From Technical Validation to Infrastructure Stress Test: How Jetion AI Achieved RMB 6 Billion in OpenCGT Collaborations

On May 18, JiTai Technology (7666.HK) announced a collaboration with Grit Biotechnology on immune-targeted LNP technology and signed a comprehensive strategic agreement. This collaboration is not a simple technical outsourcing but a deep integration of two technology-driven biotech companies in the cutting-edge field of "in vivo immunotherapy." JiTai Technology will leverage its world-first AI nanodelivery platform, NanoForge, to address the delivery bottleneck for Grit Biotechnology's next-generation cell therapy drugs.

This marks another key milestone in the implementation of Jitai Technology's OpenCGT (Open Cell and Gene Therapy) platform. Prior to this, the platform had already partnered with several top-tier innovators in niche fields, such as Ruizheng Gene (in vivo gene editing) and Jing Tong Life (cell reprogramming for anti-aging). To date, the total scale of OpenCGT project collaborations has reached 6 billion yuan. Behind this figure lies not the traditional CRO "order-taking" logic, but rather the validation of the AI delivery platform’s industrial-scale delivery capabilities across multi-scenario, high-complexity pipelines.

Collaborations with companies like Gravel Bio and Raygen Gene highlight JiTai Technology's dual strategy of "technical validation" and "data feedback." Although these partners are not multinational pharmaceutical giants, they are all "hard tech" companies with core platform technologies. The extreme scenario challenges they bring (such as immune cell targeting and gene editing delivery) are precisely the most valuable "high-value data" for training the AI models of the NanoForge platform, directly driving the platform's evolution from a laboratory tool to industrial-grade infrastructure, moving from technical validation towards becoming an infrastructural platform.

From the financial model perspective, Jitai Technology is building a "dumbbell-shaped" risk-hedging structure. One end consists of a steady flow of data and cash flow from numerous small and medium-sized biotech companies, while the other end represents the technological ceiling established through large-scale strategic partnerships with Big Pharma. If this structure can be sustained, it will effectively mitigate the performance fluctuation risks commonly associated with "upfront payment dependency" among many innovative enterprises.

Notably, as a benchmark AI pharmaceutical company supported by the Beijing Medical and Health Industry Investment Fund, JiTai Technology's OpenCGT platform has been established in Daxing Biomedical Base, filling a critical gap in the CGT (Cell and Gene Therapy) industry chain: "advanced formulation and delivery systems." This dual support of "technical platform + regional industrial policy" has built a long-term barrier for the company, distinguishing it from general outsourcing services.

This 6 billion yuan is not a "piecemeal job" in the traditional sense, but a necessary step in transforming its AI delivery platform into infrastructure. For AI-driven companies, the value of data far exceeds the amount of a single transaction.

The cooperation with Gravel Bio is a microcosm of JiTai Technology's OpenCGT strategy, targeting the "high difficulty" validation of immune targeting.

As a tumor immunotherapy cell treatment company, Grail Bio's pain point lies in how to efficiently and safely deliver therapeutic payloads to specific immune cells in the body, such as T cells and macrophages. The immune-targeting LNP provided by JiTai Technology is a core breakthrough of the NanoForge platform in the non-liver targeting field. This collaboration is not a simple technical outsourcing but an ultimate challenge to the tissue specificity of AI-designed LNPs. Its success or failure directly affects the credibility of the platform in the CGT (cell and gene therapy) field.

Since its launch, the OpenCGT project has connected with several leading companies in niche fields, such as Rui Zheng Gene (gene editing), Jing Tong Life (fibrosis programming), and Grail Bio (immunotherapy). The total cooperation value of 60 billion yuan (including milestones) demonstrates that the NanoForge platform possesses high-frequency, multi-threaded concurrent delivery capabilities. This scale of collaboration signifies that its platform has evolved from a "laboratory prototype" to an "industrial tool," capable of simultaneously supporting the delivery needs of multiple pipelines at different stages.

For AI model companies, data is the core foundation, while "live data" from Biotec companies serves as the nourishment for AI models.

Big Pharma's collaborations often involve lengthy processes and closed data. However, biotech companies like Grail Bio have short decision-making chains and novel application scenarios, providing high-value "long-tail data" for JiTai Technology. For instance, in the development of immune-targeting LNPs, the in vivo and in vitro experimental data provided by Grail Bio will be directly used to optimize NanoForge’s AI model, enabling more precise predictions of the behavior of lipid nanoparticles in complex physiological environments. The essence of these small orders is "paid data acquisition."

By collaborating with numerous small enterprises, Jitai Technology is沉淀ing personalized delivery solutions into standardized "formula modules." For instance, the liver-targeted LNP refined in partnership with Ruizheng Gene, and the lung-targeted LNP developed with Jing Tong Life, may eventually become "standard shelf products" on the OpenCGT platform. This shift from a "project-based" approach to a "product-based" model is crucial for reducing marginal costs and achieving economies of scale.

Serving small businesses means facing more diverse technical needs and tighter schedules. This pressure forces JiTai Technology's R&D and delivery systems to be extremely flexible. The dozens of projects behind the 6 billion yuan represent a comprehensive stress test of its engineering and automation processes, a capability that will serve as a solid foundation for future large-scale projects with Big Pharma.

Although the amount of a single small order is not high, the structure of "multiple projects running in parallel" naturally has a risk diversification effect. Even if a partner's pipeline is terminated (which is very common in the Biotech field), the continuous progress of other projects can still ensure that the platform’s cash flow and data flow are not disrupted, avoiding the risk of putting all eggs in one basket.

For AI pharmaceutical companies that have yet to turn a profit, early-stage small collaborations (upfront payments + milestones) are a crucial source of cash flow to sustain R&D operations. This 6 billion yuan collaboration scale demonstrates the market's willingness to pay for AI-driven delivery solutions, completing the business model’s proof from 0 to 1. It also builds credibility for taking on larger orders in the future, or what could be called the "cold start" validation of the business model.

Agent Therapeutics is not an isolated business entity but an important piece in Beijing's efforts to build "China's Medicine Valley" and a highland for the CGT industry. In 2024, Beijing released the "Three-Year Action Plan to Accelerate the Innovative Development of the Cell and Gene Therapy Industry," explicitly stating support for advanced formulations and delivery systems.

The landing of Agentech's OpenCGT platform in Daxing, along with the D-round financing led by Beijing's Medical and Health Industry Investment Fund, signifies its mission to fill the gaps in the industrial chain. This level of "patient capital" at the government level, combined with industrial positioning, has provided it with risk resistance capabilities surpassing those of ordinary startups.

From the current development path, JiTai Technology's business landscape may be presenting a typical "dumbbell-shaped" characteristic: one end consists of numerous small and medium-sized clients under the OpenCGT project (worth 6 billion RMB), while the other end includes large-scale collaborations such as the single-target 109 million USD partnerships with globally leading pharmaceutical companies disclosed in the prospectus.

This structure is not accidental but a risk defense mechanism proactively built by platform-type Biotechs in the early stages of commercialization.

Currently, the commercial logic and structure of JiTai Technology present a clearly visible "dumbbell-shaped" construct. On one end are numerous small and medium-sized Biotech clients who contribute frequent, low-value income and data through technical licensing and joint development projects such as OpenCGT; on the other end are a few global Big Pharma clients who engage in deep strategic cooperation or platform licensing to provide low-frequency, high-value milestone-based revenue. In the middle lies the NanoForge platform, which serves as the core engine connecting both ends—iterating technology through data from the left side while enhancing valuation through endorsements from the right.

As the small and medium-sized Biotech at one end of the dumbbell, they serve as both a cash flow stabilizer and a technology testing ground.

Although the majority of JiTai Technology's 1.05 billion yuan revenue in 2025 comes from the licensing of MTS-004 (with an extremely high proportion from a single client), the potential 6 billion yuan collaboration in the OpenCGT project forms a future revenue buffer. As more projects reach the milestone payment stage, these smaller deals will gradually smooth out the sharp revenue fluctuations caused by reliance on a single major licensing deal. More importantly, they serve as low-cost testing grounds for the technology.

At the other end, large enterprises serve as valuation anchors and technological ceilings.

The "single-target 1.09 billion USD" cooperation disclosed in the prospectus is significant not for its current income but for industry recognition. Big Pharma's technical audits of partners are extremely stringent, and this major deal demonstrates that the NanoForge platform addresses the core pain points of the world's top pharmaceutical companies rather than peripheral issues. This directly raises the technical ceiling and valuation potential of JiTai Technology.

Innovative companies like Jitai Technology may suffer from " upfront payment dependency," meaning their revenue is highly reliant on upfront payments from individual projects, causing significant fluctuations in financial reports (For instance, Jitai Technology's revenue was only 1.5 million yuan in 2024, but surged to 105 million yuan in 2025). The "dumbbell structure" aims to address this issue: small orders on the left side provide continuous data and cash flow, while large orders on the right side offer explosive valuation drivers. Ideally, when there are enough projects on the left side reaching milestone stages, the revenue structure will stabilize.

"The dumbbell's" center is the data flow. The diverse and cutting-edge application scenario data provided by biotechs (such as Grail Bio's immune cell data) is digested and absorbed by the NanoForge platform, which optimizes a new generation of LNP formulations—precisely the core asset that Big Pharma is willing to pay a high premium for. The data from biotechs feeds back into Big Pharma’s solutions, creating a positive cycle.

The 2025 financial report shows that in Metis Technology's current dumbbell structure, Big Pharma or individual self-developed pipeline authorizations still dominate absolutely, while Biotech currently represents more potential value and technical validation. A true dumbbell structure requires the left end to generate substantial and continuous revenue streams.

The sustainability of the dumbbell-shaped structure depends on whether the "customized services" on the left end can be transformed into "standardized products." JiTai Technology must convert LNP technology into a standardized "delivery solution package" (such as a standard immune-targeting LNP Kit) to achieve economies of scale on the left end and support the long-term stability of the dumbbell structure.

The capital market recognizes the barbell-shaped story but pays more attention to the fulfillment rate of large orders (milestone achievement) and the conversion rate of small orders (from cooperation to revenue). Grail Bio's collaboration is a typical exercise of Metis Technology's "barbell-shaped" strategy. The "small orders" are not small, as they are the data cornerstone for platform survival; "large orders" serve as the credit currency of platform value. The real challenge for Metis Technology lies in whether it can fully connect both ends of the barbell, transforming the data flow into a stable cash flow.