Xingyao Kunze Secures RMB 414 Million Series B Financing to Advance siRNA-Based Therapies for Liver Diseases

On May 26, 2026, Fosun Pharma announced that its holding subsidiary, Fosun Pharma Industries, proposes to invest a total of RMB 414.375 million (approximately RMB 414 million) to participate in the Series B financing of Hepa Thera alongside other new investors, and to acquire a portion of the equity in Hepa Thera held by the Company's associates, Suzhou Fund and Tianjin Fund. Specifically, RMB 218 million is proposed to be invested to subscribe for RMB 2.9368 million in newly increased registered capital of Hepa Thera, and RMB 197 million is proposed to be invested to acquire a total of RMB 3.0865 million in existing registered capital held by Suzhou Fund and Tianjin Fund. Upon completion of the transaction, Fosun Pharma Industries will hold a 20.87% equity interest in Hepa Thera.

Hepa Thera was founded in May 2021 as a biotechnology company focused on the development of innovative therapeutics for liver diseases. Built upon RNA interference, antibodies, fusion proteins, and gene therapy platforms, the company is dedicated to addressing unmet clinical needs in hepatology, including hepatitis B, non-alcoholic fatty liver disease, liver fibrosis, liver regeneration, and autoimmune liver diseases.

▲ Hepa Thera R&D Pipeline

HT-101 injection is a GalNAc-conjugated small interfering RNA (siRNA) drug candidate. By precisely targeting hepatocytes, this technology can effectively silence hepatitis B virus transcripts, including mRNA derived from cccDNA and integrated DNA, thereby`Block at the source`Synthesis of HBsAg and other viral proteins。Currently, HT-101 has completed healthy volunteer studies and Phase Ib clinical dosing in patients with chronic hepatitis B in China, received US FDA approval in February 2024 to conduct clinical trials for the chronic hepatitis B indication, and was included in the Breakthrough Therapy Drug Program by China's NMPA in July 2025. It is currently in Phase II clinical studies. Clinical data show that the HBsAg seroclearance rate with HT-101 monotherapy at 24 weeks can reach 21.4%, with a more pronounced therapeutic effect observed in combination therapy.

HT-102 Injection is an investigational fully human neutralizing monoclonal antibody. Its mechanism of action involves efficiently capturing and clearing circulating HBsAg and subviral particles, thereby alleviating immune suppression and facilitating the restoration of the host's antiviral immune response. HT-102 has successfully completed the initiation of its Phase Ib clinical trial and is currently in Phase II clinical development.

▲ Mechanism of Action of HT-102 and HT-101 Combination Therapy

The combination therapy of HT-102 and HT-101 formedDual Mechanism of 「Inhibiting Antigen Production + Accelerating Antigen Clearance」. According to data presented at the 2025 AASLD Annual Meeting,HT-101 + HT-102 combination therapy achieved rapid clearance and up to in patients with chronic hepatitis B.90% Clearance Rate。This combination regimen was granted Breakthrough Therapy Designation by China's NMPA in September 2025, and was approved by the FDA in January 2026 to conduct a Phase II clinical trial.

HT-201 is an investigational FGF21/GLP-1/GIP triple-target fusion protein drug candidate. According to public industry databases, its primary indication is projected to be non-alcoholic fatty liver disease/non-alcoholic steatohepatitis (NAFLD/NASH).

HT-202 is a bispecific antibody candidate primarily indicated for hepatic fibrosis.

HT-105 is an investigational mRNA vaccine. As of May 27, 2026, no information regarding the investigational indications for this pipeline is available from public sources.

References:

1.http://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-05-27/600196_20260527_CY30.pdf

2.Hepa Thera Official Website, Official WeChat Account

3. Other Publicly Available Online Information

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