On December 27, 2024, GenFleet Therapeutics, a biopharmaceutical company based in Shanghai, submitted its application for listing on the Hong Kong Stock Exchange (HKEX), with CITIC Securities serving as the exclusive sponsor and overall coordinator.
Company Background and Focus
Established in 2017, GenFleet Therapeutics is a market-stage biopharmaceutical company specializing in innovative and effective treatment solutions for oncology, autoimmunity, and inflammatory diseases. The company’s pipeline, as detailed in its prospectus, includes eight drug candidates, five of which are in clinical development stages. The core products are GFH925 and GFH312.
Core Products and Their Significance
GFH925 (fulzerasib) is an innovative drug discovered by GenFleet Therapeutics that has received commercial approval in China for the treatment of advanced non-small cell lung cancer (NSCLC). It is the first in China and the third globally approved selective Kirsten rat sarcoma (KRAS) G12C inhibitor. GFH312 is a high-efficiency small molecule inhibitor developed by GenFleet Therapeutics that targets receptor-interacting serine/threonine-protein kinase 1 (RIPK1) and inhibits its kinase activity. It has received FDA IND approval for a Phase II clinical trial in the U.S. to assess the safety and efficacy of GFH312 in patients with peripheral artery disease (PAD) with intermittent claudication (IC).
Expanding the RAS Product Portfolio
In addition to its core products, GenFleet Therapeutics is building a comprehensive and differentiated RAS product matrix, including GFH375, an orally bioavailable small molecule inhibitor of KRAS G12D.
Financial Performance and Funding
Public data indicates that GenFleet Therapeutics has completed seven rounds of financing, raising a total of 1.421 billion yuan. In the C+ round of financing, the company was valued at 3.123 billion yuan. Investors include Huagai Xincheng, Baidu Venture, and Shenzhen Venture Capital. Financially, for the years 2022 and 2023, GenFleet Therapeutics recorded revenues of 105 million yuan and 73.73 million yuan, respectively. The R&D costs for the same years and as of June 30, 2024, were 319.4 million yuan, 312.7 million yuan, and 186 million yuan, respectively.-Fineline Info & Tech
