NewTimeSpace丨Nearly RMB 1.2 Billion Raised Over 5 Years, Revenue-less Zenitar Biotech Files for Hong Kong IPO

Chengdu Zenitar Biomedical Technology Co., Ltd. (hereinafter referred to as "Zenitar Biotech") recently submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Main Board with Jefferies and CICC as joint sponsors.

Image source: Prospectus

**8 Drug Candidates in Pipeline, 2 Core Products in Registration Phase III Trials**

Public information shows that Zenitar Biotech is a clinical-stage biotechnology company founded in 2019. The company is dedicated to integrating structural biology, artificial intelligence, and clinically relevant disease models to develop differentiated small molecule therapies with first-in-class or best-in-class potential, addressing unmet clinical needs in hematological diseases, oncology, central nervous system, and immune-inflammatory diseases.

NewTimeSpace Research Institute learned that Zenitar Biotech's drug development capabilities are based on three integrated technology platforms: the structural biology platform (ZeniFold), the AI-driven drug discovery platform (ZeniMind), and the clinically relevant screening and target discovery platform (ZeniScreen).

Currently, Zenitar Biotech has established a product pipeline comprising 8 drug candidates covering preclinical to clinical stages, with two core products having entered registration Phase III clinical trials.

The core product, Flunotinib Maleate (FM), is a triple-target inhibitor against JAK2, FLT3, and CDK6, primarily for treating myeloproliferative neoplasms. In addition to the ongoing Phase III study for myelofibrosis, the company initiated a Phase II clinical trial in China for polycythemia vera (PV) in November 2025 and plans to submit a clinical trial application to the National Medical Products Administration for graft-versus-host disease (GvHD) treatment in 2026.

Pruinostat Mesylate for Injection (PM) is a highly selective HDAC I/IIb inhibitor. Its Phase III study for relapsed/refractory diffuse large B-cell lymphoma (DLBCL) is ongoing, with the company planning to submit a new drug marketing application in 2027. Additionally, PM is undergoing multiple Phase II clinical studies evaluating its efficacy in other lymphomas, multiple myeloma, breast cancer, and other solid tumors.

Beyond core products, the pipeline also includes two clinical-stage candidates (ZL-82, ZL-85) and four preclinical candidates (ZL-65, ZL-69, ZL-59, and ZL-89).

**No Revenue Yet, Post-Money Valuation Exceeds RMB 3 Billion**

In terms of financial performance, the prospectus shows that Zenitar Biotech had no operating revenue in 2024 and the first nine months of 2025, with net losses of RMB 92 million and RMB 119 million, respectively. Accumulated losses over the past two years reached RMB 211 million.

As of September 30, 2025, Zenitar Biotech held cash and cash equivalents of RMB 205 million, with operating cash flow of approximately -RMB 84 million for the first nine months of 2025.

According to a CIC report, the global myelofibrosis drug market grew from US$1.6 billion in 2020 to US$3.0 billion in 2024, with a CAGR of 15.9%. The market is expected to reach US$6.4 billion by 2030 and further increase to US$11.1 billion by 2035, representing a CAGR of 12.7% from 2024 to 2035. In China, the market grew from US$100 million in 2020 to US$200 million in 2024, with a CAGR of 29.4%. It is expected to reach US$600 million by 2030 and US$1.0 billion by 2035, with the CAGR slowing to 14.6% from 2024 to 2035. As of the latest practicable date, a total of five commercialized JAK inhibitors have been approved globally for myelofibrosis treatment.

The global market for PV therapy has steadily expanded in recent years, growing from approximately US$2.0 billion in 2020 to US$2.9 billion in 2024, with a CAGR of 9.7%. Driven by the introduction of new therapies and improved diagnosis rates, the market is expected to reach US$4.4 billion by 2030 and US$6.3 billion by 2035, equivalent to a CAGR of 7.4% from 2024 to 2035. In China, the market started from a relatively small base of US$100 million in 2020, expected to reach US$300 million by 2030 and US$400 million by 2035, representing an expected CAGR of 11.1% from 2024 to 2035.

The prospectus shows that since its establishment, Zenitar Biotech has obtained five rounds of equity financing from investors totaling approximately RMB 1.178 billion. The company secured three rounds of financing in 2025 alone. Last November, Zenitar Biotech completed its Series C financing of nearly RMB 600 million, with a post-money valuation of RMB 3.411 billion.

According to the prospectus disclosure, pre-IPO, Dr. Chen Lijuan directly holds 19.78% of Zenitar Biotech and controls approximately 25.59% through controlled entities, making her the single largest shareholder.

Zenitar Biotech stated in its prospectus that the IPO proceeds will be used for R&D of core products FM and PM; for development of other pipeline assets; for further enhancement of the technology platform; and for working capital and other general corporate purposes.

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