IPO News | TaiLi Bio Submits Application to Hong Kong Stock Exchange Focused on Discovery and Development of Innovative Cancer Therapies.

According to the disclosure on January 29 by the Hong Kong Stock Exchange, Tyligand Holdings Limited (referred to as Tyligand) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with CITIC SEC as its sole sponsor. Company Overview According to the prospectus, Tyligand is a clinical-stage biopharmaceutical company established in 2017, focusing on discovering and developing innovative cancer therapies. The company's drug portfolio includes four candidate drugs, including a core product TSN1611 in Phase 2 clinical trials, an additional clinical-stage candidate drug TSN222, and two preclinical candidate drugs TSNA1789 and TSNA3339. The core candidate drug TSN1611 is a highly selective oral KRAS G12D inhibitor. KRAS G12D, as one of the most common oncogenic driver mutations, has historically been a treatment challenge. TSN1611 is currently undergoing Phase 2 clinical trials in the United States and China, with plans to advance to a pivotal registration clinical trial for treating non-small cell lung cancer (NSCLC) in China. The company is developing its core product TSN1611 and other candidate drugs. The field faces intense competition from domestic and international pharmaceutical companies that may have candidate drugs at a similar or more advanced clinical stage. The company faces fierce competition and rapid technological changes, with competitors potentially developing more advanced or effective similar therapies that could adversely affect the company's financial condition and its ability to successfully commercialize its candidate drugs. It is worth noting that the company may not be able to successfully develop and/or market its core product TSN1611. Financial Information Revenue The company currently has no commercial products approved for sale and has not generated any revenue from its core product or other candidate drugs. The company recorded revenues of 7.856 million, 1.506 million, and 11.358 million RMB for the fiscal year 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, respectively. Losses The company incurred losses of approximately 70.461 million, 28.354 million, and 123 million RMB for the fiscal year 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, respectively. Gross Profit The company recorded gross profits of 7.121 million, 1.506 million, and 8.894 million RMB for the fiscal year 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, respectively. Industry Overview Cancer is a general term for diseases involving uncontrolled cell growth in the body. Cancer is a leading cause of death globally, causing approximately 10 million deaths worldwide each year. There were 21.3 million new cancer cases globally in 2024, and it is projected to reach 27.1 million new cases by 2035. In China, lung cancer, colorectal cancer, and thyroid cancer are the top three cancers by incidence as of 2024. The global oncology drug market has expanded significantly in the past and is expected to continue growing. The global oncology drug market size increased from $150.3 billion in 2020 to $253.3 billion in 2024, with a compound annual growth rate of 13.9%, reaching $702.7 billion by 2035, with a compound annual growth rate of 9.7% from 2025 to 2035. Immunotherapy is a major growth engine, with its market share expected to increase from 23.4% in 2020 to 47.6% by 2035, while antibody-based therapies (including ADC) are expected to account for 83.5% of biologic revenues by 2035. The Chinese oncology drug market has rapidly grown in recent years, increasing from 197.5 billion RMB in 2020 to 258.2 billion RMB in 2024, with a compound annual growth rate of 6.9%, expected to reach 1.04 trillion RMB by 2035, with a compound annual growth rate of 14.0% from 2025 to 2035. The market share of immunotherapy drugs is expected to increase from 7.5% in 2020 to 47.5% by 2035, while the share of chemotherapy drugs is projected to decrease from 63.3% to below 10%, highlighting the rapid transformation of the Chinese cancer treatment landscape. Board of Directors and Senior Management Information The company's board of directors consists of five directors, including two executive directors and three non-executive directors. Following the reshuffle, (a) Dr. Jiang Fei and Mr. Guo Hua will no longer serve as non-executive directors; (b) (i) Ms. Liu Yuwen is appointed as a non-executive director, and (ii) Mr. Wang Gang, Ms. Ling Zeng, and Dr. Cai Xuejun are appointed as independent non-executive directors, and (c) the board of directors will be composed of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of the last practicable date, Dr. Zhang, Dr. Zhong, and ZY. Dr. Zhang hold 48.75%, 41.25%, and 10.00% equity in Tyligand Holdings, respectively. Therefore, Dr. Zhang, Dr. Zhong, ZY. Dr. Zhang, and Tyligand Holdings are considered the single largest shareholder group of the company. The single largest shareholder collectively held 24.01% of the company's issued shares before the reshuffle, with Dr. Zhang directly holding approximately 0.35% and Tyligand Holdings holding approximately 23.66%. Intermediary Team Sole Sponsor: CITIC SEC (Hong Kong) Limited Industry Consultant: Frost & Sullivan Consulting Co., Ltd. Shanghai Branch Company Legal Advisors: For Hong Kong and U.S. law: K&L Gates LLP; for China law: Zhong Lun Law Firm; for China intellectual property law: JunHe Law Offices Shanghai Branch; for U.S. intellectual property law: Jun He Law Offices P.C.; for Cayman Islands law: Harney Westwood & Riegels Reporting Accountants and Auditors: Ernst & Young Hua Ming LLP Compliance Consultant: Somerley Capital Limited