Twelve Chinese Small Nucleic Acid Therapy Companies Secure Funding and Advance Toward IPOs

Dec 31, 2025 07:20 CST Updated 07:20

Ribo Life Science

Small Nucleic Acid Drug Developer

SANEGENEBIO

Small Nucleic Acid Drug Developer

YOUNGEN

Innovative Drug Developer in the Anti-Aging Field

AusperBio

Biological Vaccine and Nucleic Acid Drug Developer

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December 31, 2026

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According to incomplete statistics, in 2025, there were 13 disclosed financing events in the small nucleic acid drug development field in China, with a total amount exceeding 3 billion yuan.Recently, Ribo Life Science's IPO application passed the hearing on the Hong Kong Stock Exchange.（Valuation exceeds 5 billion），Also means that the company will become the "first small nucleic acid therapy stock in China."

From the perspective of细分赛道distribution, the layout of small nucleic acid enterprises in China presents a clear多元化characteristic, with core tracks advancing simultaneously:

CardiovascularMetabolic Diseases FieldField: Becoming the most concentrated track for financing, companies such as SANEGENEBIO, Jingyin Pharmaceuticals, Ribo Life Science, and Darren Bio have densely laid out their strategies, covering common diseases like hypertension, hyperlipidemia, thrombosis prevention and treatment, and obesity. Among these, chronic disease areas such as thrombosis and hyperlipidemia, due to the large patient base and urgent clinical needs, have become key focus areas for capital.
Extrahepatic Delivery Breakthrough: Can it break through the liver limitation and achieve efficient, specific extrahepatic tissue delivery?(Targeting the heart, kidneys, muscles, central nervous system, etc.)It has become a key measure of a company's core technology competitiveness and future market potential. SANEGENEBIO's LEAD™ platform, Beijing Yaojing Gene Technology Co., Ltd.'s Kardia-Shuttle™ cardiac targeting, and various non-liver tissue delivery technologies from other companies are all dedicated to extrahepatic delivery.
Early and Growth Stages Proceed in Tandem, Hundred-Million-Level Financing Becomes the Norm: Financing rounds cover from seed round/angel round(such as Weicheng Pharmaceuticals, Yishi Biotech)In the middle and later stages(B Round, C Round, E Round)The entire phase. This not only shows that capital is willing to bet on early innovators with breakthrough underlying technologies, but also indicates that some companies, with solid R&D progress, have entered a mature stage requiring large-scale funding to advance clinical trials and commercialization. In addition, among the disclosed financings, SANEGENEBIO, HaiChang Bio, JingYin Pharmaceuticals, Ribo Life Science, and DaRui Bio have all completed financing of over 100 million yuan. More notably, AusperBio.（AusperBio）Completed a USD 50 million Series B+ financing round in May and a USD 63 million Series B2 round in September, bringing the total financing for the year to over USD 113 million, demonstrating strong confidence from the capital market in the value and execution capability of its core pipeline.

▲ Review of Financing Status of Small Nucleic Acid Therapy Companies in China in 2025

(Note: Only Biotech companies are counted, excluding suppliers and CXOs.)

The following will provide a brief introduction to the TOP 6 financing events in terms of total amount in the small nucleic acid drug development field in China in 2025.

SANEGENEBIO Completes Over US$110 Million Series B Financing

On December 8, 2025, SANEGENEBIO announced the completion of its Series B financing round, raising over 1.1 billion USD. The funds will be used to leverage the company’s globally leading RNAi drug discovery platform – including LEAD™.(Novel Ligand and Potentiator Co-delivery)Extrahepatic delivery platform to advance clinical-stage pipeline into registrational studies and expedite the development of multiple therapeutic pipelines.

Since its establishment in 2021, SANEGENEBIO has been committed to developing first-in-class/best-in-class RNAi therapies targeting the liver and extrahepatic tissues based on its proprietary RNAi drug discovery platform. Building on this platform, the companyA diversified product pipeline covering different therapeutic areas such as autoimmune diseases, cardiovascular diseases, metabolic disorders, and obesity has been established., several of which have entered the clinical stage. The successful completion of this Series B financing will strongly advance the clinical development and global layout of the company’s ongoing and planned pipelines, and help the company continue to achieve new breakthroughs in the RNAi field.

It is worth mentioning that on November 8, SANEGENEBIO also disclosed cooperation with Eli Lilly.（Eli Lilly and Company）Up to $1.2 Billion Development Collaboration: Both Parties Leverage the Former’s Proprietary LEAD™ Platform to Advance RNAi Candidate Drugs for Metabolic Diseases.

HaiChang Bio Completes Nearly 500 Million CNY in Series C Financing

On August 8, 2025, investment information from HC Bio's financier and Heda Jinfu showed that the company has completed a nearly 500 million yuan Series C financing round. The funds will be used to boost the development of nucleic acid innovative drugs and high-end complex injectables, advance the R&D pipeline of nucleic acid innovative drugs, break through new extrahepatic delivery systems and push them into clinical stages, construct production bases, and increase production capacity. Data indicates that HC Bio’s R&D pipeline covers several key areas including oncology, metabolic diseases, analgesia, and infectious diseases.Taking the field of anti-tumor as an example, for the small nucleic acid innovative drug HC0301 targeting primary liver cancer, HaiChuang Bio is conducting multi-center Phase II clinical trials in China, Hong Kong, and the United States., ranking among the top in the global small nucleic acid tumor precision treatment field.

HaiChang Bio was founded in 2013 by former FDA senior reviewer Zhao Xiaobin upon his return to China. The company focuses on the development and industrial application of drug delivery system technologies. Prior to establishing HaiChang Bio, Zhao Xiaobin served as a senior reviewer at the FDA and joined the FDA's Center for Drug Evaluation in 2010.（CDER）Senior Reviewer, in charge of the approval of complex drugs, with a focus on reviewing the CMC consistency evaluation and cGMP quality systems of peptide, liposome, and similar drugs. Also participated in the FDA’s Nanomedicine Regulatory Guideline Harmonization Working Group, contributing to the development of several submission guidelines for liposome-related drugs.

AusperBio Completes Two Rounds of Financing Exceeding $50 Million Each

May 29, 2025, AusperBio（Ausper）Announced the completion of a $50 million Series B+ financing round to accelerate the goal of achieving clinical cure for hepatitis B. The financing will mainly be used forSupport its innovative antisense oligonucleotides（ASO）Candidate Drug AHB-137 in Chronic Hepatitis B（CHB）Continuous Clinical Development of Clinical Cure, including the Phase II clinical trials planned to be conducted outside mainland China. On September 22, AusperBio completed a US$63 million Series B2 financing round to accelerate the clinical trial progress of its core product AHB-137, covering the Phase III clinical trial in China, Phase II clinical trials for combination therapy and treatment-naïve patients, as well as the concurrently advancing overseas Phase II clinical trials.

AusperBio is a clinical-stage innovative drug development company operating simultaneously in China and the United States, focusing on the development of proprietary targeted delivery small nucleic acid drugs with First-in-class and Best-in-class potential. The company owns the fully proprietary Med-Oligo™ ASO technology platform, with its core focus on chronic hepatitis B.（HBV）AusperBio's strategy is to combine the world-leading Med-Oligo™ oligonucleotide technology with a specifically efficient targeted delivery platform, promoting the development of a series of innovative therapies for the functional cure of diseases and highly efficient targeted treatment of liver diseases, while actively expanding into new target areas beyond the liver, addressing significant unmet medical needs.

Jingyin Pharmaceuticals Completes Nearly 50 Million USD Financing

On May 9, 2025, Jingyin Pharmaceuticals announced the completion of a nearly 50 million USD Series B2 financing round to accelerate its novel small interfering RNA for cardiometabolic diseases.（siRNA）The clinical development of the therapy and continuously innovating its next-generation RNA delivery technology. On May 20th thereafter, SANEGENEBIO announced a collaboration with CRISPR Therapeutics to jointly advance the development of the siRNA innovative therapy SRSD107. SANEGENEBIO will receive an upfront payment of $95 million in cash and cash equivalents from the latter and is eligible to obtain over $800 million in upfront and milestone payments. In September, SANEGENEBIO submitted its listing application to the Hong Kong Stock Exchange.

Jingyin Pharmaceuticals is a global clinical-stage biotechnology company dedicated to developing innovative siRNA therapies for the treatment of chronic diseases. The company's R&D pipeline focuses on three therapeutic areas with blockbuster drug potential: coagulation disorders, cardiometabolic diseases, and obesity. Among them, the fastest progressing investigational projects include those targetingFXI Inhibitor SRSD107 in the Anticoagulant MarketLipoproteins for the Treatment of Atherosclerotic Cardiovascular Diseases (a) Inhibitor SRSD216, and INHBE inhibitor SRSD384 for obesity management.

Ribo Life Science Completes Series E Financing

On July 21, 2025, Ribo Life Science announced the completion of a new round of private equity financing exceeding 200 million RMB. The proceeds will primarily be used to accelerate the advancement of the company’s self-developed clinical pipelines in therapeutic areas such as cardiovascular, metabolic, renal, and liver diseases, further innovate and develop the extrahepatic delivery technology platform, and strengthen global R&D and industrial capacity building.On October 28, Ribo Life Science submitted its prospectus to the Hong Kong Stock Exchange again and recently passed the hearing, and will be officially listed.

Ribo Life Science was founded in 2007, focusing on the development of RNAi technology and the industrialization of small nucleic acid drugs, building a rich and diverse product pipeline. Ribo Life Science aligns with the innovative frontier of international small nucleic acid technology, committing to the iterative research and development of small nucleic acid chemical modification and drug delivery technology. It has established an autonomous and controllable, fully integrated small nucleic acid drug R&D platform that supports various stages of research for small nucleic acid drugs from early development to industrialization. Since its establishment, Ribo Life Science has successfully built multiple technology platforms, including the liver-targeting delivery RiboGalSTAR technology platform, the non-liver-targeting RiboPepSTAR technology platform, and the tumor-targeting RiboOncoSTAR technology platform.

DARWIN Biosciences Completes Pre-B Round of $25 Million Financing

On March 14, 2025, Dara Bio announced the completion of a $25 million Pre-B round of financing. This funding will help Dara Bio advance its proprietary delivery and chemical modification platform technologies further.Expand its siRNA clinical pipeline layout in cardiometabolic, weight loss, and other fields., and comprehensively enhance its scaled production capabilities.

Since its establishment in 2021, Dara Bio has advanced four projects to the clinical stage, leveraging its proprietary platform advantages in delivery systems, multivalent structural design, and oligonucleotide chemistry. The company is committed to addressing complex diseases such as hypercholesterolemia and hypertriglyceridemia, focusing on promoting human health through cutting-edge technologies. To date, the company has raised approximately US$200 million from several top global healthcare investment institutions and strategic partners.

Summary and Prospect: From a Hotbed of R&D to Value Realization

The financing boom in China's small nucleic acid field in 2025 is an inevitable result of the industry entering the early stage of clinical value verification and commercial explosion after a long period of technological accumulation. Behind it are three clear driving forces: continuous breakthroughs in underlying technologies represented by extrahepatic delivery, significant clinical benefits demonstrated in major chronic diseases such as hypertension and hyperlipidemia, and the deep integration and support of industrial capital and financial capital.

Looking ahead, as more products enter the late stages of clinical trials, competition in China's small nucleic acid sector will intensify, while more milestone events are expected to occur. Companies with proprietary delivery platform technologies, clear clinical differentiation advantages, and global development and commercial capabilities are more likely to stand out in the competition. Chinese companies are actively positioning themselves in cutting-edge areas such as extrahepatic delivery, attempting to transition from "following," "running alongside," to "leading" in some fields within the global landscape of small nucleic acid innovation. It can be foreseen that continuous capital investment will accelerate the R&D progress of high-quality pipelines, driving China’s small nucleic acid drugs toward industrialization and globalization, offering new treatment options for patients worldwide.

References: Public information from official websites and official WeChat accounts of various companies

Shanghai Zhaowei Technology

Shanghai Zhaowei Technology Development Co., Ltd. has been deeply engaged in the nucleic acid field since its establishment in 1998. The company has established mRNAA CDMO and small nucleic acid drug CDMO full industry chain platform, with a production base for small nucleic acid drugs at a tonnage level or above, providing customers...Providing development and production services from preclinical to commercialization stages, the self-developed enzymatic synthesis process technology has achieved public availability globally for the first time.Industrial production at the jin-level scale.

The company also has a product line of amidites with an annual capacity of 58 tons, as well as raw material capacity supporting over 10.5 billion doses of mRNA vaccines.The company has established long-term cooperative relationships with biotechnology and pharmaceutical companies around the world, supporting numerous nucleic acid products at clinical stages and those already commercialized.Pipeline supplies raw materials.

For more information about Zhaowei Technology and its products and services, please visit the official website www.hongene.com and follow our WeChat Official Account "上海兆维 Hongene".」。

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