Ten Chinese Biotech Dark Horses File IPOs: Innovators in mRNA, siRNA, ADC, and Metabolic Therapies

Abogen Biosciences

Technology Platform:mRNA Therapy

Disease Area:Tumors, Immunology, and Infectious Diseases

Latest Progress:KRAS mRNA Cancer Vaccine Receives IND Approval in Both China and the U.S.

Abogen Biosciences, with its $700 million Series C financing completed in August 2021 (one of the largest private placements by a Chinese biotech to date), first came into global spotlight; just three months later, the company added another $300 million to further strengthen its "war chest."

In China,Abogen is one of the few companies that has achieved "end-to-end" autonomous closed-loop mRNA technology.: From sequence design, delivery systems to scaled production, all technologies are self-developed. The company focuses on three major areas — cancer immunotherapy, protein replacement therapy, and infectious disease vaccines. Among these, the COVID-19 mRNA vaccine ARCoV received emergency use authorization in Indonesia in 2022, becomingChina's First mRNA Vaccine Approved Overseas。

In terms of pipeline, the fastest progressing ABO2011 is currently in Phase Ⅰ/Ⅱ clinical trials, as a monotherapy or in combination with the PD-1 antibody Toripalimab for the treatment of advanced solid tumors.

Last month, Abogen announced more good news:Abogen's pioneering multi-target KRAS mRNA cancer vaccine, ABO2102, has simultaneously received IND approvals from both China and the FDA. It can cover five high-frequency KRAS mutations and is the first personalized therapeutic cancer vaccine in China to enter clinical trials.。

Argo Biopharma

Technology Platform:siRNA Therapy

Disease Area:Cardiovascular, Viral Infections, Rare Diseases

Latest Progress:Novartis Signs Another Strategic Agreement to Jointly Expand Cardiovascular Pipeline

Argo Biopharma focuses on the research and development of "next-generation" small interfering RNA (siRNA) drugs, with a clinical pipeline covering cardiovascular diseases, viral infections, and rare diseases. Currently, six candidate drugs are in the clinical stage.The company's self-developed RADS platform (RNA Molecule High Activity, Long Duration, High Safety Design) can systematically enhance the stability and duration of siRNA, laying the foundation for differentiated pipelines.

At the beginning of the month, Argo Biopharma announced another collaboration with Novartis.：

• Novartis will lead the global multi-center trial of ANGPTL3 siRNA (Phase II) combination therapy for dyslipidemia and have the priority negotiation rights for the subsequent rights outside of Greater China.

• Simultaneously obtained the overseas exclusive license for a liver-targeting pre-clinical siRNA, which is expected to enter Phase I in 2026.

This collaboration is an "upgraded version" of the two RNAi cardiovascular asset agreements reached in January 2024, further validating the value of Argo's platform.

Moreover, Argo Biopharma announced another milestone in July 2025: its chronic hepatitis B siRNA therapy, BW-20507, has been approved by China's NMPA to initiate Phase II clinical trials in combination with PEG-IFNα, showing potential for a functional cure of hepatitis B.

Avistone Biotechnology

Technology Platform:Small Molecule Targeted Drugs

Disease Area:Tumor

Latest Progress:Type II ROS1/NTRK Inhibitor ANS03 Shows Promising Preclinical Data, Global Phase I Trial Initiated

Avistone Focuses on Small Molecule Precision OncologyIts core product —— Type I MET inhibitor has been approved in China for non-small cell lung cancer (NSCLC) patients with MET exon 14 skipping mutations and glioblastoma patients, filling the gap in this target area in China.

The company's newly announced ANS03 is an oral dual-target inhibitor of Type II ROS1/NTRK. Preclinical data shows:

• Maintains nanomolar-level inhibitory activity against a variety of drug-resistant mutations (including G2032R, D2033N, etc.);

• High systemic exposure, good brain tissue penetration, and almost complete regression of intracranial lesions in animal models;

• Safety window >10 times, no significant cardiac or neurological toxicity observed.

Based on the aforementioned data, Avistone has initiated the global multicenter Phase I trial of ANS03, recruiting adult and pediatric patients with advanced solid tumors positive for ROS1 or NTRK fusion, with plans to advance to the pivotal Phase II by 2026.

At the capital level, the company completed a US$200 million Series A financing round in December 2021 and merged with Pearl Biotechnology; in January 2024, it secured another US$140 million in Series B financing. The funds will be used for:

• Accelerate the simultaneous clinical trials in China and the U.S. for multiple pipelines;

• Expand the early-stage new drug screening platform;

• Promote the commercialization of the core product PLB1001 (MET inhibitor) in China and its overseas registration.

Epigenic Therapeutics (Shanghai) Biotech

Technology Platform:Epigenetic Regulation Therapy

Disease Area:Metabolism, Cardiovascular, Viral Hepatitis, Ophthalmology, and Autoimmune Diseases

Latest Progress:Series B $60 Million Funds Received to Accelerate HBV "Functional Cure" and Lipid-Lowering Pipeline

EJL Tech Focuses on "Next-Generation" Gene ModulationIts independently developed EPIREG platform can achieve persistent, reversible, and tissue-specific silencing of target genes through precise DNA methylation and histone modification without cutting the DNA.

The company claims that this strategy avoids the breakage risks associated with traditional gene editing.A Revolutionary Solution for Chronic Diseases: "Safer and Repeatable Drug Administration"。

The fastest-progressing candidate in the pipeline is EPI-003 for hepatitis B, which aims to block the cccDNA transcription template to achieve "functional cure" with sustained HBsAg seroclearance. Another candidate, EPI-001, targets PCSK9 for hypercholesterolemia and has demonstrated animal data showing a 70% reduction in LDL-C lasting over 6 months after a single dose.

This Month, the Company Completes US$60 Million Series B Financing, the funds will:

• Advance the Phase Ⅰ/Ⅱ international multicenter trial of EPI-003;

• Initiate Phase I Clinical Trial of EPI-001;

• Acceleration of metabolism, ophthalmology, and five other pre-IND pipelines, as well as the upgrade of the EPIREG platform.

Hangzhou DAC Biotech

Technology Platform:Antibody-Drug Conjugates (ADC)

Disease Area:Tumor

Latest Progress:Three ADC Global Licenses Reached with WuXi Biologics and Aadi Bio; HER2-ADC Phase II Data Impressive

Nine Years to Sharpen a Sword,DuoXi Bio has built the proprietary DX-ADC platform, covering toxin-linker design, conjugation processes, and CMC scale-up. The pipeline includes 20 ADCs at various stages of development, with both the number and progress ranking among the top in China.。

The core product DX126-262 (HER2-ADC) is currently undergoing Phase II clinical trials for breast cancer and gastric cancer simultaneously in China and the United States. The latest data from 2024 shows that the drug, in combination with chemotherapy, achieved an objective response rate (ORR) of 68% in HER2-positive gastric cancer patients, with a median progression-free survival (mPFS) of 12.4 months, significantly outperforming the current second-line standard.

In terms of external licensing:

• In 2024, three pre-ADC global exclusive licenses were signed with Wuxi Biologics and Aadi Bio, with a potential total milestone value exceeding 900 million US dollars;

• In 2022, a 5-target ADC collaboration was reached with Janssen, a subsidiary of Johnson & Johnson. DuoXi provides platform technology, Janssen provides antibodies, and both parties share global rights.

With the "platform + pipeline" dual drivers, DuoXi is becoming a new benchmark for China's ADC going global.

Harbour BioMed

Technology Platform:Fully Human Antibody

Disease Area:Immunology and Oncology

Latest Progress:Partner Windward Bio Launches Global Phase II Trial for Asthma; Secures Major Collaborations with AstraZeneca and Otsuka

Harbour BioMed Builds Differentiated Antibody Pipeline with "In-House R&D + Global Collaboration + Strategic M&A".The company's proprietary "Harbour Mice" platform can simultaneously generate fully human monoclonal antibodies with both traditional H2L2 structure and heavy-chain only (HCAb) structure; based on HCAb immune cell engagers (T-cell engager) and antagonist technology, it breaks through the bottleneck of combination therapies, opening new pathways for tumor killing and immune inflammation regulation.

Clinical Updates: Partner Windward Bio has launched the global Phase II trial of HBM9378/WIN378 for moderate to severe asthma this month, with results expected to be unblinded by mid-2026. The drug targets thymic stromal lymphopoietin (TSLP).Expected to refresh the treatment standard for low responders to biologics。

Major External Cooperation:

• In June 2025, an agreement was reached with Japan's Otsuka Pharmaceutical to jointly develop a BCMA×CD3 bispecific T-cell engager for autoimmune diseases. HBM grants overseas rights, reserving the Chinese market and co-commercialization options.

• In March 2025, a multi-target, multi-disease area strategic cooperation agreement was signed with AstraZeneca. AstraZeneca obtained the priority rights to multiple next-generation multispecific antibodies through a $105 million equity investment and up to $650 million in milestone payments, setting a new record for the largest single equity financing collaboration by a Chinese biotech company.

With the "Harbour Mice" platform and a rapidly executed global BD strategy, Harbour is upgrading from a "technology licensor" to an international antibody engine room driven by dual engines of immuno-oncology and autoimmune.

Junshi Biosciences

Technology Platform:Full-chain layout of monoclonal antibodies, small molecules, peptides, ADCs, bispecific/multi-specific antibodies, nucleic acid drugs, etc.

Disease Area:Five Major Treatment Sectors: Oncology, Immunology, Metabolism, Neurology, and Infectious Diseases

Latest Progress:Anti-IL-17A Monoclonal Antibody JS005 Phase III Trial Meets Primary Endpoint in Moderate-to-Severe Plaque Psoriasis, NDA Submission Imminent

Junshi Has Upgraded from "PD-1 Monoclonal Antibody Pioneer" to "Multi-Modality Innovation Engine":Core Product: Tuoyi^®(Toripalimab) is the first approved and the first Chinese-produced PD-1 to receive FDA Breakthrough Therapy Designation.，Currently, it has been approved for 10 indications in China and, together with Axitinib, has become the first immunotherapy combination regimen for first-line treatment of renal cell carcinoma in China; it is either already on the market or under review in over 30 countries worldwide including the United States, the European Union, the United Kingdom, and Southeast Asia, with overseas sales expected to exceed 300 million US dollars by 2025.

Autoimmune Pipeline Enters Harvest Period:

• JS005 (anti-IL-17A) Phase III clinical trial showed that at week 12, PASI 75/90 reached 93% and 78%, respectively. The key secondary endpoint DLQI 0/1 ratio was significantly better than placebo, and the safety was comparable to marketed drugs of the same class.

• The company plans to submit a BLA to the NMPA in Q4 2025 and simultaneously initiate overseas market licensing negotiations.

Follow-up梯队：

• ADC Platform: Enrollment completed for JS108 (Trop2-ADC) Phase III breast cancer trial, with submission expected in 2026; JS113 (B7-H3-ADC) granted FDA Orphan Drug Designation.

• Bispecific/Multispecific Antibodies: JS203 (CD20×CD3) shows an ORR of 60% in Phase Ⅰ for B-NHL, with the dose expansion phase already initiated; JS207 (PD-1×VEGF) is expected to enter global Phase III in 2026.

• Nucleic Acids and Small Molecules: JS015 (siRNA-PCSK9) Phase I lipid-lowering effect 70%+; Oral KRAS G12D inhibitor JS401 expected IND by the end of 2025.

Relying on the three R&D centers in "Shanghai + Suzhou + San Francisco, USA" and 38,000L commercial production capacity,Junshi is transitioning from Biotech to BioPharma, with the goal of achieving global market entry for over 10 innovative drugs by 2027.

Qure Biotechnology (QureBio)

Technology Platform:Bispecific/Multispecific Antibodies and Protein Therapies

Disease Area:Tumors, Autoimmune and Inflammatory Diseases

Latest Progress:C1 Round Completes Nearly 100 Million RMB in Financing; Core Product Claudin18.2/PD-L1 Bispecific Antibody Initiates Phase III Preparation

Quell Biotech relies on three proprietary platforms: I2T multi-specific antibody architecture, T-cell engagers, and NK-cell engagers —Built Over 0 Differentiated Pipelines in the "Undruggable" Target Field。

The fastest in clinical progress is Q-1802 (Claudin18.2 × PD-L1 bispecific antibody):

• In March 2021, it received IND approval from both China and the US simultaneously; currently, the Phase II patient enrollment is nearly complete;

• The Phase III protocol in China has been submitted to the CDE, with plans to initiate a first-line gastric cancer international multicenter registration clinical trial in Q4 2025.

• Early data show an ORR of 48%, mPFS of 7.8 months, with efficacy signals still observed in the PD-1 resistant population.

Q-1801 (SIRPα × PD-L1 bispecific antibody) follows closely behind, having already received clinical approval in both China and the U.S., and is about to enter Phase Ib dose expansion.

This round of financing amounts to nearly 100 million RMB and will be used for:

• Advance the Q-1802/B, Q-1801 multicenter trials;

• Accelerate the IND submission for the next-generation tri-specific NK engager Q-3001;

• Expand the 2000 L clinical-scale production line to prepare for Phase III and subsequent international production.
  

In addition, Quell Biotech has reached six co-development agreements with BRL Medicine, BioMap, Hengrui Medicine, and Precision Scientific. By leveraging AI screening, companion diagnostics, and combination therapy strategies, the company continues to enhance the value of its platform.

Innogen (银诺医药)

Technology Platform:GLP-1 Fusion Protein Therapy

Disease Area:Metabolic Diseases

Latest Progress:Core ProductYisupaglutide αApproved by NMPA for marketing in China this year, for the treatment of type 2 diabetes

Yinuo Pharmaceuticals was founded in 2014, focusing on developing innovative therapies that are "accessible and affordable" for patients with diabetes and other metabolic diseases. At the end of 2021, the company completed a $120 million Series B financing round to advance its long-acting GLP-1 fusion protein.Yisupagludec αEntering Phase III clinical trials, and finally obtaining approval in China by early 2025, becoming another GLP-1 receptor agonist produced in China.

Product Highlights:

• The half-life is extended to 7 days, supporting once-weekly subcutaneous injection, superior to most competing products already on the market.

• Phase III clinical trials showed that HbA1c decreased by 1.8%, body weight decreased by 3.2kg, and the incidence of hypoglycemia was <1%.

• Using E. coli expression + albumin fusion technology, the cost advantage is significant, and the annual treatment cost is expected to decrease by 30–40% compared to imported varieties.

Subsequent Indications — Yinnuo Pharmaceuticals has initiated two Phase II trials for obesity and metabolic dysfunction-associated steatohepatitis (MASH):

• Obese population lost 8.7% of weight in 16 weeks, MASH patients showed a 35% reduction in liver fat and a 42% improvement rate in fibrosis in 24 weeks;

• Plan to submit an obesity indication marketing application in 2026 and explore an oral microsphere formulation to further expand the patient population.

With the dual advantages of "efficacy + accessibility",Yisupagludec αExpected to capture a significant share in China's GLP-1 market worth tens of billions.

VelaVigo

Technology Platform:Multi-Specific Antibodies and Antibody-Drug Conjugates (ADC)

Disease Area:Tumors, Immunity, Neurodegenerative Diseases, and Ophthalmology

Latest Progress:Bispecific Antibody VBS-102 Goes Global Again, Licensing Global (Outside Greater China) Rights to Ollin Biosciences

Orange Sail Pharmaceuticals, established in 2021,"Efficient Discovery Engine + Translational Medicine + CMC Integration" as the Core, has built more than 10 multi-specific antibody and ADC pipelines within two years, and established VelaVigo Bio, Inc. in the United States to oversee global clinical development and business cooperation.。

Highlights of Outward Licensing:

• In June 2025, a second overseas licensing agreement was signed with Ollin Biosciences for VBS-102 (a First-in-class bispecific antibody), with the deal including a multi-million-dollar upfront payment, up to $350 million in milestone payments, and double-digit sales royalties.

• In November 2024, the first overseas collaboration was reached with Avenzo Therapeutics, targeting ADC in the tumor microenvironment, with a potential total exceeding $500 million.

Capital Boost——Completed a $50 million Pre-A round of financing in February 2025, jointly led by internationally renowned VC and industry funds, the funds will be used for:

• Advance three multi-specific antibody Phase I clinical trials synchronized between China and the U.S.;

• Expansion of a 2000 L commercial ADC production line compliant with FDA/EMA standards;

• Deepen the "BD+VC" dual-driven model, with an expected 2-3 additional overseas licenses to be secured by 2025.

With the strategy of "rapid validation and rapid international expansion," Orange Sail Pharmaceuticals is becoming a "cross-border accelerator" model for a new generation of antibody engineering companies in China.