The global biopharmaceutical industry is undergoing a fundamental paradigm shift in drug development logic. While the past decades' "golden age of target discovery" focused on identifying lead compounds from vast molecular libraries, the advent of nucleic acid drugs, bispecific antibodies, and gene editing has shifted the core challenge from "what is the molecule" to "how to deliver the molecule precisely to the disease site." As delivery systems evolve from being mere auxiliary carriers to becoming core variables determining a drug's efficacy, safety, and commercial viability, a consensus is forming: the next chapter for innovative drugs is transitioning from the "target era" to the "delivery era."

Against this backdrop, Jitai Tech has officially passed its listing hearing on the Hong Kong Stock Exchange. As the "world's first AI-powered drug delivery stock," its debut marks a milestone not only in the AI drug discovery sector but also signifies the expansion of AI's role in biopharma from molecular discovery to the more foundational and complex field of macromolecular delivery. Through its proprietary NanoForge platform, Jitai Tech aims to solve the long-standing challenges of "inability to enter and imprecise delivery" for advanced therapies like nucleic acids and proteins. By addressing this core bottleneck, it provides Chinese pharmaceutical companies with a technological foundation for global competition and secures a unique position in the current AI drug development landscape.

This paradigm shift represents a fundamental re-evaluation of the clinical value chain in drug development. During the golden age of small-molecule drug R&D, identifying a valid disease target was often half the battle, fueling the "target discovery" era. However, as medicine advances into large-molecule biologics like bispecific antibodies and nucleic acid drugs, researchers face new hurdles. These promising large molecules are easily degraded in the body, struggle to cross complex biological barriers, and pose significant risks like off-target toxicity. Consequently, the prerequisite for drug efficacy has become safely encapsulating and precisely navigating these molecules to target cells, leading to an unprecedented revaluation of delivery systems' importance.

Globally, leading biopharmaceutical giants such as Alnylam, BioNTech, and Moderna have achieved revolutionary breakthroughs by leveraging advanced delivery technologies, building commercial empires worth hundreds of billions of dollars. These successes have solidified the critical role of drug delivery in modern pharmaceuticals and opened vast commercial prospects. Historically, this strategic high ground was dominated by international players, with high barriers, particularly in the chemical space and manufacturing processes for ionizable lipid nanoparticles (LNPs). Latecomers faced systemic risks of high licensing fees or technological blockades without breakthroughs in the diversity and autonomy of underlying lipid molecules.

Addressing this challenge, Jitai Tech employs artificial intelligence as a "navigator" to explore solutions beyond human experience. Traditional delivery system development relied heavily on time-consuming and low-success "trial-and-error" methods. Jitai Tech uses AI to assist in designing novel lipid molecules, building what is reportedly the world's largest library of millions of ionizable lipids for LNPs, effectively circumventing existing patent restrictions. This is not just an improvement in R&D efficiency but a reconstruction of the underlying logic. According to its prospectus, the company has built the world's largest and most diverse lipid library, containing over 10 million structurally diverse lipids. This scalable innovation capability allows the company to rapidly match optimal delivery solutions for specific payloads and target organs. This breakthrough approach achieves the dual objectives of import substitution and global innovation through technological advancement. AI transforms the search for optimal nano-carriers from blind screening to rational design, significantly increasing success rates and reducing time costs. This focus on deep technology gives Jitai Tech not only a high industry ceiling in the trillion-dollar biopharma market but also the potential to become a global "infrastructure provider" for biomedicine.

As mentioned, Jitai Tech's ability to break through stringent international barriers stems from its self-developed NanoForge platform, the world's first AI-driven nano-delivery engine. This engine integrates four pioneering breakthrough technologies, forming a solid technological moat: Firstly, NanoForge boasts the world's largest library of millions of ionizable LNP lipids, providing nearly infinite possibilities for nanomaterial discovery beyond the limits of human chemists' experience. Secondly, the company developed ALAN, the industry's first AI nano-drug delivery agent, which serves as an intelligent interface, understanding natural language inputs and executing complex task planning for end-to-end design from lipid generation to formulation prediction, significantly enhancing R&D intelligence. Furthermore, NanoForge integrates a closed-loop system combining computational simulations with automated wet-lab screening, drastically shortening the R&D cycle. It can compress pre-clinical formulation development time from the traditional 1-2 years to under 3 months, greatly improving economic efficiency and timeliness. Finally, the platform pioneered multi-scale LNP simulation technology, using quantum chemistry and molecular dynamics to simulate the entire kinetic process of LNP formation at a microscopic level, enabling an atomic-level understanding of interactions between delivery carriers and drug molecules.

Powered by the NanoForge platform, Jitai Tech has achieved leapfrog breakthroughs in precise targeting. Traditional LNP delivery technology primarily targets the liver, as it naturally filters most nanoparticles from circulation. Jitai Tech has breakthrough capabilities for precise targeted delivery to eight key organs or tissues in the human body: liver, lungs, immune organs, heart, muscles, tumors, the central nervous system, and the gastrointestinal tract. This "pinpoint accuracy" allows Jitai Tech to target a much broader range of disease indications than traditional LNP companies, offering new therapeutic opportunities for oncology, metabolic diseases, autoimmune disorders, and neurodegenerative diseases.

The platform's power is evident in the company's pipeline. It has successfully developed over 10 pipeline projects, including several discovery-stage candidates, 4 pre-clinical candidates, 3 clinical-stage products, 1 pre-NDA product, and 2 animal health products, demonstrating high R&D efficiency. A core asset, MTS-004, is a novel orally disintegrating tablet developed using the AI-powered formulation optimization platform AiTEM for treating Pseudobulbar Affect (PBA) secondary to neurological diseases like ALS. Reportedly, MTS-004 progressed from project initiation to completion of Phase III trials in just 38 months, reducing the average industry formulation optimization cycle from 1-2 years to under 3 months. It is China's first and only AI-powered new drug to complete Phase III trials, potentially filling a therapeutic gap domestically.

Another notable candidate, MTS-105, is a liver-targeted mRNA-encoded bispecific T-cell engager (TCE) therapy for solid tumors. It employs a novel "rocket (LNP) + satellite (mRNA)" delivery paradigm, using high-specificity liver LNPs to deliver mRNA for in-situ antibody expression within tumors to activate T-cells. Its groundbreaking research was published in a Nature sub-journal, demonstrating Jitai Tech's world-class academic and R&D standing in tackling the challenge of solid tumor immunosuppression. This synergistic cycle of the platform enabling the pipeline, and the pipeline, in turn, enhancing the platform, is driving Jitai Tech into deeper medical frontiers.

Commercially, Jitai Tech adopts a dual-track model of "platform collaboration + pipeline licensing" to maximize value. On one hand, licensing out pipeline assets (License-out) allows for early revenue and risk sharing. For instance, the MTS-004 partnership involved an upfront payment of RMB 100 million, with total milestones for the PBA indication reaching RMB 1.845 billion, plus potential expansion milestone payments up to RMB 100 million. Concurrently, individual target contracts under platform collaborations have reached up to $109 million, providing initial market validation for this dual-driver model.

Through its core NanoForge technology, Jitai Tech has established deep commercial collaborations with over 30 global top-tier pharmaceutical companies, innovative biotechs, and medical research institutions. This not only generates recurring service revenue but also embeds Jitai's technical standards into the global biopharma supply chain, establishing its value as a fundamental technology service provider. Thus, Jitai Tech is not merely a drug company but resembles a "basic system supplier" in the biomedicine sector.

Financially, Jitai Tech has entered initial commercialization, moving beyond the pure "cash-burn" early stage, with losses narrowing, preliminarily proving its business model's feasibility and sustainability. The prospectus shows revenue reached RMB 105 million in 2025, compared to RMB 1.5 million in 2024 and RMB 9.3 million in 2023, representing nearly a 70-fold year-on-year increase in 2025. Gross margin improved from 55.5% in 2024 to 98.2% in 2025. The annual loss narrowed from RMB 499 million in 2024 to RMB 392 million in 2025, while the adjusted net loss decreased annually from RMB 347 million in 2023 to RMB 180 million in 2025. As of December 31, 2025, the company held cash and cash equivalents, term deposits, and financial assets at fair value totaling RMB 1.13 billion.

The founding team is notably comprised of a top-tier "MIT Dream Team." Co-founder and CEO Dr. Lai Caida graduated with a perfect score from MIT's combined Master's and PhD program. Co-founder Wang Wenshou previously served as an AI scientist at MIT. Co-founder Chen Hongmin is an elected fellow of the American Institute for Medical and Biological Engineering (AIMBE) and the National Academy of Engineering (NAE) in the US. Reportedly, Chen Hongmin is the first Chinese female member of the NAE, a student of MIT Institute Professor Robert Langer ("the father of drug delivery"), and was named among the DPI 100 global AI drug discovery experts in 2023. She has been directly involved in the successful US launch of two nano-drugs, experiencing the full journey from lab to market. The core management team also includes seasoned professionals from Roche, Innovent Biologics, Haitong International, Citigroup, and Arcturus. This distinguished founding team provides cutting-edge technical vision and establishes the company's authority in the global drug delivery field.

Within the current AI drug discovery sphere, Jitai Tech, along with Insilico Medicine and XtalPi, is known as one of the "Three AI Drug Dragons," but their development paths are distinct. Insilico Medicine focuses on AI algorithms for target identification and small-molecule discovery; XtalPi centers on AI and robotic labs, focusing on underlying quantum mechanics algorithms and lab automation. As the industry recognizes macromolecular delivery as key to overcoming modern drug development bottlenecks, Jitai Tech, with its targeted technological barriers and efficient pipeline execution, has established an irreplaceable and unique position in the AI drug discovery ecosystem.

Looking ahead, Dr. Lai Caida, Co-founder and CEO of Jitai Tech, has likened the company's grand vision to being the "SpaceX of pharmaceuticals." If the human body is an "inner universe" of thirty trillion cells, then Jitai Tech is building "nano-rockets" composed not of metal but of precisely engineered lipids and proteins, tasked with delivering designed drug "satellites" accurately into the orbits of target cells. As the company officially begins its Hong Kong IPO process, this rare asset—possessing fundamental platform technology export capabilities and a pipeline entering maturity—is poised to attract global investor attention. This listing is not just a leap in financing scale for Jitai Tech but also a marker of Chinese biopharmaceutical foundational technology advancing to the world's forefront. Riding the giant wave of AI for Science, Jitai Tech is accelerating the transition of the global innovative drug battlefield from the old era of target hunting to the new epoch of precise delivery.