New Stock News | Lico Pharmaceuticals files second application to Hong Kong Stock Exchange for the development of small molecule inhibitors for the treatment of autoimmune and inflammatory diseases.

According to the disclosure of the Hong Kong Stock Exchange on June 15th, Lingke Pharmaceutical (Zhejiang) Co., Ltd. (referred to as Lingke Pharmaceutical) submitted an application to the Hong Kong Stock Exchange Main Board, with CITIC SEC and BOCI as joint sponsors. The company had previously submitted an IPO application to the Hong Kong Stock Exchange on November 30, 2025. Company Profile According to the prospectus, Lingke Pharmaceutical mainly develops small molecule inhibitors for the treatment of autoimmune and inflammatory diseases. As of the latest practicable date, Lingke Pharmaceutical has two core products and seven additional clinical or pre-clinical development candidate products. The core products are LNK01001 and LNK01004. LNK01001 is an oral second-generation JAK1+ selective small molecule inhibitor, used for moderate to severe rheumatoid arthritis, moderate to severe ankylosing spondylitis, moderate to severe atopic dermatitis, and vitiligo. It is intended for patients requiring disease-modifying therapy (i.e., altering the course of the disease rather than just relieving symptoms) and is positioned as a selective JAK1 inhibitor with a more favorable safety profile compared to early JAK inhibitors. LNK01001 is classified as a small molecule research drug in China. LNK01004 is a topical soft pan-JAK inhibitor, used for mild to moderate atopic dermatitis and other inflammatory skin diseases. It has high local JAK inhibitory activity and minimizes systemic exposure, making it suitable for long-term topical treatment, including for patients who are not candidates for systemic JAK therapy. It is also classified as a locally developing therapy in China. Lingke Pharmaceutical's key product LNK01006 is a selective, centrally nervous system (CNS) penetrant TYK2 inhibitor targeting CNS-related diseases. In addition, Lingke Pharmaceutical has established the proprietary LynkNova protein degradation platform and is developing various innovative candidate products with certified mechanisms of action and clinical value potential through this platform, including LNK009, a signal transduction and transcription activator 6 (STAT6) protein degradation chimeric PROTAC; LNK011, a novel VAV1 molecule glue degrader (MGD); LNK013, an IRAK4 PROTAC; and LNK014, an NEK7 MGD. Currently, LNK01001 is undergoing multiple Phase III clinical trials. For atopic dermatitis, Lingke Pharmaceutical submitted a new drug application in April 2026, which was accepted for review by the China National Medical Products Administration on April 7, 2026, and is expected to be approved in the second half of 2027. LNK01001 is expected to enter the new drug application stage for rheumatoid arthritis and ankylosing spondylitis in China in the second half of 2026 and 2027. At the same time, Lingke Pharmaceutical completed a Phase II trial targeting atopic dermatitis with LNK01004 in China in July 2025 and plans to initiate a Phase III trial in the first half of 2027. The key product LNK01006 of Lingke Pharmaceutical is currently being evaluated in a Phase I clinical trial involving healthy volunteers in the United States, with the trial starting in April 2026 by the partner Bleecker Bio, Inc. Protein degradation methods have been on the rise in recent years. Lingke Pharmaceutical has established a core technological route based on protein hydrolysis targeting chimeric PROTAC/molecular glue degraders (MGD) to intervene in the JAK-STAT signaling pathway. This strategy opens up a new area of drug development that can target and regulate the JAK-STAT signaling pathway as well as a broader range of immune signaling pathways. With a deep understanding of the immune signaling pathways related to autoimmune diseases, we have developed the proprietary LynkNova protein degradation platform. This advanced platform aims to address untargetable targets in immune diseases and has the potential for further application in other treatment areas such as neurodegenerative diseases, providing patients with new treatment options. In terms of partnerships, Lingke Pharmaceutical entered into a cooperation agreement with Jiangsu SIMCERE PHARMA Co., Ltd. on March 18, 2022, to jointly promote the exclusive rights to future marketing and commercialization activities for the treatment of ankylosing spondylitis and rheumatoid arthritis in mainland China, Macau, Hong Kong, and Taiwan using LNK01001. On January 31, 2024, Lingke Pharmaceutical also entered into a service agreement with Syneos Health. Under the terms of the agreement, Lingke Pharmaceutical commissioned Syneos Health to provide services for the Phase III clinical development project of LNK01001 in mainland China. In December 2025, Lingke Pharmaceutical entered into a licensing agreement with Bleecker Bio, Inc., granting Bleecker an exclusive license requiring royalty payments to develop, manufacture, commercialize, or otherwise exploit LNK01006 and any related backup molecules, intermediates, compounds, or forms worldwide (excluding mainland China, Hong Kong, Macau, and Taiwan) for all purposes. Financial Information Revenue: For the three months ended March 31, 2026, the company's revenue was RMB 38.643 million. Annual/(Loss)/Profit For the fiscal years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's annual/(loss)/profit was approximately -RMB 312 million, -RMB 203 million, -RMB 42.222 million, and RMB 245.9 million, respectively. Research and Development Expenditure as a Percentage of Total Operating Expenses: In the past reporting periods, the total research and development expenditure for the periods ended December 31, 2024, and March 31, 2026, accounted for approximately 87.6%, 85.9%, and 79.1% of total operating expenses, respectively. Industry Overview According to Frost & Sullivan data, the global market for autoimmune and inflammatory disease drugs has seen significant growth. From 2021 to 2025, the global market size for treatments of autoimmune and inflammatory diseases increased from USD 144.6 billion to USD 173 billion, with a compound annual growth rate of 4.6% during this period. The market is expected to continue expanding, reaching USD 239.5 billion by 2030, with a compound annual growth rate of 6.7% from 2025 to 2030, and further growing to USD 297 billion by 2035, with a compound annual growth rate of 4.4% from 2030 to 2035. It is worth noting that the Chinese market for autoimmune and inflammatory disease drugs showed strong performance from 2021 to 2025, with the market size increasing from RMB 51.9 billion to RMB 72.4 billion, representing a compound annual growth rate of 8.7% over five years. The market expansion is expected to accelerate significantly, with the market size expected to reach RMB 164.5 billion by 2030, corresponding to a compound annual growth rate of 17.8% from 2025 to 2030. This strong growth momentum is expected to continue until 2035, with the market size projected to reach RMB 371.3 billion, with a compound annual growth rate of 17.7% from 2030 to 2035. The global JAK inhibitors market size increased from USD 9.5 billion in 2021 to USD 18.6 billion in 2025, with a compound annual growth rate of 18.5% during the period. The market expansion is expected to continue, reaching USD 31.4 billion by 2030, with a compound annual growth rate of 11.0% from 2025 to 2030. Looking ahead, the market size is projected to increase to USD 39 billion by 2035, with a slower compound annual growth rate of 4.4% from 2030 to 2035. The Chinese market for JAK inhibitors experienced significant expansion, growing from USD 200 million in 2021 to USD 900 million in 2025, with a corresponding compound annual growth rate of 37.3%. This strong growth trajectory is expected to continue, with the market size expected to reach USD 3.4 billion by 2030, representing a compound annual growth rate of 30.4% from 2025 to 2030. Looking further into the future, the market size is projected to further rise to USD 7 billion by 2035, with a steady compound annual growth rate of 15.9% from 2030 to 2035. Board of Directors Information The Board of Directors consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors. The directors serve a term of three years and are eligible for re-election at the end of their term. Shareholding Structure Dr. Wan Zhaokui, Dr. Wang Jun, Dr. Vazquez, Mr. Chen Yan, Lingxin Partnership Enterprise, and Lynk Investment will be considered the single largest shareholder group of Lingke Pharmaceutical. Lingxin Partnership Enterprise, with Dr. Wan as the general partner, holds approximately 65.51% equity, and is held by Mr. Chen, Hangzhou Lingxin Zhiyuan Enterprise Management Consulting Partnership Enterprise (Limited Partnership) ("Lingxin Zhiyuan"), Hangzhou Lingxin Ruihe Enterprise Management Consulting Partnership Enterprise (Limited Partnership) ("Lingxin Ruihe"), Dr. Wang, and Dr. Vazquez as limited partners, holding approximately 10.05%, 8.56%, 8.55%, 5.40%, and 1.94% equity, respectively. Lingxin Zhiyuan and Lingxin Ruihe serve as employee shareholding platforms for Lingke Pharmaceutical. As of the latest practicable date, (i) Lingxin Zhiyuan, with Dr. Wan as the general partner, holds approximately 0.4866% equity, Dr. Wu Yu as the largest limited partner holds 68.6408% equity, and 22 current employees of the company hold 30.8726% equity; and (ii) Lingxin Ruihe, with Dr. Wan as the general partner, holds approximately 0.0183% equity, and 36 current employees of the company hold 99.9817% equity. Dr. Wan's interests in Lingxin Zhiyuan and Lingxin Ruihe are held for his personal benefit. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, BOCI International Financial Limited; Legal Advisors: Gallant Y.T. Ho & Co., Tiayuant Law Firm; Joint Sponsors and Legal Advisors to the Compilation: Sullivan & Cromwell LLP (Hong Kong) Limited, Tongshang Law Firm; Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants LLP; Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch.