Bao Pharmaceuticals has passed the listing hearing of the Hong Kong Stock Exchange (HKEX) and is poised for an IPO, with CITIC Securities and Haitong International Securities Group serving as joint sponsors. Established in 2019, the clinical-stage biotech company focuses on developing recombinant biologic drugs using synthetic biology to address conditions with limited treatment options and complex manufacturing processes. Its pipeline is strategically centred on four key areas: high-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biologics. The portfolio includes 12 self-developed candidates, featuring three core products.

Financially, the company reported revenues of RMB 6.9 million, RMB 6.2 million and RMB 4.2 million for 2023, 2024 and H1 2025, respectively, derived from material sales and service fees. Having no commercially approved products yet, Bao Pharma recorded net losses of RMB 160 million, RMB 364 million and RMB 183 million for the same periods, primarily driven by R&D and administrative expenses. To date, the company has raised approximately RMB 1.5 billion over six funding rounds, with its December 2024 C+ round financing resulting in a post-money valuation of RMB 4.9 billion.

According to PharmCube's NextBiopharm® database, Bao Pharma and its subsidiaries have entered into four out-licensing agreements since last year. Click here to request a free trial for NextBiopharm®.