New Stock News | Yino Medical submitted an application to the Hong Kong Stock Exchange as a biotechnology company focused on clinical demand-oriented.

According to the disclosure of the Hong Kong Stock Exchange on January 14th, Immvira Bioscience Inc. (referred to as Immvira Medicine) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Citigroup and CICC as its joint sponsors. It is reported that Immvira Medicine had submitted a listing application to the main board of the Hong Kong Stock Exchange on June 25, 2025. Company Overview The prospectus reveals that Immvira Medicine is a clinical demand-oriented biotechnology company committed to discovering, developing, producing, and commercializing novel oncolytic immunotherapy and engineered exosome therapy. The company has established a product pipeline, including two oncolytic immunotherapy products for solid tumors, and five engineered exosome products with clinical application prospects or direct commercialization potential. The company's core product MVR-T3011 is a phase II oncolytic immunotherapy product targeting herpes simplex virus type 1 (HSV-1), combining potent tumor lysis with the expression of anti-PD-1 antibodies and IL-12. MVR-T3011 is currently being evaluated as a monotherapy and as part of combination therapy, covering a range of indications including bladder cancer (including as a second-line treatment for high-risk non-muscle-invasive bladder cancer (NMIBC) post BCG therapy, first-line treatment for NMIBC, as well as neoadjuvant or adjuvant chemotherapy for muscle-invasive bladder cancer (MIBC)), third-line treatment for head and neck squamous cell carcinoma (HNSCC), and other solid tumor indications. It is worth noting that the company may not be successful in developing and commercializing its pipeline products (including the core product MVR-T3011) and/or obtaining meaningful economic value from these pipeline products. Financial Information Revenue During the reporting period, the company's revenue came from external licensing and collaboration arrangements, mainly consisting of upfront payments, patent licensing fees, and other considerations received from various partners. The company currently has no products approved for commercial sale under clinical regulatory pathways, and during the reporting period, there was no revenue from product sales. The company recorded revenues of RMB 6.772 million, RMB 3.2 million, and RMB 1.305 million for the years 2023, 2024, and the nine months ended September 30, 2025 respectively. Annual/Periodic Losses The company recorded losses of approximately RMB 482 million, RMB 524 million, and RMB 375 million for the years 2023, 2024, and the nine months ended September 30, 2025 respectively, primarily related to expenses associated with research and development activities and administrative activities. Industry Overview The global oncolytic immunotherapy drug market is currently in its initial stages, characterized by a limited number of commercialized products and low clinical adoption. As a result, doctors' prescription behavior is not yet well-established, and disruptions related to the novel coronavirus epidemic have led to fluctuations in the size of the oncolytic immunotherapy market between 2019 and 2024. Although T-VEC was approved in 2025, its market penetration rate during the period 2019 to 2024 remained relatively small, partly due to its effectiveness as a monotherapy for advanced melanoma. Oncolytic immunotherapy has achieved significant progress in recent years, and more candidate drugs are reaching regulatory milestones. In addition, the range of target indications has expanded from melanoma to major solid tumors, including bladder cancer. The clinical potential of this therapy is highlighted in indications such as bladder cancer, head and neck squamous cell carcinoma (HNSCC), and glioblastoma (which demonstrate significant therapeutic potential in oncolytic immunotherapy). The global total incidence of these indications was approximately 2.06 million cases in 2024 and is expected to increase to around 2.49 million cases by 2033. Frost & Sullivan estimates that at least 10 new oncolytic immunotherapy drugs will be approved globally between 2026 and 2033. Furthermore, oncolytic immunotherapy is increasingly being used in combination therapy (such as checkpoint inhibitors) and early treatment. In conclusion, the oncolytic immunotherapy market is expected to expand rapidly in the coming years. The global oncolytic immunotherapy drug market is projected to increase from $87.1 million in 2024 to $1.56 billion in 2028, with a compound annual growth rate of 105.7% from 2024 to 2028, and further expand to $17.145 billion by 2033, with a compound annual growth rate of 61.5% from 2028 to 2033. Meanwhile, the U.S. oncolytic immunotherapy drug market is expected to increase from $58.2 million in 2024 to $975 million in 2028, with a compound annual growth rate of 102.3% from 2024 to 2028, and further expand to $9.64 billion by 2033, with a compound annual growth rate of 58.1% from 2028 to 2033. China's development in the field of oncolytic immunotherapy is also rapidly progressing. According to Frost & Sullivan, between 2025 and 2033, at least six new oncolytic immunotherapy drugs are expected to be approved for market in China, with the range of indications expanding to cover more types of solid tumors. These dynamics collectively indicate a significant growth in the Chinese oncolytic virus drug market, with the market size expected to increase from $6.3 million in 2024 to $223 million in 2028, and further rise to $3.271 billion by 2033, with a compound annual growth rate of 143.9% from 2024 to 2028 and 71.1% from 2028 to 2033. Board of Directors and Senior Management Information The company's board of directors consists of seven directors (one executive director, three non-executive directors, and three independent non-executive directors). The board is responsible for managing and conducting the company's business. Equity Structure As of the last practicable date, the single largest shareholder group of the company collectively has the right to exercise voting rights involving a total of 52,314,250 shares, representing approximately 22.80% of the total issued shares of the company. Intermediary Team Joint Sponsors: Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited Industry Consultants: Frost & Sullivan International Limited Company Legal Advisors: On Hong Kong and U.S. Law: King & Wood Mallesons Hong Kong LLP; On Chinese Law: Jingtian & Gongcheng Attorneys-at-Law; On Cayman Islands Law: Harney Westwood & Riegels Reporting Accountants and Auditors: Ernst & Young Hua Ming LLP