B&K CORP-B (02396) saw its shares plummet 18.96% during intraday trading on Tuesday, extending losses from its disappointing market debut the previous day. The stock's sharp decline reflects ongoing market skepticism toward its IPO strategy and pre-revenue biotech business model.

The company's debut was marred by a lack of cornerstone investors, a critical factor that typically stabilizes new listings. Additionally, its "Mechanism B" IPO strategy—which relied heavily on margin financing and artificially tight supply—failed to sustain initial hype. Market participants also expressed concerns over the company's pre-revenue status, high administrative costs, and minimal revenue from R&D services.

Despite pricing at the lower end of its range, B&K CORP-B's weak debut highlights broader risks associated with high-leverage IPOs and unprofitable biotech firms. The stock's performance underscores the challenges faced by 18A companies in gaining investor confidence amid uncertain clinical and financial outcomes.