GenFleet Therapeutics has received approval for its Hong Kong Stock Exchange (HKEX) initial public offering (IPO) after passing the listing committee hearing, with CITIC Securities serving as sole sponsor. The Shanghai-based biotech focuses on oncology and autoimmune diseases, featuring eight candidates including approved KRAS G12C inhibitor GFH925 for non-small cell lung cancer (NSCLC) and oral KRAS G12D inhibitor GFH375 in Phase II trials. GenFleet retains ex-China rights to GFH925 while out-licensing Greater China rights, with ongoing European Phase II trials evaluating it in combination with cetuximab.

The company reported net losses of RMB 508.3 million (USD 71 million) in 2023 and RMB 677.6 million in 2024, primarily driven by R&D investments exceeding RMB 300 million (USD 42 million) annually. The company founders stem from Novartis, Hengrui Pharma and WuXi Biologics. GenFleet's pipeline extends beyond RAS inhibitors to include RIPK1 inhibitor GFH312 for primary biliary cholangitis and bispecific antibody GFS202A targeting GDF15 and IL-6.

PharmCube's MedAlpha® database shows that GenFleet last year received USD 213 million through a strategic investment. Click here to request a free trial for MedAlpha®.