Yimiao Bio Files for STAR Market IPO with RMB 2.5 Billion Fundraising Target

Declaration:Due to limitations in expertise, errors are inevitable, and some information may not be fully up-to-date. Comments pointing out any issues are welcome.This article is intended solely for the introduction of drugs related to medical and health care, and does not constitute a recommendation of treatment plans (if involved); this article does not constitute any investment advice.

On June 30, 2026, the Shanghai Stock Exchange accepted the STAR Market IPO application of Beijing Imunopharm Technology Co., Ltd., and its prospectus was officially disclosed. According to the prospectus, the company plans to issue no more than 10 million shares to raise RMB 2.5 billion, which will be used for the research and development of cell therapy drugs, the construction of production bases, and supplementing working capital. CITIC Securities serves as the sponsoring institution. Founded in 2015 and focused on the research and development of gene and cell therapies, this biotech company has finally reached the threshold of the capital market after completing ten rounds of financing.

Imunopharm’s founding team has a distinct Tsinghua University heritage. Founder He Ting earned his bachelor’s degree from Xiamen University and later obtained his Ph.D. from the School of Life Sciences at Tsinghua University. Co-founders Dr. Lu Xin’an and Dr. Qi Feifei also graduated from the School of Life Sciences at Tsinghua University. Together, the three spearheaded the development of the company’s two core technology platforms: gene therapy vectors and immune cell therapies. As of the end of the reporting period, the company had more than 150 R&D personnel, over 60 of whom held master’s degrees or higher.

Over the ten years since its establishment, the company has completed ten rounds of financing.Valued at approximately RMB 5 billion in its Series E financing round, the company’s investor lineup includes China Development Bank Capital, SDIC Innovation Investment, China Taiping, Beijing Capital Science and Technology Development Group, China Resources Fund, and Sunshine Nuoho. The company was selected as a 2025 National-Level Potential Unicorn Enterprise and a Provincial-Level Specialized, Refined, Differential, and Innovative (SRDI) Small and Medium-sized Enterprise.

Core ProductsIM19

Core Products Disclosed in the ProspectusIM19 (Pojioleucel) is an autologous CAR-T cell therapy product targeting CD19, indicated for relapsed/refractory non-Hodgkin lymphoma (r/r NHL). The New Drug Application (NDA) for its third-line treatment indication in r/r NHL was submitted in November 2024, with clinical trial data demonstrating both excellent safety and efficacy.

On the commercialization front, in August 2024, Huadong Medicine and Imunopharm reached an exclusive commercialization agreement for IM19 within China, under which Huadong Medicine paid an upfront fee of RMB 125 million and milestone payments of up to RMB 950 million. Meanwhile, the clinical trial application for IM19 as a second-line treatment for relapsed/refractory non-Hodgkin’s lymphoma (r/r NHL) was approved by the Center for Drug Evaluation (CDE) in January 2026, making it the first domestically developed, self-owned CAR-T product approved to initiate clinical trials for this indication. The pivotal clinical trial for the third-line treatment of relapsed/refractory mantle cell lymphoma (r/r MCL) is also progressing. According to the prospectus, research findings on IM19 have been invited for presentation at prestigious domestic and international academic conferences, including CSCO, ESMO, and ASH.

Pipeline Layout

Imunopharm’s pipeline extends beyond hematologic malignancies. The prospectus reveals that the company is simultaneously advancing across three fronts: solid tumors, autoimmune diseases, and next-generation technology platforms.

Notably, IM96 is the only CAR-T cell candidate drug globally to have received clinical trial approval for colorectal cancer indications in both China and the United States. According to the prospectus, Phase I investigator-initiated trial (IIT) results demonstrated that IM96 exhibited superior efficacy compared to existing treatment regimens in patients with third-line or later-stage colorectal cancer. ZM001 is an autologous CAR-T candidate drug targeting refractory systemic lupus erythematosus (SLE) and is currently in Phase I clinical trials. IIT results showed a 100% SRI-4 response rate, with only mild cytokine release syndrome (CRS) observed and no incidence of immune effector cell-associated neurotoxicity syndrome (ICANS), highlighting its potential to address the unmet market need for CAR-T therapies in autoimmune diseases. The company is co-developing ZM001 with Sunnovo, considering strategies such as commercial insurance coverage and innovative payment solutions to enhance patient accessibility. Additionally, IM83, which targets GPC3 for the treatment of hepatocellular carcinoma, has obtained clinical trial approval in both China and the United States.

In terms of technological layout, the company is concurrently developing in vivoCAR-T (VivoCAR-T) and allogeneic CAR-T technologies are two approaches aimed at addressing the high costs and complex supply chain issues associated with current autologous CAR-T therapies. As of the date of signing the prospectus, the company has been approved to conduct 11 clinical trials in China and 1 clinical trial in the United States, and has submitted 1 New Drug Application (NDA).

Use of Proceeds and Financial Status

This FundraisingRMB 2.5 billion will be allocated to three areas. The "Cell Therapy Drug R&D Project" will accelerate the expansion of indications for IM19, advance clinical studies of solid tumor pipelines such as IM96 and IM83, and develop cutting-edge technologies including in vivo CAR-T and allogeneic CAR-T. The "Shandong Jinsei Biotechnology Co., Ltd. Cell Therapy Drug Production Project (Phase I)" will establish high-standard manufacturing facilities to create a cost advantage. The remaining funds will be used to supplement working capital and support commercialization layout, the recruitment of high-end talent, and out-licensing of overseas rights.

From a financial perspective, Imunopharm is currently still in a loss-making state, which is consistent with mostCAR-T companies share similar pre-commercialization profiles. IM19 has just submitted its New Drug Application (NDA) and has not yet received marketing approval, while other pipeline candidates remain in early-stage clinical trials. The RMB 125 million upfront payment from the business development (BD) collaboration with Huadong Medicine provides a certain cash flow buffer; however, in the capital-intensive cell therapy sector, sustained R&D investment and the build-out of commercialization capabilities remain critical challenges.

Competitive Landscape

DomesticThe CAR-T sector is witnessing increasingly fierce competition. Fosun Kite’s axicabtagene ciloleucel injection was approved for market launch in 2021, followed closely by the approval of JW Therapeutics’ relmacabtagene autoleucel. Carsgen Therapeutics’ zevorcabtagene autoleucel has also received approval. More players are entering the field, with companies such as Hengrui Medicine and Anke Biotechnology actively developing their proprietary CAR-T pipelines. Imunopharm’s differentiated advantages lie in its serum-free culture system, which offers unique value in enhancing cell therapy persistence and controlling costs, while its product IM96 demonstrates global scarcity due to its breakthroughs in the treatment of solid tumors. In the realm of CAR-T therapy for autoimmune diseases, ZM001 is currently positioned to fill a market gap.

Source: Corporate Prospectus

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