Partnerships and funding struggles cannot hide the competitive pressure; Jingyin Pharmaceutical makes a second attempt to enter Hong Kong stocks to seek a breakthrough.

Can AI · Can the benefits brought by cooperation transfusions be sustainably supporting Jingyin Pharmaceutical’s development?

Holding over $800 million in cooperation large orders, Jingyin Pharmaceutical has once again knocked on the door of the Hong Kong Stock Exchange. After the initial prospectus failed, Jingyin Pharmaceutical refiled with the HKEX on March 31, seeking a listing in Hong Kong stocks. As an innovative drug company focused on siRNA therapy, Jingyin Pharmaceutical has not yet commercialized its products, with cumulative losses of nearly 600 million yuan in 2024 and 2025. However, a key cooperation has improved Jingyin Pharmaceutical’s financial situation. In 2025, it reached a strategic partnership with CRISPR Therapeutics, and the fair value change of CRISPR shares received from the initial payment also drove Jingyin Pharmaceutical’s revenue to surge to 232 million yuan in 2025.

However, relying on cooperation transfusions is not a long-term solution. The core product SRSD107 faces significant competitive pressure, as giants like Novartis, Bayer, and Hengrui have already entered Phase III clinical trials for their similar target products, making rapid progress. Additionally, the market barrier created by apixaban, with annual sales exceeding one hundred billion dollars, makes it difficult for latecomers to break through. From the clinical advantages of siRNA drugs in compliance to their commercial value, whether Jingyin Pharmaceutical can make the final leap in the capital market remains uncertain.

A revenue boost from a single cooperation

Like many innovative drug companies seeking listing in Hong Kong, Jingyin Pharmaceutical has not yet commercialized any products, and high R&D expenses have kept it in a long-term loss state. Financial data shows that in 2024 and 2025, Jingyin Pharmaceutical’s R&D expenses will be 213 million yuan each, with net losses of 342 million yuan and 255 million yuan respectively, totaling nearly 600 million yuan over two years.

However, behind the losses, a strategic cooperation significantly improved Jingyin Pharmaceutical’s financials and provided some cash flow buffer.

In May 2025, Jingyin Pharmaceutical reached a strategic partnership with CRISPR Therapeutics to advance the development and commercialization of SRSD107. According to Jingyin Pharmaceutical’s prospectus, CRISPR has paid a non-refundable upfront payment of $95 million, including $25 million in cash and CRISPR common shares valued at about $70 million at issuance. Additionally, CRISPR holds exclusive rights to nominate two other collaboration targets. The total of milestone payments, both upfront and future, exceeds $800 million.

As CRISPR’s stock price rises, the fair value of Jingyin Pharmaceutical’s holdings in the company has greatly appreciated. According to the prospectus, in 2025, the fair value gains from financial assets measured at fair value and recognized in profit or loss amounted to 210 million yuan, mainly due to the fair value change of CRISPR shares received from the upfront payment in the cooperation. This nearly offset the R&D expenses for that year and directly boosted Jingyin Pharmaceutical’s other income and gains to 232 million yuan, compared to only 9.79M yuan in 2024.

Per the agreement between Jingyin Pharmaceutical and CRISPR, both parties share costs and profits globally on a 50:50 basis to promote SRSD107’s development and commercialization, including research funding support based on joint research plans. Jingyin Pharmaceutical states in its prospectus that its business development strategy is to retain all or most economic rights to core and other major products, exemplified by its alliance with CRISPR Therapeutics.

Regarding this cooperation model, Professor Deng Yong, a legal scholar in health law at Beijing University of Chinese Medicine, pointed out that in the short term, the upfront payment can effectively improve Jingyin Pharmaceutical’s cash position and ease the cash flow pressure caused by ongoing losses. Moreover, CRISPR’s mature experience in technology R&D, global clinical advancement, and overseas commercialization can help accelerate the development of core products and quickly enter international markets. However, in the long run, the 50/50 profit-sharing model directly compresses the revenue potential after product launch. If the core product becomes a blockbuster drug, Jingyin Pharmaceutical will lose half of its potential profits. Additionally, the joint decision-making mechanism may reduce the efficiency of R&D and commercialization, and future project collaborations could also disperse the company’s resources and focus.

Regarding related issues, Beijing Business Daily reporters sent interview requests to Jingyin Pharmaceutical but have not received a response as of press time.

Hidden concerns behind star pipelines

Looking at the product pipeline, Jingyin Pharmaceutical focuses on siRNA therapy, with the prospectus disclosing one core product and two key products, targeting current hot areas such as bleeding disorders, cardiovascular metabolic diseases, and obesity.

Among them, the core product SRSD107 is a novel siRNA drug targeting coagulation factor XI, currently in Phase II multi-region clinical trials in Europe and China; the key product SRSD216 is a differentiated siRNA targeting Lp(a), currently conducting multi-region Phase IIa trials in China and the US; another key product SRSD384 is a candidate drug targeting INHBE for obesity, currently progressing with IND filing.

SRSD107 is Jingyin Pharmaceutical’s fastest-moving product. Although it has a cooperation with CRISPR, competitive pressure is also significant. In the global FXI inhibitor drug landscape, Novartis and Bayer have already initiated global Phase III trials for their FXI inhibitors, and Hengrui’s SHR-2004 has also started Phase III trials in China, all ahead of SRSD107. Meanwhile, SRSD107 also faces competition from existing standard therapies like apixaban, which has already established deep clinical usage habits and market barriers with annual sales exceeding 100 billion yuan.

However, SRSD107 still has advantages. Phase I clinical data shows that a single subcutaneous dose can reduce FXI levels by up to 95%, with effects lasting over six months, offering significant compliance advantages. According to the prospectus, only five FXI-targeting siRNA drugs are in development worldwide, with Jingyin Pharmaceutical’s SRSD107 being the second fastest, after ReboBio. How to convert clinical data advantages into commercialization strength remains a key challenge after its Hong Kong listing.

Deng Yong pointed out that although SRSD107 shows excellent patient compliance and FXI’s safety profile with low bleeding risk, Jingyin Pharmaceutical still needs to build a competitive edge through clinical data, verifying its advantages in compliance and safety, accumulating real-world evidence, and establishing a top position among peers. On the commercialization front, it should leverage partners to expand overseas markets, focus on the Greater China region, and rapidly scale in core indications like thrombosis prevention. It can also introduce innovative payment schemes to lower medication barriers. Additionally, continuous optimization of the siRNA platform, pipeline expansion, building a cardiovascular chronic disease product matrix, and establishing channel barriers through specialized medical ecosystems are strategies to break through.

Beijing Business Daily reporters Wang Yinhao and Song Yuying