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Home Sirius Therapeutics Files for Hong Kong IPO with siRNA Pipeline Led by Phase II Candidate SRSD107

Sirius Therapeutics Files for Hong Kong IPO with siRNA Pipeline Led by Phase II Candidate SRSD107

Nov 25, 2025 10:23 CST Updated 10:24
Sirius Therapeutics

Oligonucleotide Drug Developer

CRISPR Therapeutics

Gene Editing Drug Developer

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PharmaCircleMonitoring shows: previously inSeptember 28, 2025, Shanghai Sirius Therapeutics/Sirius Therapeutics
Filed a prospectus with the Hong Kong Stock Exchange in China, planning to list on the main board.


SRSD107，As the company's core product, it is a potential first-in-classTargeted Coagulation FactorXIThesiRNADrug, currently being developed in EuropeIIA multi-center clinical trial is planned to be conducted in China and Australia./New Zealand Launches AnotherIIPhase Trial; The product cooperates with NASDAQ-listed pharmaceutical enterprisesCRISPR Therapeutics(CRSP) Established global co-development and commercialization collaboration to advance.

According toSirius Therapeutics previously disclosed in Chinese:Under the terms of the agreement, Sirius Therapeutics will receive payments from CRISPR Therapeutics (NASDAQ: CRSP).$95 millionCash and cash equivalents as the down payment, and are eligible to receiveOver 800 Million USDThe upfront and milestone payments. Both parties will jointly develop SRSD107 through a 50-50 cost and profit sharing mechanism. In addition, the agreement grants CRISPR Therapeutics the exclusive right of first negotiation to license up to two additional siRNA programs in the future.Both parties will50:50The cost and profit-sharing model will jointly advance the development of SRSD107. According to the agreement, CRISPR Therapeutics will be responsible for the commercialization of the product in the United States, while Sirius Therapeutics will handle the market in Greater China.

However, in the prospectus, the details of this transaction are clearer:Received $25 million in cash, $70 million in equity, and $800 million in milestone payments.

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SRSD216，Is a targetedLp(a)ThesiRNA, currently synchronized in China and the United StatesIIaPhase Trial;


SRSD384，Is a product targetingObesityINHBETargeted candidate drugs are currently being actively promoted.INDShenReport.SRSD384 aims to promote fat reduction by regulating energy expenditure while protecting skeletal muscle, achieving "muscle preservation and weight loss."


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In the first half of 2023, 2024, and 2025, Sirius Therapeutics
R&D ExpendituresMinuteRMB 233 million, RMB 213 million, and RMB 65 million,Net LossFenDon't worry about RMB-309 million, -342 million, and +34 million。

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Sirius Therapeutics was first established in 2021, jointly founded by OrbiMed Entities and Creacion Ventures.After its establishment, Sirius Therapeutics completed three rounds of financing, with a $47.5 million Series B2 round closed in May 2025. The pre-money valuation was $205 million, and the post-money valuation reached $252.5 million. Apart from the capital investors, key shareholders and co-founders include Qunsheng Ji, who previously held an executive position at WuXi AppTec.


As of June 30, 2025,Sirius Therapeutics holds cash and cash equivalents amounting to 618 million yuan.


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Sirius Therapeutics IPOProspectus link, copy the following link to the browser to download:

https://www1.hkexnews.hk/app/sehk/2025/107722/documents/sehk25092800209_c.pdf



Reference:

NMPA/CDE；

Mox Entropy PharmaceuticalsAccording to the database, https://pharma.bcpmdata.com/；

FDA/EMA/PMDA；

; etc.



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