On September 3rd, Evopoint Biosciences Co., Ltd. (688837.SH) officially opened its subscription window on the Shanghai Stock Exchange, with an offering price of 27.60 yuan per share. The maximum subscription limit per investor is 10,000 shares, and the price-to-earnings ratio is set at 59.34 times. Guotai Junan Securities serves as the sponsor for this IPO.

According to the prospectus, the company is an innovative pharmaceutical firm focused on addressing significant unmet clinical needs globally. It is disease-oriented and dedicated to translating innovation into clinical value, aiming to provide patients with best-in-class treatment options within specific disease areas. The company has established a drug pipeline characterized by a "1 (NDA) + 3 (Phase III) + N" structure, and has preliminarily achieved a model where innovation funds further R&D through global business development (BD) licensing and transfers.

As of the prospectus signing date, the company has developed ten major innovative drug candidates targeting high-potential therapeutic areas such as oncology and anti-infectives. Specifically: In the oncology field, XNW5004 (an EZH2 inhibitor), XNW27011 (a Claudin 18.2-targeting ADC), and XNW28012 (a TF-targeting ADC) are all in Phase III or pivotal clinical trials. These candidates have demonstrated excellent clinical efficacy and could offer "from scratch" or "improved over existing" treatment options for major diseases like pancreatic cancer, gastric cancer, prostate cancer, and peripheral T-cell lymphoma. All three have received Breakthrough Therapy Designation from China's Center for Drug Evaluation (CDE). Furthermore, XNW27011 and XNW28012 have obtained Fast Track Designation from the U.S. FDA, while XNW5004 and XNW28012 have been granted Orphan Drug Designation by the U.S. FDA.

In the anti-infective sector, the company's New Drug Application for imipenem/cilastatin/funobactam (a combination of its self-developed novel beta-lactamase inhibitor XNW4107 with imipenem and cilastatin sodium), designed for hospital-acquired and ventilator-associated bacterial pneumonia caused by Gram-negative bacteria, has been accepted. This drug is expected to receive market approval in 2026, potentially addressing the domestic challenge of antibiotic resistance. This candidate has also been awarded Qualified Infectious Disease Product and Fast Track designation by the U.S. FDA.

Beyond these late-stage programs, the company is steadily advancing several earlier-stage pipelines with differentiated mechanisms and high clinical value. The number of regulatory acceleration designations granted to its pipeline is among the highest for domestic pharmaceutical companies. Supported by a global vision and layout, the company has preliminarily achieved a model of innovation funding R&D through international BD partnerships. With its first drug expected to launch in 2026, the company will enter an integrated growth phase driven by R&D, BD, and sales.

The company has already completed several BD transactions, quickly realizing the value of its pipeline while also demonstrating recognition from multinational and domestic listed pharmaceutical companies for its R&D capabilities. As of the prospectus date, multiple ongoing out-licensing or transfer agreements are in place with partners including multinational giants like Astellas and domestic listed firms such as Everest Medicines (01952) and Sinomab Bioscience (03681). The potential aggregate payments (including upfront fees and milestones) from these agreements exceed $2 billion. In 2025, the company received $130 million (pre-tax) in non-refundable upfront payments, recognized as revenue, and has achieved profitability at the corporate level for that year. This initial success has begun to fund further R&D.

Looking ahead, the company's first innovative drug, injectable imipenem/cilastatin/funobactam, is expected to receive domestic market approval in 2026. The three oncology candidates (XNW5004, XNW27011, and XNW28012) are projected to launch domestically between 2027 and 2028, which will consistently drive rapid growth in drug sales revenue. Financially, for the fiscal year 2025, the company reported approximately 935 million yuan in revenue and a net profit of around 203 million yuan.