By Fineline Cube 
Clinical-stage ophthalmic biotech Cloudbreak Pharma Inc. has successfully completed an initial public offering (IPO) of 60.6 million shares on the Hong Kong Stock Exchange (HKEX). Priced at HKD 10.1 per share, the offering is expected to generate proceeds of approximately HKD 522 million (USD 66.5 million) for the Cayman Island-registered company. CCB International and Huatai International served as co-sponsors for the IPO.
Pipeline Highlights
Cloudbreak Pharma’s development pipeline includes two core candidates: CBT-001 and CBT-009. CBT-001 is currently undergoing multi-regional Phase III clinical trials in both the US and China for the treatment of pterygium, a benign ocular surface disorder characterized by conjunctival overgrowth. Meanwhile, CBT-009 is being developed to address myopia in children and adolescents aged 5–19. This candidate completed Phase I/II trials in 2023 and a clinical study application was filed in the US in 2024.
Additional Programs
The company also has several other clinical-stage assets, including CBT-006 and CBT-004, along with four preclinical candidates: CBT-007, CBT-199, CBT-145, and CBT-011.
Financial Overview
In 2024, Cloudbreak reported revenue of approximately USD 10 million. The company invested heavily in research and development, with expenditures reaching USD 37.95 million and an annual net loss of USD 99.13 million. From 2022 to 2024, cumulative R&D spending amounted to USD 84.53 million, underscoring the company’s dedication to advancing its therapeutic pipeline.-Fineline Info & Tech