IPO News | Yinuo Weimedicine filed the Hong Kong Stock Exchange for the third time with a cumulative loss of about 1.66 billion yuan during the reporting period

Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 16, Immvira Bioscience Inc. (abbreviation: Inuowei Pharmaceuticals) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Citibank and CICC as co-sponsors.

Company profile

According to the prospectus, Inuowei Pharmaceutical is a biotechnology company focusing on clinical needs. It is committed to the discovery, development, production and commercialization of novel oncolytic immunotherapy and engineered exosome therapies. The company has established a product pipeline, including two tumolytic immunotherapy products for solid tumors and five engineered exosome products with clinical application prospects or direct commercialization.

The core product MVR-T3011 independently developed by the company is a phase II herpes simplex virus type 1 (HSV-1) novel oncolytic immunotherapy product, which combines potent tumor lysis with the expression of anti-PD-1 antibodies and IL-12.

MVR-T3011 is currently being evaluated as part of monotherapy and combination therapy, covering the full spectrum of bladder cancer (including second-line treatment for high-risk non-muscle-invasive bladder cancer (NMIBC) after BCG treatment, first-line treatment with NMIBC, and new adjuvant or adjuvant chemotherapy for muscle-invasive bladder cancer (MIBC)), third-line treatment for squamous cell carcinoma of the head and neck (HNSCC), and other solid tumor indications.

Another self-developed MVR-C5252 is a novel tumolytic immunotherapy based on HSV-1. After modification, it can express anti-PD-1 antibodies and IL-12. MVR-C5252 may be the world's first oncolytic immunotherapy combining an HSV-1 vector with an anti-PD-1 antibody to treat glioma.

The company began an MVR-C5252 phase i/IIa clinical study for glioma patients in China in April 2026. The first patient has already been enrolled, and it is expected to complete the recruitment of subjects for the Phase I portion of this study by the end of 2027.

The prospectus suggests that the company may not be able to successfully develop and market pipeline products (including the core product MVR-T3011) and/or obtain meaningful economic value from such pipeline products. Currently, there are no drugs approved for marketing or commercialization under clinical supervision channels.

During the track record period, the company's revenue came from external licensing and cooperation arrangements. For the year ended December 31, 2023, and 2025, revenue from the largest customers accounted for approximately 100.0%, 100.0%, and 64.2% of total revenue for the same year, respectively. The company did not have any customers for the five months ended May 31, 2026.

Financial data

revenue

During the track record period, the company's revenue came from external licensing and cooperation arrangements, mainly down payments, patent license payments and other costs collected from various partners. Currently, there are no products approved for commercial sale under clinical supervision, and there was no revenue from product sales during the track record period.

In the five months ending May 31 in 2023, 2024, 2025, and 2026, the company achieved revenue of 6.772 million yuan, 3.2 million yuan, 1.308 million yuan, and 0 yuan respectively.

Annual/period loss

For the five months ended May 31 in 2023, 2024, 2025, and 2026, the company recorded losses of approximately 482 million yuan, 524 million yuan, 519 million yuan, and 137 million yuan respectively.

Industry Overview

The global oncolytic immunotherapy drug market is currently in its infancy. It is characterized by a limited number of commercialized products and low clinical adoption. In recent years, oncolytic immunotherapy has achieved impressive results. The pipeline of candidate drugs has been continuously expanded, and the range of targeted indications has also expanded.

For example, the total global incidence of bladder cancer, head and neck squamous cell carcinoma (head and neck squamous cell carcinoma), and glioma (these indications show significant therapeutic potential in tumolytic immunotherapy) was about 2.11 million in 2025, and is expected to increase to about 2.52 million cases by 2033.

Currently, five oncolytic immunotherapy drugs have been approved worldwide, and seven oncolytic immunotherapy candidates have entered critical phase II/III or post-clinical trials, and more than 30 drug candidates are in phase I/II.

According to Frost & Sullivan, it is expected that at least 10 novel oncolytic immunotherapies will be approved globally between 2026 and 2033. In particular, between 2025 and 2033, it is expected that at least six novel oncolytic immunotherapies will be approved in China, and their scope of application will cover a wider range of solid tumor types, indicating that the Chinese tumor immunotherapy market is showing significant development momentum.

The chart below shows the market size of the oncolytic immunotherapy drug market.

The competitive landscape of oncolytic immunotherapy

Currently, five oncolytic immunotherapy drugs have been approved worldwide, including only one adenovirus type 5 (Ad5) -based oncolytic immunotherapy product (H101) approved in China.

The table below provides an overview of currently approved oncolytic immunotherapy drugs.

Main indications for oncolytic immunotherapy

bladder cancer

The global bladder cancer drug market grew from US$3.9 billion in 2019 to US$7 billion in 2025, with a compound annual growth rate of 10.1%. It is expected to reach US$19.3 billion in 2033, with a compound annual growth rate of 13.5% from 2025 to 2033.

The chart below shows the history and predicted market size of the bladder cancer drug market during the period shown.

head and neck squamous cell carcinoma

As the most common type of head and neck squamous cell carcinoma, head and neck squamous cell carcinoma is usually treated according to the location and stage of the disease. The global head and neck cancer drug market grew from US$3 billion in 2019 to US$5.4 billion in 2025, with a compound annual growth rate of 9.9%. It is expected to reach US$7.2 billion and US$9.7 billion in 2029 and 2033 respectively. The compound annual growth rate from 2025 to 2029 is 7.5%, and the compound annual growth rate from 2029 to 2033 is 7.8%.

The chart below shows the historical and predicted market size of the global, US and Chinese head and neck squamous cell cancer drug markets during the period shown.

Glioma Drug Market

The global glioma drug market grew from US$1.6 billion in 2019 to US$2.2 billion in 2025, with a compound annual growth rate of 5.1%. It is expected to reach US$4.8 billion and US$13.8 billion in 2029 and 2033 respectively. The compound annual growth rate from 2025 to 2029 is 22.0%, and the compound annual growth rate from 2029 to 2033 is 30.3%.

The chart below shows the historical and predicted market size of the global glioma drug market in the US and China during the indicated period.

Board of Directors and Executive Information

The board of directors of the company consists of seven directors (i.e. 1 executive director, 3 non-executive directors and 3 independent non-executive directors).

Shareholding structure

As of July 7, 2026, the single largest shareholder group has the right to jointly exercise voting rights accounting for about 22.80% of the company's total issued shares in accordance with the unanimous action agreement.

Intermediary team

Co-sponsors: Citigroup Global Markets Asia Limited, China International Capital Hong Kong Securities Limited

Company Legal Adviser: On Hong Kong Law and US Law: Clyde Hong Kong Law; On Chinese Law: Jingtian Gongcheng Law Firm; On Cayman Islands Law: Harney Westwood & Riegels

Co-sponsor Legal Adviser: On Hong Kong and US Law: Sullivan Cromwell Law Firm (Hong Kong) Limited Liability Partnership; Regarding Chinese Law: Fangda Law Firm

Reporting accountant and auditor: Ernst & Young

Industry Advisor: Frost & Sullivan International Ltd