivotal registration clinical trials for non-small cell lung cancer (NSCLC) in China [1] - Additional candidates in the pipeline include TSN222, a Phase 2 clinical candidate, and two preclinical candidates, TSNA1789 and TSNA3399 [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Tyligand Bioscience Ltd. 泰勵生物有限公司 * (the "Company") (Incorporated in the Cayman Islands with limited liability) WARNING The publication ...

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