New stock news: Yifang Biomedical (688382.SH) submits application to the Hong Kong Stock Exchange, focusing on areas such as tumor, autoimmune diseases, and metabolic diseases.

According to the disclosure of the Hong Kong Stock Exchange on January 1st, Innovax Biotech (Shanghai) Co., Ltd. (referred to as Innovax Biotech) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. Company Profile The prospectus shows that Innovax Biotech (688382.SH) is a research-driven biopharmaceutical company based in China and with global presence, focusing on major disease areas such as cancer, autoimmune diseases, and metabolic diseases where there is a significant unmet need. As of December 24, 2025, the company has established a comprehensive and diversified product pipeline, including two commercial products (BPI-D0316 and D-1553), two core products in clinical stages (D-2570 and D-0502), one clinical-stage candidate product (D-0120), and three pre-clinical candidate products (YF087, YF550, and YF057). The company's two flagship products, the third-generation EGFR inhibitor BPI-D0316 and the KRAS G12C inhibitor D-1553, have been approved for marketing in China and included in the National Reimbursement Drug List (NRDL), signaling entry into the commercial value realization stage. BPI-D0316 is a self-developed third-generation EGFR tyrosine kinase inhibitor (EGFR TKI) used to treat NSCLC with EGFR mutations. D-1553 is a self-developed KRAS G12C inhibitor, the first domestically developed product targeting this area to enter clinical stages. In August 2023, the company signed a License and Cooperation Agreement with Zelgenessis (D-1553) to develop, register, produce, and commercialize D-1553 exclusively in mainland China during the agreement period. In terms of the product pipeline in clinical stages, the company's core product TYK2 inhibitor D-2570 and oral selective estrogen receptor degrader (SERD) D-0502 are undergoing Phase III clinical trials. The URAT1 inhibitor Dabinoxel (D-0120) has completed Phase IIb clinical trials. D-2570 is a development-stage TYK2 variant inhibitor primarily used to treat plaque psoriasis and UC. The company plans to initiate additional clinical trials for D-2570 targeting PsA, SLE, and Vitiligo. D-0502 is a development-stage SERD drug mainly used to treat ER+/HER2- breast cancer. The company has a high customer reliance. For the year ended December 31, 2024, and the nine months ended September 30, 2025, the company's revenue from only two customers amounted to RMB 168.8 million and RMB 30.9 million, respectively. For the year ended December 31, 2024, and the nine months ended September 30, 2025, revenue from the company's single largest customer in each period accounted for 90.3% and 73.6% of total revenue, respectively. Financial Information Revenue For the year 2024 and the nine months ended September 30, 2025, the company achieved revenue of approximately RMB 169 million and RMB 30.89 million, respectively. Gross Margin For the year 2024 and the nine months ended September 30, 2025, the company's gross margins were RMB 165 million and RMB 26.739 million, respectively. Profit For the year 2024 and the nine months ended September 30, 2025, the company recorded losses of approximately RMB 240 million and RMB 181 million, respectively. Industry Overview Cancer Drug Market Size The global cancer drug market has grown from $143.5 billion in 2019 to $253.3 billion in 2024, with a compound annual growth rate of 12.0%. It is estimated to reach $702.7 billion by 2035, with compound annual growth rates of 10.2% from 2024 to 2030 and 9.2% from 2030 to 2035. The size of the Chinese cancer drug market has grown from $26.5 billion in 2019 to $35.9 billion in 2024, with a compound annual growth rate of 6.3%. It is projected to reach $145 billion by 2035, with compound annual growth rates of 12.7% from 2024 to 2030 and 14.6% from 2030 to 2035. The global targeted cancer drug market has grown from $85.5 billion in 2019 to $154 billion in 2024, with a compound annual growth rate of 12.5%. It is expected to reach $320.5 billion by 2035, with a compound annual growth rate of 4.8% from 2030 to 2035. The size of the Chinese targeted cancer drug market has grown from $6.2 billion in 2019 to $16.6 billion in 2024, with a compound annual growth rate of 21.8%. It is projected to reach $61.6 billion by 2035, with a compound annual growth rate of 10.4% from 2030 to 2035. Looking specifically at the company's core products D-2570 and D-0502. D-2570 is a development-stage TYK2 variant inhibitor used primarily to treat plaque psoriasis and UC. Plaque Psoriasis The global number of plaque psoriasis patients was 172.8 million in 2024, projected to reach 181.4 million by 2030, and 187.9 million by 2035. The number of plaque psoriasis patients in China was 5.9 million in 2024, estimated to reach 6.0 million by 2030, and 6.1 million by 2035. The global market size for psoriasis drugs reached $23.9 billion in 2024, projected to reach $36.2 billion by 2030, and $47 billion by 2035. The market size for psoriasis drugs in China reached $2.5 billion in 2024, estimated to reach $9.4 billion by 2030, and $16 billion by 2035. UC The global number of UC patients was 5.0 million in 2024, projected to reach 6.9 million by 2030, and 8.8 million by 2035. The number of UC patients in China was 583,900 in 2024, estimated to reach 914,100 by 2030, and 1.2 million by 2035. The global market size for UC drugs has grown from $5.1 billion in 2019 to $9 billion in 2024, projected to reach $12.5 billion by 2030, and $14.1 billion by 2035. The market size for UC drugs in China has grown from $160 million in 2019 to $240 million in 2024, with a compound annual growth rate of 8.5% from 2019 to 2024. It is expected to increase to $300 million by 2030, and $400 million by 2035, with compound annual growth rates of 5.2% from 2024 to 2030 and 2.4% from 2030 to 2035. D-0502 Terisia Quadran The global market size for SERD drugs was $1 billion in 2024, projected to reach $5.9 billion by 2035. The market size for SERD drugs in China was $200 million in 2024, projected to reach $400 million by 2030, and grow to $800 million by 2035. Board of Directors information The company's board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Directors serve a term of 3 years and can be re-elected. Shareholding Structure As of December 24, 2025, Dr. Wang, through his controlling entities - Innovax Holdings, Aargletschers, and Innovax Cayman, holds approximately 19.08% of the issued shares; Dr. Jiang, through his wholly-owned subsidiary YUEHENG JIANG LLC, holds approximately 4.64% of the issued shares; and Dr. Dai, through his wholly-owned subsidiary XING DAI LLC, holds approximately 3.54% of the issued shares. Intermediary Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited. Company Legal Advisor: Davis Polk & Wardwell for Hong Kong and US law; JunHe Law Firm for Chinese law. Exclusive Sponsor Legal Advisor: Herbert Smith Freehills Kramer for Hong Kong and US law; Jingtian & Gongcheng Law Firm for Chinese law. Reporting Accountant and Independent Auditor: Hong Kong RSM Corporate Advisory (Hong Kong) Limited. Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch. Compliance Advisor: Guo Yuan Finance (Hong Kong) Limited.