China-based Elpiscience Biopharmaceuticals has filed a Hong Kong Stock Exchange (HKEX) listing application following USD 250 million cumulative financing and achieving a nearly USD 600 million post Series C valuation. The clinical-stage biopharmaceutical company founded in 2017 features lead asset ES102 as one of two global hexavalent OX40 agonists in Phase II development, showing antitumour activity in non-small cell lung cancer (NSCLC) and oesophageal squamous cell carcinoma resistant to PD-1 inhibitors. The pipeline also includes Phase III-ready CD39×TGFβ bispecific antibody (BsAb) ES014 and a myeloid cell engager (MCE) platform targeting solid tumours and autoimmune diseases.

The company reported RMB 107 million revenue in 2024, primarily from an Astellas partnership exceeding USD 1.7 billion for bispecific macrophage engager (BiME) platform licensing, with net losses of RMB 853 million, RMB 88 million and RMB 105 million in 2023, 2024 and the first 9 months of 2025 respectively. Its strategy combines internal research with business development collaborations, leveraging an asset-light model focusing on next-generation immuno-oncology therapies including T-cell engagers (TCEs) and MCEs for difficult-to-treat cancers.

According to PharmCube's NextBiopharm® database, Elpiscience's pipeline comprises 27 assets, including several acquired from other developers. Click here to request a free trial for NextBiopharm®.