Ribo Therapeutics Submits IPO Application to HKEX, Highlighting siRNA Pipeline Including Lead Candidate RBD4059

On October 28, the website of the Hong Kong Stock Exchange showed that the IPO application of Ribo Life Science had been accepted. The joint sponsors for this IPO are CICC and Citibank.Ribo Life ScienceMainly engaged in the research and development of small nucleic acid drugs, with a particular focus on siRNA therapy.。

Screenshot source: HKEX official website

Ribo Life Science was founded in 2007.The founding chairman and chief executive officer of the company isDr. Liang Zicai, he has more than 20 years of experience in the field of small nucleic acid research. The company's co-CEO, global R&D president, and chief medical officer isDr. Gan Liming, he has accumulated 20 years of experience in R&D, operations, and management at AstraZeneca.

Insight database shows,Ribo Life SciencePreviously completed multiple rounds of financing.In July this year, the company had just completed a Series E financing round of over 200 million yuan. Since its establishment, it has cumulatively completed multiple rounds of financing totaling more than 1.8 billion yuan.

Screenshot source:Insight Database

Currently, Ribo Life Science hasSeven Self-developed Small Nucleic Acid Drugs Are in Clinical Trial Stage, covering seven indications related to cardiovascular, metabolic, kidney, and liver diseases, four of which are in Phase II clinical trials.

RBD4059 is the core product of Ribo Life Science. This drug is an siRNA targeting FXI, intended for the development of treating thrombotic diseases., which is currently in Phase IIa clinical trials. By selectively inhibiting FXI, RBD4059 can reduce the risk of bleeding without significantly increasing it.(Common Limitations of Traditional Anticoagulants)Reduce the risk of thrombosis while producing long-lasting efficacy with low-frequency dosing, improving patient compliance.

In addition to RBD4059, Ribo Life Science is also advancing two key products, respectively:

• RBD5044 is an siRNA targeting APOC3RBD5044, intended for the treatment of hypertriglyceridemia, is currently in Phase II clinical trials. APOC3 is a protein that plays a crucial role in lipid metabolism. RBD5044 has been uniquely designed to combine APOC3-targeted inhibition with the long-lasting effects of siRNA. Preclinical studies have shown that RBD5044 can effectively inhibit the APOC3 protein while significantly reducing triglyceride levels.

• RBD1016 is an siRNA candidate drug intended for the treatment of patients with chronic hepatitis B virus infection., including patients with HDV co-infection, is currently in Phase II. The Phase I study results showed that, after a single dose of RBD1016, HBsAg levels were continuously reduced, demonstrating a dose-dependent response along with good safety and tolerability.

Screenshot source:Ribo Life Science Prospectus

Previously, Ribo Life Science had respectively partnered withBoehringer Ingelheim, Qilu PharmaceuticalReached two collaborations with a total transaction value exceeding 2 billion US dollars:

• In December 2023, Ribo Life Science entered into a collaboration with Qilu Pharmaceutical, granting Qilu the rights to develop, manufacture, and commercialize Ribo's novel PCSK9 small nucleic acid drug RBD7022 in Greater China. Ribo Life Science will receive an upfront payment and milestone payments totaling over 700 million RMB, as well as royalty rates in the high double digits.

• In December 2023, Ribo Life Science and Boehringer Ingelheim reached a collaboration to jointly develop treatments for non-alcoholic or metabolic dysfunction-associated steatohepatitis.（MASH）Small nucleic acid innovative therapy, the total transaction amount of this cooperation exceeds 2 billion US dollars.

Ribo Life Science currently has no commercialized products.Financially,In the first half of 2024 and 2025, the company's revenues were RMB 142.6 million and RMB 103.8 million, respectively, with the majority coming from the company’s licensing and collaboration agreements. In 2023, 2024, and the first half of 2025, the company's net losses were RMB 437.3 million, RMB 281.5 million, and RMB 97.8 million, respectively.