The company had just concluded an authorization deal valued at over $1 billion. On February 25th, the stock price of STAR Market-listed biopharmaceutical firm Frontier Biotechnologies Inc. (688221.SH) plummeted immediately after the market opened. By 10:55 AM, the stock had fallen 15.59%, making it the worst-performing stock across the A-share market, with its market capitalization reported at 7.806 billion yuan. The sudden sharp decline caught some investors off guard. Just two days prior, on February 23rd, Frontier Biotechnologies had announced an exclusive licensing agreement with the global biopharmaceutical company GSK. Under this agreement, GSK obtained the exclusive global rights for the development, production, and commercialization of two of Frontier's small interfering RNA (siRNA) pipeline products. One candidate drug has already reached the Investigational New Drug (IND) application stage, while the other is a preclinical candidate. According to the agreement, Frontier Biotechnologies will receive an upfront payment of $40 million and a near-term milestone payment of $13 million. The company is also eligible to receive up to an additional $950 million in success-based development, regulatory, and commercial milestone payments across the two programs, plus tiered royalties on global net sales of the two products. Overall, the upfront and total potential value of this deal is not particularly high, which is related to the early-stage nature of the licensed products. On February 24th, buoyed by the news of this transaction, Frontier Biotechnologies' stock price had risen significantly by 9.29%. However, the sharp drop on February 25th completely erased the gains from the previous trading session. Frontier Biotechnologies already has commercialized products, but its financial performance remains in the red. According to the company's earnings forecast released at the end of January, it expects to achieve operating revenue between approximately 140 million yuan and 145 million yuan for the 2025 fiscal year, representing a year-on-year increase of 8.13% to 11.99%. This revenue primarily comes from sales of its anti-HIV innovative drug Aikening (generic name: Albuvirtide), its distributed product, as well as revenue from its Far Infrared Therapy Patch, which was approved during the reporting period. The company forecasts a net profit loss attributable to shareholders between 255 million yuan and 290 million yuan for the 2025 fiscal year.