Jianin Biology: Seven years of cumulative losses of 2.869 billion yuan, financing raises valuation but also weakens financial reports | IPO Observation
Jiayin Biotech plans to list on the Hong Kong Stock Exchange. As of the end of June 2026, its cumulative loss reached 2.869 billion yuan. Since its establishment in 2019, the company has experienced a lack of revenue until the reporting period; only in 2025 did it generate 1.299 million yuan in research and development service income, and its core products have not yet been commercialized. During the reporting period, the cumulative loss exceeded 1.4 billion yuan over two and a half years, with the fair value change gains from preferred shares and convertible loan notes accounting for 85.47%, becoming the core factor dragging down performance. The company’s core products EXG102-031 and EXG001-307 are in clinical phase II, and the timing of their approval for marketing is uncertain. Additionally, the company has not yet established a sales and commercialization team, with an emphasis on research and development rather than commercialization capabilities. Despite the considerable growth potential in the gene therapy market, there remains uncertainty regarding Jiayin Biotech’s profitability inflection point and the realization of its growth value.
Jiayin Biotech plans to conduct an IPO on the Hong Kong Stock Exchange. As of the end of June 2026, the company had accumulated losses of up to 2.869 billion yuan. From its establishment in 2019 until the reporting period, the company faced a severe lack of revenue; in 2025, it only received 1.299 million yuan in research and development service income, with no products yet commercialized. Over the two and a half years since then, the company has accumulated losses of over 1.4 billion yuan. The gain or loss on fair value changes arising from preferred shares and convertible loan notes was the main factor dragging down its financial performance, accounting for up to 85.47%. The company’s core products, EXG102-031 and EXG001-307, are in clinical phase II, and the time when they will be approved for marketing is uncertain. Additionally, the company has not yet established a sales and commercialization team, with a focus on research and development rather than commercialization capabilities. Despite the promising growth potential of the gene therapy market, there is still uncertainty regarding the company’s profitability turning point and the realization of its growth value.