From chronic medication to one-time or long-term interventions, small nucleic acid drugs are redefining treatment paradigms, highlighting the "blue ocean" potential of this market. With programmable design, durable effects, and the ability to target "undruggable" sites, small nucleic acid drugs are now regarded as the "third wave" after small molecules and antibody therapies. The global small nucleic acid therapeutics market was valued at $5.1 billion in 2024, projected to reach $18.6 billion by 2029 (29.5% CAGR) and $49.4 billion by 2034 (21.6% CAGR), demonstrating exceptional growth momentum.

Suzhou RiboBio (RiboBio), a pioneer in siRNA therapeutics founded in 2007, recently updated its Hong Kong IPO prospectus on October 28, with CICC and Citigroup as joint sponsors. The company boasts one of the world's largest siRNA pipelines, with seven self-developed candidates across cardiovascular, metabolic, renal, and hepatic diseases—four already in Phase II trials.

**Balanced Pipeline with High-Value Core Assets** Alnylam’s market cap surpassing Moderna in May 2024 ($55B vs. $53B) underscored the value of breakthroughs in siRNA delivery and pipeline strategy. Mirroring this, RiboBio focuses on end-to-end platform innovation and high-impact disease areas: - **RBD4059**: The most advanced siRNA for thrombotic disorders (Phase IIa enrollment completed Feb 2025; data expected by YE2025). By selectively inhibiting FXI, it reduces clotting risk without significant bleeding, offering durable efficacy with infrequent dosing. - **RBD5044**: The second global siRNA targeting APOC3 for hypertriglyceridemia (Phase II ongoing in Sweden). - **RBD7022**: The second global siRNA against PCSK9 for hypercholesterolemia (Phase I completed in China March 2025; Phase II led by Qilu Pharma).

Beyond these, RiboBio has 20+ preclinical projects in neurology, oncology, and rare diseases, broadening its commercial potential.

**Integrated R&D-Commercialization Engine** RiboBio’s strategic moves align with transitioning from funding-driven to self-sustaining cash flow: - **Funding**: Raised ¥380M in June 2025 to advance clinical pipelines and extrahepatic delivery tech. - **Partnerships**: Collaborations with Qilu Pharma and Boehringer Ingelheim (preclinical milestone payment received Jan 2025). - **Regulatory Wins**: Orphan drug designation for RBD1016 (HDV treatment) from EMA in October 2025.

Financially, revenue grew from ¥4.4M (2023) to ¥143M (2024) and ¥103M (1H2025), while net loss narrowed sharply to ¥98M in 1H2025.

**Sustainable Innovation via Platform** RiboBio’s proprietary platforms span delivery, chemical modification, and multi-target design, enabling end-to-end drug development. This "innovation engine" supports continuous pipeline expansion.

As one of the few pure-play siRNA firms with full-platform capabilities, RiboBio’s successful clinical and commercial execution could unlock Alnylam-like upside in China’s high-growth nucleic acid therapeutics market.