TYK MEDICINES listed on the Hong Kong Stock Exchange: Loss of HKD 700 million in 2 years, with a market value of HKD 5.1 billion

On August 21, DoNews reported that TYK MEDICINES-B (02410.HK), also known as TYK MEDICINES, was listed on the Hong Kong Stock Exchange today at an issue price of HKD 12.1. TYK MEDICINES globally issued 47.88 million shares, with 10% sold in Hong Kong and 90% sold internationally, raising a total of HKD 579 million; after deducting non-issue expenses of HKD 73.04 million, the net proceeds raised amounted to HKD 506 million. TYK MEDICINES opened at HKD 14.48, nearly a 20% increase from the issue price; the closing price was HKD 13.7, a 13.22% increase from the issue price; based on the closing price, the company's market value is HKD 5.08 billion. TYK MEDICINES is a clinical-stage biopharmaceutical company dedicated to discovering, developing differentiated targeted therapies for commercialization to meet the urgent medical needs in cancer treatment. With its strength in medicinal chemistry, in-depth understanding of cancer (especially lung cancer), and efficient clinical development strategy, TYK MEDICINES is conducting two key clinical trials in China for its core product TY-9591 to treat advanced NSCLC. Since its establishment in 2017, TYK MEDICINES has built a strong pipeline consisting of 11 candidate drugs, including two low-risk products - core product TY-9591 and key product TY-302, five innovative clinical products (represented by the internally developed key product TY-2136b), and four preclinical products. According to the prospectus, TYK MEDICINES had a revenue of RMB 44.24 million in 2022, a gross profit of RMB 20.04 million, and a net loss of RMB 312 million during the period; as of 2023, TYK MEDICINES had no revenue, with a net loss of RMB 383 million in 2023. The net loss for the first quarter of 2024 was RMB 108 million. This means that TYK MEDICINES has incurred losses of RMB 700 million over two years. As of March 31, 2024, TYK MEDICINES held cash and cash equivalents of RMB 77.21 million. TYK MEDICINES has received multiple rounds of financing since its establishment: TYK MEDICINES-B received a 20 million RMB angel round financing in 2018, with a post-investment valuation of 130 million RMB; in April 2019, it received a 30 million RMB Series A financing, with a post-investment valuation of 400 million RMB. In April 2021, TYK MEDICINES-B completed a 230 million RMB financing, with a post-investment valuation of 960 million RMB; in August of the same year, it completed a 159 million RMB financing, with a post-investment valuation of 1.283 billion RMB, and a cost per share of 4.88 RMB. In March 2022, TYK MEDICINES-B completed a 325 million RMB Series C financing, with a post-investment valuation of 2.426 billion RMB, and a cost per share of 7.99 RMB; in December 2023, it completed a 185 million RMB financing, with a post-investment valuation of 3.084 billion RMB, and a cost per share of 9.55 RMB