Tianze YunTai's Science and Technology Innovation Board IPO has been accepted, and there are currently no drugs approved for listing.

On June 17th, Shanghai Tianze Yuntai Biopharmaceutical Co., Ltd. (referred to as Tianze Yuntai) has submitted its application for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board. Guotai Haitong is its sponsoring institution, with plans to raise 2.503 billion yuan. According to the prospectus, Tianze Yuntai was established in 2020 and is an advanced therapeutic drug research and development company focused on the coordinated development of innovative drugs and technologies. It focuses on genetic and degenerative diseases where there are currently no effective treatments available. The company is committed to translating cutting-edge gene delivery and gene editing technologies into gene and cell therapies that can cure or provide long-term relief with a single intervention. In terms of innovative drugs, the company's vision is to "give all diseases a chance to be cured" and focuses on genetic and degenerative diseases with no current effective treatments available. The company's research pipeline addresses the significant clinical needs of degenerative diseases, enhancing the company's investment value and providing long-term returns for shareholders, while also bridging the gap in "forgotten medical gaps" to provide hope for patients with genetic diseases. Currently, the company has multiple key products in its research pipeline, with the development progress of its clinical-stage products being the first or top three globally. Two products are expected to be submitted for market approval soon and are expected to be approved for market entry in China by 2027. The company also plans to communicate with the US FDA regarding the market approval plans for relevant products, bringing advanced therapeutic drugs to patients worldwide. Based on the urgent clinical needs and breakthrough product value, the company's research products have obtained regulatory incentives in China, the US, and Europe. In terms of innovative technologies, the company has established a proprietary controllable delivery and editing platform, including two delivery technology systems (rAAV and LNP) and gene editing technology platforms (such as the AaCas12bMax system). Gene therapy products using rAAV as carriers are expected to be submitted for market approval or enter late-stage clinical trials, while products using AaCas12bMax gene editing technology and LNP technology are already in human validation stage. Additionally, the company's innovative technology applications are wide-ranging, with several external technology licensing agreements already in place and expected to increase rapidly with the application of delivery and editing technologies in more drug paradigms. Tianze Yuntai has established a multi-dimensional commercialization strategy: (1) In terms of innovative drugs: in the Chinese market, the company expects to have two genetic disease gene therapy products (VGN-R09b and VGR-R01) approved by 2027, with VGN-R09b for Parkinson's disease expected to be approved by 2029, consolidating the company's leading position in the Chinese gene therapy market. In the global market, the company plans to communicate with the US FDA regarding the market approval of VGN-R09b and VGR-R01, bringing advanced therapeutic drugs to patients worldwide. (2) In terms of innovative technologies: the company uses a "down payment + milestone + sales share" approach for external technology licensing and has achieved steady growth in licensing revenues. Tianze Yuntai notes that the company has not yet had any drugs approved for market entry or generated sales revenue from drug sales. While the company has achieved steady growth in technology licensing revenues, the substantial R&D efforts and costs for its rich research pipeline with multiple products in pre-clinical development or clinical trials will continue at a high level. If the company's research products cannot be approved for market entry in a timely manner, or if they fail to achieve rapid sales growth after market entry, or if the progress of the research and commercialization of subsequent products is not as expected, the company may face a period of being unprofitable and unable to distribute profits after market entry, which could have a certain adverse effect on shareholders' investment returns. If the stock offering is successful, based on the urgency and importance of investment projects, the raised funds (after deducting issuance expenses) will be invested in the following projects: Financially, in 2023, 2024, and 2025, the company achieved a net loss of approximately -274 million, -223 million, and -217 million yuan respectively. In 2024 and 2025, the company recorded operating revenues of approximately 3.2563 million and 21.6763 million yuan respectively.