Despite 72 Transformations, PrimeGenX Remains in Hengrui's Shadow as It Files for Hong Kong IPO

Another "Self-Immunity Enthusiast" in the Hong Kong Stock Market. On January 21, PrimeGene's IPO application for the Hong Kong Stock Exchange was accepted.PrimeGene was founded in 2016, with a robust R&D pipeline.CThe protagonist isJAK Inhibitors.

In 2018, PrimeGene initiated the development of the topical Pumeixitinib Gel, which positioned itself right at the forefront of investment trends. As oral JAK inhibitors began to decline in popularity, PrimeGene successfully adapted by innovating with topical formulations, applying "gel for dermatitis and nasal spray for rhinitis." Relying solely on its topical JAK inhibitor Pumeixitinib, the company gained significant traction in the capital market. By 2024, it had attracted investment from the Beijing Pharmaceutical and Health Industry Investment Fund. After multiple rounds of financing, the company's valuation reached 1.806 billion yuan by the end of 2024.

But the R&D speed has held back PrimeGene. Last year, the market for topical JAK inhibitors in China underwent tremendous changes, with a large number of Chinese players entering the field.Hengrui's JAK Inhibitor Imasitinib Ointment and MinghuiPharmaceuticalsThe marketing application for Etofibrate ointment has been submitted.，PrimeGene's Pumeixitinib has just completed Phase IIIClinicalThe experiment is really far behind.

Even if PrimeGene's Pumextimab successfully hits the market, it will be no easy feat to snatch a share from Hengrui and Minghui.

Topical JAK Inhibitors Market: Difficult to "Get a Seat at the Table"

Globally, the autoimmune market is the second largest pharmaceutical market, only after oncology.In the field of autoimmuneJAK oral preparations have long ceased to beNew varieties have arrived.According to the Insight database, there are already two generations of JAK oral drugs in China, with more than 10 products on the market, including JAK1, JAK2, JAK1/2, JAK3, etc., most of which have entered the centralized procurement. Shifting to innovative topical formulations has become an unspoken new avenue for companies to explore.

According to public data,China Topical JAKPreparationProgressed to Phase IIIClinicalThere are at least five.In terms of development progress, PrimeGene has not caught up with the first tier.

Source: PrimeGene Therapeutics Co., Ltd. Prospectus

In February last year, Hengrui Medicine developed the JAK inhibitor product Emaxitinib ointment, and its marketing application is already under review; in May last year, Minghui Pharmaceutical also subsequently submitted the marketing application for Itolabutin ointment.Moreover, Minghui Pharmaceutical Ltd. alsoPrimeGene Therapeutics Co., Ltd. Takes the Lead, Queuing for HKEX IPO.Like PrimeGene, CMS and Qilu Pharmaceutical are also in Phase III clinical trials.

According to the prospectus, PrimeGene’s Pumeixitin Gel is planning to submit its marketing application in the first quarter of this year.Already significantly lagging behind the pace of peersThe difficulty of breaking through is very high. Even if PrimeGene's Pumeixitinib is launched on schedule, it will face fierce competition subsequently: without exception, topical JAK inhibitors all target atopic dermatitis as the first indication.

Atopic dermatitis represents a huge market with unmet needs. It is reported that there are over 72 million patients with atopic dermatitis in China, lacking effective treatment methods, leaving a vast area yet to be explored. According to Frost & Sullivan's prediction,China's Atopic Dermatitis Market Expected to Reach $3.87 Billion by 2030. However, the market for topical JAK inhibitors in atopic dermatitis is even more limited.

PrimeGene Therapeutics Co., Ltd. certainly wants to make a leap forward. The company has invested significant effort into the JAK inhibitor Pumeixitinib.NoMade inCream, but formulated as a gel preparation, Data shows a better performance compared to peers.In a Phase III clinical study, under the same dosing frequency, the numerical changes in eczema area were 70.2% for 3% Pumeixitinib Gel and 62.8% for 1% Emactuzumab Ointment.

The company also attempted to differentiate indications,Development of PrimeGene Therapeutics Co., Ltd.Nasal SprayPreparation，TargetingAllergic RhinitisThisPotential MarketIt is reported that in recent years, the market for allergic rhinitis drugs has continued to grow and is expected to exceed millions by 2029. Pumexitinib Nasal Spray is the only JAK inhibitor among numerous treatments for allergic rhinitis. Currently, Pumexitinib Nasal Spray is undergoing Phase III clinical trials, with plans to submit a new drug application in the fourth quarter of this year.

Innovation is hard to come by, life and death hang in the balance.

If the idea of using Pumeixitinib "gel for dermatitis and nasal spray for rhinitis" is ingenious, then other innovative products from PrimeGene may be even more out-of-the-box.

According to the company's prospectus, the company has also launchedPG-033 tablets targeting TRPV3 for pruritus, PG-018 tablets as a JAK1/ROCK inhibitor for autoimmune kidney disease, and PG-040 eye drops as a JAK/ROCK inhibitor for glaucoma.Clinical studies, etc.

Source: PrimeGene Therapeutics Co., Ltd. Prospectus

Most pipelines are touted by companies as "first-in-class." Currently, there are no products on the market targeting TRPV3, JAK/ROCK inhibitors, or JAK1/ROCK inhibitors.

PrimeGene adopts a differentiated layout for each product. Glaucoma, pruritus, and membranous nephropathy are all mature tracks with large patient populations. Taking the membranous nephropathy market as an example, the number of patients is expected to reach 2.6 million by 2028. Currently, the treatment options are extremely diverse.Twenty enterprises have already taken root in this field., including well-known enterprises such as Roche, Hengrui, and I-Mab, involving numerous targets such as BTK, CD20/CD3. At this point, PrimeGene's emphasis on the competitiveness of "JAK/ROCK inhibition being exclusive to PrimeGene's PG-018" is very weak.

Moreover, most of PrimeGene's pipelines are still in the early stages. For instance, clinical research for glaucoma is being conducted simultaneously in both China and the U.S., but both are still in the preclinical stage, with the earliest submission for clinical trials expected in the second quarter of this year. Most of the other pipelines are also in Phase I or II clinical trials. Not to mention becoming the company’s second growth curve, as it currently requires significant financial investment.

For enterprises with such a wide distribution of pipelines, what they need most is to be validated on a specific path.Unfortunately, PrimeGene has not yet commercialized any products and is currently at a stage of expenditure exceeding income. According to the prospectus data, the company's total loss for the whole year of 2024 was 178 million yuan, of which 80% of operating expenses were research and development costs. In 2024 alone, R&D investment reached 146 million yuan.

Like other Biotech stories, PrimeGene needs a large amount of cash flow. As of the end of September 2025, the company's cash and cash equivalents on account were155 million yuan, barely enough for the company's one year of R&D operations. This trip to Hong Kong must succeed and cannot fail.。