VivaVision Biotech-B Files for Hong Kong IPO with Two Core Ophthalmic Drug Candidates in Phase III Trials

(Source: Frost & Sullivan)

2026Year2Month13Day, VIVAVISION-BFirst submission of the prospectus to the Hong Kong Stock Exchange, planned listing on the Main Board of Hong Kong, with the sole sponsor beingCICC。

The company is a biotechnology enterprise focusing on the ophthalmology field, with an income of 0.09 in 2024.Million Yuan, NetLoss2.02100 million yuan. 2025The First 9 MonthsRevenue 0.03Million Yuan, NetLoss1.31100 million yuan.

The company is a biotechnology enterprise focusing on the ophthalmology field, committed to becoming a global leader in the research and commercialization of innovative ophthalmic therapies.CompanyWith two core products, VVN461 (high dose) and VVN001.

VVN461 (High Dose) is the high-dose formulation of VVN461 eye drops, a novel Janus kinase 1 (JAK1) and tyrosine kinase 2 (TYK2) selective dual-target inhibitor, potencyDayanamole Level.CompanyPhase III Clinical Trial of VVN461 (High Dose) in Patients with Non-Infectious Anterior Uveitis (NIAU) Has Been Initiated in China.

VVN001 is a second-generation Lymphocyte Function-Associated Antigen-1 (LFA-1) antagonist, and an innovative eye drop for the treatment of Dry Eye Disease (DED).CompanyVIVAVISION has also initiated the Phase III clinical trial of VVN001 in China.

As of the latest practicable date, except forCompanyIn addition to the core products,CompanyThere are six other candidate drugs, three of which are in the clinical stage.

As of the Latest Practicable Date,CompanyHolds 5 patents in China and 11 patents overseas. As of the same day,CompanyIn China, there are 15 patent applications, and overseas, there are 37 patent applications.

Except as authorized by Qi YuanCompanyA compound patent involving VVN461, VVN432, and VVN481, as of the latest practicable date,CompanyAll patents and patent applications for core products are independently developed and owned.

Financial Performance

As of December 31, 20241Yearly, 2024 and before 20259Months:

Revenue was approximately RMB 0.09 billion, 0.03 billion, and 0.03 billion, with a year-on-year increase of +16.75% for the first nine months of 2025.

R&D expenses were approximately RMB -128 million, -91 million, and -65 million, with a year-on-year decrease of -28.56% for the first nine months of 2025.

Net profits were approximately RMB -202 million, -148 million, and -131 million, with a year-on-year decrease of -11.35% for the first nine months of 2025.

The R&D expense ratios were approximately 1,496.28%, 3,092.51%, and 1,892.51%, respectively;

The net profit margins were approximately -2,351.08%, -5,028.17%, and -3,818.09%, respectively.

As of2025Year9Month30Day, the company's cash on hand is approximately0.36Million Yuan, Short-term Loan0.05100 million yuan. Before 20259Monthly operating cash flow is approximately-0.66100 million yuan.

Industry Overview

RootAccording to FrostFrost & Sullivan Report，The global NIAU drug market increased from US$1,506.4 million in 2020 to US$1,798.2 million in 2024, with a compound annual growth rate (CAGR) of 4.5%. The market size is expected to grow to US$2,605.9 million by 2029 and to US$3,803.6 million by 2034.

In China, the market size of NIAU drugs increased from US$122.9 million in 2020 to US$177.6 million in 2024, with a compound annual growth rate (CAGR) of 9.6%. It is expected to reach US$362.0 million by 2029 and US$700.4 million by 2034.。

As of the latest practicable date, no novel drugs have been approved outside of China for the treatment of NIAU, and there are three active innovative candidate drugs for the treatment of NIAU in Phase II or higher stages of development.

As of the latest practicable date, there are no innovative drugs approved for the treatment of NIAU in China and two active innovative drug candidates for the treatment of NIAU in Phase II or above.

Comparable Companies

Same IndustryComparable IPO Companies:

Zhaoke Ophthalmology-B (6622.HK), Ocumension Therapeutics-B (1477.HK), Bocom Vision Care-B (2592.HK)

Board Executives

The company's board of directors consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors.

Major Shareholders

Before the company's Hong Kong IPO, the shareholder structure was as follows:

Dr. Shen Wang is the largest single shareholder, holding approximately 15.92% of the shares;Employee Stock Ownership PlatformHuzhou Xiu LaiHolding approximately 9.22% of shares;Under Xiamen State-owned AssetsLongpan EntityHolding approximately 13.21% of shares;HSG VentureHolding approximately 7.15% of shares;Hangzhou QiandaiHolding approximately 6.50% of shares;Other investors collectively hold approximately 48.00% of the shares.

Financing History

The company underwent multiple rounds of financing before its IPO, with cumulative financingApproximately 7.35100 million RMB. InThe Final Round of D2+In the round of financing, the company's post-investment valuation is approximately18.25100 million RMB.

Contact Number: 021-5407-5836

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