IPO News | Yingshi Biotech Submits Hong Kong Stock Exchange Committed to Improving Oncology Treatment Plans with Limited Curative Effects

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 25, InXMed Limited (INXMed Limited) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities and CCB International as co-sponsors. According to the prospectus, Yingshi Biotech is an advanced clinical biotechnology company established in 2017 to improve cancer treatment plans with limited efficacy. The company's mission is to address the core challenge of oncology therapy—drug resistance caused by tumor defense.

According to the prospectus, Yingshi Biotech focuses on key signaling hubs shared by various tumor types, particularly FAK and integrin pathways, which play a key role in tumor cell survival and cause the failure of different treatments. At the same time, Yingshi Biotech targets CAFs to remove protective barriers around tumor cells. By targeting key pathways of drug resistance, Yingshi Biotech is opening up a new frontier of treatment innovation to reshape rational drug use plans for cancer treatment.

As of the last practical date, Yingshi Biotech's product pipeline includes: (i) the core product ifebemtinib (a highly selective FAK inhibitor close to commercialization), which is undergoing multiple clinical development projects in China; it has obtained NMPA breakthrough therapy certification for three indications, and has obtained FDA rapid channel certification for one indication, showing great potential as a cornerstone therapy for cancer treatment; (ii) IN10028, a second-generation selective FAK inhibitor to maintain its leading position on this racetrack; and (iii) three types The innovative candidate antibody conjugate drug ADC, namely (a) OMTX705, which targets CAF in TME, has synergistic effects with various therapies such as anti-PD-1; (b) IN30758, which focuses on the FAK upstream signaling pathway and has a synergistic effect with FAK inhibitors; and (c) IN30778, which targets unique tumor-related antigens that are highly expressed and abundant in various solid tumors.

Yingshi Biotech's core product ifebemtinib is a highly selective oral small molecule FAK inhibitor developed and promoted independently by the company. FAk is overexpressed and activated in both tumor cells and CAFs, and plays a key role in regulating cell proliferation, migration, and invasion, and together creates a survival advantage for cancer cells. By inhibiting the FAK signaling pathway, ifebemtinib is expected to disrupt tumor defense systems, particularly adaptive drug resistance mechanisms.

Furthermore, with experience and knowledge in developing ifebemtinib, the company is developing the second-generation selective FAK inhibitor IN10028, which aims to be used in combination with different antineoplastic drugs (especially RAS inhibitors) to maintain its leading position on this racetrack. The company expects to submit an IND application for this drug candidate within 2025. The first human clinical trial is expected to begin in the first quarter of 2026.

On the financial side, for the three months ending March 31 in 2023, 2024, and 2025, the company's other/net revenue was approximately RMB 392,000, RMB 2.472,000, and RMB 1.603 million, respectively; during the same period, the year/period losses were approximately -209 million yuan, -185 million yuan, and -3.369 million yuan.

According to Yingshi Biotech's prospectus or existing risk factors, the company largely depends on the success of candidate products. If clinical development or commercialization of clinical and pre-clinical product lines cannot be successfully completed, or if significant delays or cost overruns are encountered in any of these steps, the company's business and prospects may be significantly adversely affected.