Juncell Therapeutics Files for Hong Kong IPO to Advance Pioneering TIL Therapy GC101

December 10, Juncell Therapeutics in ShanghaiBiological SharesJuncell Therapeutics Co., Ltd. (referred to as "Juncell Therapeutics") submitted an application for listing to the Hong Kong Stock Exchange.

The prospectus shows that Juncell Therapeutics is a biotechnology company dedicated to the development of innovative cell therapies and novel drugs for solid tumors. The company's core product, GC101, has the potential to become the first approved and marketed Tumor-Infiltrating Lymphocyte (TIL) therapy. In the fiscal years 2023 and 2024, as well as the first half of 2025, the company reported net losses of RMB 0.94 billion, RMB 1.64 billion, and RMB 0.98 billion, respectively.

Core Product GC101 Launches Key Trial

According to the prospectus, Juncell Therapeutics focuses on the large unmet clinical needs in solid tumor treatment, developing the next generation of pan-solid tumor immunotherapy.

According to the company, currentlyCore ProductsGC101 is currently conducting a pivotal Phase II clinical trial for the treatment of melanoma, with a Biologics License Application (BLA) expected to be submitted in 2026. The clinical pipeline for GC101 in treating non-small cell lung cancer is currently in Phase Ib. In addition, the company has also laid out plans for first-line combination therapies and adjuvant treatments post-surgery across multiple indications.

In terms of production, the company claims to have taken the lead in building a comprehensive TIL industrialization production base in China, adopting high-standard production equipment and relying on intelligent and digital management platforms to ensure the scaled preparation and reliable delivery of TIL cell products. In addition, as the leading drafting organization, the company participated in formulating the first TIL group standard, "Guidelines for the Preparation and Quality Control of Tumor-Infiltrating Lymphocyte (TIL) Formulations."

The prospectus shows that the proceeds from this issuance by Juncell Therapeutics are intended to be mainly used for: advancing the clinical development of the TIL product pipeline; upgrading the company’s technology platform; strengthening production management and manufacturing capabilities; working capital and other general corporate purposes.

Continuous Losses

According to the prospectus, the company's net losses for the years 2023, 2024, and the first half of 2025 were approximately -RMB 0.94 billion, -RMB 1.64 billion, and -RMB 0.98 billion, respectively. The company stated in the prospectus that it expects to continue incurring losses in the short term.

Juncell Therapeutics stated in its prospectus that the company's business, financial condition, and prospects largely depend on the successful development, regulatory approval, and commercialization of its candidate products. Any failure or delay could have a material adverse effect on the company.

In terms of R&D, the company's R&D costs for 2023, 2024, and the first half of 2025 were 57.62 million yuan, 90.99 million yuan, and 52.801 million yuan, respectively. "Due to plans to expand the indications of core products and continue advancing their clinical development, while also pushing more pipeline candidates into clinical trials and conducting additional preclinical studies, we expect to continue making substantial investments in R&D," the company stated.

The company further stated: "Due to the many risks and uncertainties associated with the regulatory approval and commercialization of TIL therapy, it is impossible to predict the specific timing or extent of increased expenses, nor can it predict when or whether profitability will be achieved or sustained. If additional research or clinical trials are required, the company’s expenditures may exceed expectations. Even if the candidate product receives approval, high costs related to commercial launch are still anticipated, including specialized infrastructure and logistics systems for patient-specific therapies."