Sirius Therapeutics has officially submitted its IPO application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC serving as joint sponsors. Founded in 2021, the company focuses on developing siRNA therapies.
The company boasts an impressive shareholder lineup. It was co-founded by global healthcare investment giants OrbiMed Entities and Creacion Ventures, which collectively hold over 40% stake. Tencent's Image Frame Investment owns 8.14%, while HanKang Capital's healthcare-focused funds hold more than 13%. After its Series B2 funding in April 2025, Sirius Therapeutics reached a valuation of $253 million (approximately RMB 1.8 billion).
However, behind this glamorous capital backing lie multiple concerns. The company's pipeline remains in early-stage clinical trials, with no products advancing beyond Phase II - the notorious "valley of death" in drug development. To address funding needs, Sirius has surrendered half the rights and future decision-making power for its core product. While the company reported its first profitable half-year in 2025 with RMB 34.5 million net income, this was primarily driven by non-recurring gains rather than sustainable product revenue. Additionally, 32 of its critical patents remain pending approval globally.
The temporary profitability stemmed mainly from a strategic partnership with CRISPR Therapeutics in May 2025. The deal brought Sirius $25 million upfront payment, $70 million worth of CRISPR shares, and potential milestone payments up to $800 million. The fair value gain on these shares accounted for RMB 140 million of the company's RMB 144 million other income during H1 2025. This means the profit reflects market confidence in CRISPR rather than Sirius's own commercialization capabilities. Notably, the agreement entitles Sirius to only half of future global commercialization profits from its core product SRSD107.
Sirius's pipeline includes one core product (SRSD107) and two key candidates. SRSD107, a Factor XI-targeting siRNA drug for venous thromboembolism, is undergoing Phase II trials in Europe. While theoretically offering anticoagulation benefits with lower bleeding risks than existing therapies like apixaban (which generated over $20 billion globally in 2024), SRSD107 faces intense competition. Novartis's Abelacimab, Bayer's Asundexian, and Johnson & Johnson's Milvexian have all reached Phase III trials targeting the same pathway. Domestically, Jiangsu Hengrui's SHR-2004 is also in Phase III development.
The company's other candidates include SRSD216 (Phase IIa for cardiovascular disease) and SRSD384 (pre-IND for obesity). All remain in early development stages with high uncertainty. Particularly concerning is the patent situation - of Sirius's 65 patents and applications, only one "polynucleotide construct" patent has been granted, leaving its technological moat unestablished in the fiercely competitive siRNA field.