NewTimeSpace | Share Price Rebounds Over 70% in 2026, Core Products and Commercialization Pressures Coexist for Hanx Biopharmaceuticals (03378.HK)

From a post-listing plunge to a strong rebound, Hanx Biopharmaceuticals (03378.HK) is reclaiming its lost market value.

NewTimeSpace noted that entering 2026, the share price of Hanx Biopharmaceuticals—which was halved shortly after its listing—has gradually recovered over the past three months. In March, the share price rebounded by over 50%. As of the close on March 26, 2026, the company was quoted at HK$27.64, just one step away from returning to its original offer price of HK$32.

HX111 Commences Clinical Trials; Share Price Rebounds Over 70% in 2026

It is understood that Hanx Biopharmaceuticals listed on December 23, 2025. After submitting its prospectus to the Hong Kong Stock Exchange three consecutive times in November 2024, May 2025, and December 2025, the company finally completed its IPO at the end of last year.

NewTimeSpace learned that Hanx Biopharmaceuticals offered 18,321,000 H-shares globally, with the Hong Kong public offering accounting for 10% and the international offering 90%. The offer price was HK$32 per share, with net proceeds of HK$531 million. The Hong Kong public offering was oversubscribed by 3,074.09 times, while the international offering was oversubscribed by 5.78 times. Additionally, the company introduced seven cornerstone investors who collectively subscribed for $12 million.

Although the placement performance was decent, Hanx Biopharmaceuticals, which listed on December 23 last year, delivered a dismal performance on the secondary market.

On its first day of listing, Hanx Biopharmaceuticals opened below its offer price and trended downward throughout the day, ultimately closing with a 46.25% drop from its HK$32 IPO price, leaving its market value at approximately HK$2.3 billion. In the first three trading days post-listing, the share price was effectively halved, with a cumulative decline of 54.44%.

Entering 2026, Hanx Biopharmaceuticals' share price quietly recovered. Following the announcement on February 4 that the first patient had been dosed with HX111, market attention resurged significantly. As of the close on March 26, 2026, the company was quoted at HK$27.64, representing a cumulative year-to-date increase of 72.97% in 2026.

NewTimeSpace has learned that HX111 for injection, a globally innovative (First-in-Class) OX40-targeted antibody-drug conjugate (ADC) independently developed by Hanx Biopharmaceuticals, has been approved by the National Medical Products Administration (NMPA) to officially commence clinical trials in China. This drug is the world's first OX40-targeted ADC to publicly enter the clinical stage, filling a technical gap in the relevant field.

Industry insiders pointed out that HX111 primarily targets subtype lymphomas/leukemias, covering almost all adult T-cell leukemia/lymphoma (ATL), angioimmunoblastic T-cell lymphoma (AITL), NK/T-cell lymphoma, and histiocytic lymphoma, as well as solid tumors (including sarcoma and head and neck squamous cell carcinoma), demonstrating broad therapeutic potential.

10 Candidate Drugs Developed; Persistent Financial Losses

Public information shows that Hanx Biopharmaceuticals is an innovative biotechnology company with independent expertise and experience in structural biology, translational medicine, and clinical development. It is dedicated to the discovery, development, and commercialization of First-in-Class and/or Best-in-Class products for the precision treatment of cancer and autoimmune diseases to address unmet global medical needs.

NewTimeSpace learned that over the past decade, Hanx Biopharmaceuticals has been building an innovative pipeline. This includes three clinical-stage drug candidates for oncology: the core product HX009 and key products HX301 and HX044; and seven pre-clinical candidates, including ADCs, bispecific antibodies (BsAbs), and monoclonal antibodies (mAbs) targeting the autoimmune and oncology markets. Prior to the track record period, the company also developed HX008, which was transferred to a biopharmaceutical company focusing on oncology therapies.

The core product HX009 is an independently developed PD-1/SIRPαbifunctional antibody fusion protein designed to break through the limitations of traditional immunotherapy in certain tumors. During the track record period and up to the latest practicable date, Hanx Biopharmaceuticals completed Phase I clinical trials for HX009 in Australia and China.

Hanx Biopharmaceuticals is currently conducting two clinical programs for HX009 in China: the HX009-I-01 study (Phase Ib) for the treatment of advanced melanoma, and the HX009-II-02 study (Phase I/II) for the treatment of R/R EBV+ non-Hodgkin lymphoma.

Additionally, the company has two other clinical-stage major products, HX044 and HX301, and seven pre-clinical candidates covering ADCs, BsAbs, and mAbs across oncology and autoimmune diseases.

Regarding financial performance, as an innovative drug company that has yet to receive approval for any self-commercialized products, its book revenue primarily relies on royalties from previous asset divestments.

NewTimeSpace understands that in 2019, Hanx Biopharmaceuticals transferred full rights of HX008 to Lepu Biopharma. Subsequently, Putilimab (HX008) was officially approved for marketing in 2022, after which Hanx Biopharmaceuticals entered the royalty recovery phase.

According to the prospectus, from 2022 to 2024, the royalties received by the company were approximately RMB 700,000, RMB 4.4 million, and RMB 13.1 million, respectively. Since this revenue is unrelated to the company's current core business, it was recorded under cash flows from investing activities.

In recent years, R&D investment has continued to grow, reaching approximately RMB 46.66 million in 2023, RMB 74.72 million in 2024, and RMB 56.18 million for the first eight months of 2025. During the reporting period, net losses were RMB 85 million, RMB 117 million, and RMB 88 million, respectively.

Commercialization Hard to Realize in the Short Term; Core Products Face "Red Ocean" Competition

From current developments, the commercialization prospects for Hanx Biopharmaceuticals are difficult to realize in the short term. None of the company's core pipelines have completed Phase II clinical studies, and Phase II is the stage with the highest clinical trial failure rate, often referred to as the "Valley of Death" in drug development.

Moving from Phase II to a marketing application typically requires Phase III confirmatory clinical trials, which involve larger sample sizes and more time. The company has not yet initiated any Phase III studies.

In its prospectus, the company admitted that it does not plan to conduct highly costly and risky "head-to-head" clinical trials for HX009, citing a lack of standard therapies. However, this also means that even if HX009 is eventually approved, there will be a lack of direct evidence regarding its clinical advantages compared to existing treatments.

Furthermore, of the approximately HK$531 million in net proceeds from the offering, the company only plans to allocate about 5% (roughly RMB 25 million) for commercialization preparation, with the vast majority of the remaining funds still designated for clinical R&D and daily operations. This allocation reflects the company's internal assessment that its core products are not yet ready for market launch in the short term.

Although Hanx Biopharmaceuticals holds royalty interests in the PD-1 monoclonal antibody HX008 (Putilimab) through licensing, its core candidate HX009 faces intense market competition.

NewTimeSpace has learned that the PD-1 monoclonal antibody market has long entered a "red ocean" of competition. Six domestic products are competing on the same stage, including Junshi Biosciences' Toripalimab, Innovent Biologics' Sintilimab, Hengrui Medicine's Camrelizumab, and BeiGene's Tislelizumab.

In the 2020 National Reimbursement Drug List (NRDL), the prices of Camrelizumab, Tislelizumab, and Toripalimab were all cut by over 70%, with the annual treatment cost falling to RMB 50,000 per year. Against the backdrop of significant price suppression by the medical insurance system, the uncertainty of royalty income exists, and the fair value of related interests saw a slight decline in 2024.

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