Yimiao Shenzhou Files for STAR Market IPO with Post-Money Valuation of RMB 3.8 Billion, Highlights CAR-T Pipeline Including IM19 NDA

▎Armstrong

On June 30, 2026, Imunopharm’s IPO application for the STAR Market was accepted, and its prospectus was officially disclosed.

Imunopharm, established in 2015, focuses on innovative CAR-T cell therapies, with a portfolio encompassing autologous CAR-T, universal (off-the-shelf) CAR-T, and in vivo CAR-T therapies. Its core product, IM19, submitted a marketing application in November 2024 for the third-line treatment of relapsed/refractory non-Hodgkin’s lymphoma (r/r NHL). The company’s other core candidates, IM96 and ZM001, are in Phase I clinical trials; IM96 is being developed for the treatment of colorectal cancer, while ZM001 is targeted at systemic lupus erythematosus (SLE). Additionally, its in vivo CAR-T therapy is currently in an Investigator-Initiated Trial (IIT) stage for the treatment of B-cell acute lymphoblastic leukemia (B-ALL), and its universal CAR-T therapy is also in an IIT stage for the treatment of SLE.

Imunopharm’s proposed IPO involves the issuance of no more than 10 million shares, accounting for no less than 25% of the total share capital after the offering. The company aims to raise RMB 2.5 billion, with RMB 1.647 billion allocated to cell therapy drug R&D projects, RMB 228 million to the Shandong Jinsei Bio production project, and RMB 625 million to supplement working capital.

Since its establishment, Imunopharm has undergone multiple rounds of financing. From December 2024 to March 2025, it completed a Series G financing round of RMB 396.62 million, with a pre-money valuation of RMB 3.4 billion and a post-money valuation of RMB 3.79662 billion.

Imunopharm's latest shareholding structure is as follows.

Summary

Imunopharm’s prospectus states that the efficacy and safety data of its core product, IM19, are leading among similar products. In August 2024, Imunopharm and Huadong Medicine reached a domestic commercialization partnership for IM19, which is expected to achieve rapid sales volume growth after market approval.

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