Imunopharm Technology Files for STAR Market IPO, Seeking to Raise 2.5 Billion Yuan for Cell Therapy Pipeline

Imunopharm Technology Co., Ltd., a Chinese biotech company specializing in gene and cell therapies, has filed for an initial public offering on the Shanghai Stock Exchange's STAR Market, seeking to raise 2.5 billion yuan ($345 million) to advance its pipeline of cancer treatments.

The company's IPO application was accepted by the Shanghai Stock Exchange on June 30, 2026, according to its prospectus. Imunopharm plans to issue no more than 10 million shares, with proceeds earmarked for cell therapy drug research and development, production facility construction, and working capital. CITIC Securities is serving as the sponsor for the offering.

Founded in 2015, the Beijing-based company has completed ten rounds of financing over the past decade, with its most recent E-round valuing the company at approximately 5 billion yuan ($690 million). Investors include CDB Capital, SDIC Innovation, China Taiping, Capital Sci-Tech Development Group, CR Vanguard Fund, and Sunshine Noah. The company was recognized as a national potential unicorn enterprise in 2025.

Imunopharm's founding team carries a distinct Tsinghua University pedigree. Founder He Ting earned his bachelor's degree from Xiamen University before obtaining his Ph.D. from Tsinghua University's School of Life Sciences. Co-founders Lu Xin'an and Qi Feifei also hold doctoral degrees from the same institution. Together, they established the company's two core technology platforms: gene drug delivery systems and immune cell therapies. As of the end of the reporting period, the company employs over 150 R&D personnel, with more than 60 holding master's degrees or higher.

Core Product Lead Candidate

The company's flagship product, IM19 (boji'aolunsai), is an autologous CAR-T cell therapy targeting CD19 for the treatment of relapsed or refractory non-Hodgkin lymphoma. According to the prospectus, Imunopharm submitted a New Drug Application for IM19 in third-line treatment of r/r NHL in November 2024. Clinical trial data demonstrated both strong safety and efficacy profiles.

On the commercialization front, Imunopharm struck a deal with Huadong Medicine Co., Ltd. in August 2024, granting the pharmaceutical company exclusive domestic commercialization rights for IM19. Huadong Medicine paid an upfront fee of 125 million yuan ($17.2 million), with potential milestone payments of up to 950 million yuan ($131 million). Additionally, the company received approval from China's Center for Drug Evaluation in January 2026 to initiate clinical trials for IM19 in second-line treatment of r/r NHL, making it the first domestically developed CAR-T product to receive such approval for this indication. A pivotal clinical trial for third-line treatment of relapsed/refractory mantle cell lymphoma is also underway.

The research findings for IM19 have been invited for presentation at major international conferences including CSCO, ESMO, and ASH.

Pipeline Beyond Hematologic Malignancies

Imunopharm's pipeline extends beyond blood cancers. The company is simultaneously pursuing development across three fronts: solid tumors, autoimmune diseases, and next-generation technology platforms.

Among its solid tumor candidates, IM96 stands out as the only CAR-T cell therapy candidate globally to receive clinical trial approval for colorectal cancer in both China and the United States. According to the prospectus, Phase I investigator-initiated trial results demonstrated that IM96 showed superior efficacy in third-line and later colorectal cancer patients compared to existing treatment options.

For autoimmune diseases, the company is developing ZM001, an autologous CAR-T candidate for refractory systemic lupus erythematosus, currently in Phase I clinical trials. Investigator-initiated trial results showed an SRI-4 response rate of 100%, with only mild cytokine release syndrome observed and no cases of immune effector cell-associated neurotoxicity syndrome. The company is collaborating with Sunshine Noah on ZM001 development, exploring commercial insurance and innovative payment solutions to improve patient access. This candidate could potentially fill a market gap in CAR-T therapy for autoimmune diseases.

Another candidate, IM83, targets GPC3 for hepatocellular carcinoma treatment and has received clinical trial approval in both China and the United States.

Technology Innovation

On the technology front, Imunopharm is developing in vivo CAR-T (VivoCAR-T) and allogeneic CAR-T platforms in parallel. These approaches aim to address the high costs and complex supply chain challenges associated with current autologous CAR-T therapies. As of the prospectus signing date, the company has received approval to conduct 11 clinical trials in China and one in the United States, with one NDA submission.

Use of Proceeds and Financial Position

The 2.5 billion yuan fundraising target will be allocated across three main directions. The cell therapy drug R&D project will accelerate IM19 indication expansion, advance clinical studies for solid tumor pipelines including IM96 and IM83, and support development of cutting-edge technologies such as in vivo CAR-T and allogeneic CAR-T. The Shandong Jinsai Biotechnology Co., Ltd. cell therapy drug production project (Phase I) will establish high-standard manufacturing facilities and build cost advantages. The remaining funds will supplement working capital, support commercialization efforts, attract high-end talent, and fund overseas licensing activities.

Like most CAR-T companies prior to commercialization, Imunopharm currently operates at a loss. With IM19 having just submitted its NDA and other pipeline candidates in early clinical stages, the company has not yet generated product revenue. The 125 million yuan upfront payment from Huadong Medicine provides some cash flow buffer, but in the capital-intensive cell therapy sector, sustained R&D investment and commercialization capability building remain critical challenges.

Competitive Landscape

China's CAR-T market has become increasingly competitive. Fosun Kite's axicabtagene ciloleucel injection was approved for market in 2021, followed by JW Therapeutics' relmacabtagene autoleucel and CARsgen's zevorcabtagene autoleucel. More players are entering the space, including Hengrui Medicine and Anke Biotechnology, both developing proprietary CAR-T pipelines.

Imunopharm's differentiation lies in several areas: its serum-free culture system offers unique advantages in cell therapy persistence and cost control; IM96's breakthrough in solid tumors represents global scarcity value; and ZM001 in autoimmune diseases addresses an unmet market need.

Source: Company prospectus