Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on May 31, CLOUDBREAK PHARMA INC. (Baokang Shiyun) Submitted a listing application to the main board of the Hong Kong Stock Exchange for the second time. UBS UBS Group, CCB International, and Huatai International were co-sponsors.

According to the prospectus, Baokang Shiyun is an innovation-driven clinical-stage ophthalmology biotechnology company dedicated to developing novel and differentiated therapies. Since the company's first major operating entity was incorporated in the US in September 2015, the company has been committed to internally discovering, developing and commercializing first-in-class and best-in-class ophthalmology treatments to meet unmet global medical needs.

The company has established an extensive and innovative pipeline of eight drug candidates, covering major diseases of the front and back of the eye. Among them are four clinical candidates and four are pre-clinical drug candidates. The company's core products CBT-001 and CBT-009 are suitable for treating pterygium (a benign proliferative ocular surface disease) and adolescent myopia (myopia in children and adolescents aged 5 to 19), respectively. The other two clinical-stage drug candidates, CBT-006 and CBT-004, are suitable for treating dry eye syndrome associated with abnormal blepharoid gland function (“dry eye syndrome associated with abnormal blepharoid gland function”; abnormal meibomian gland function is a chronic macular lesion of the meibular gland. Dry eye is an eye condition associated with insufficient tear production) and vascularized blepharoid fissures (a disease of vascularization of conjunctival tissue), respectively.

The company's preclinical drug candidates CBT-007, CBT-145, CBT-199, and CBT-011 are suitable for treating glaucoma (a group of ophthalmic diseases that cause typical visual disc appearance and visual impairment), presbyopia (an eye disease in which patients have difficulty seeing nearby objects), and diabetic macular edema (“diabetic macular edema”, a complication of diabetes in which patients lose central vision to a certain extent) and senile macular degeneration (a disease that damages the macula and causes gradual loss of central vision). Companies may ultimately be unable to successfully develop and market drug candidates.

In order to seize the potential of the ophthalmology market, the company has established strong R&D capabilities and drug development models, which adopt various research and development methods, so that novel and effective ophthalmic drugs can be discovered and developed in a more predictable and sustainable manner. The company's strong R&D capabilities also enable the company to cover the entire life cycle of drug transformation science — from early detection to large-scale multi-regional clinical trials and global product registration processes. The innovative characteristics of R&D work are reflected in the implementation of novel mechanisms of action to address unmet medical needs of ophthalmic diseases and efforts to develop novel eye drop formulations. In this regard, the company has obtained a number of patents related to disease treatment methods and/or formulations around the world.

On the financial side, during the record period, the company generated a net loss. For the two years ended December 31, 2022 and 2023, the company's annual losses were approximately US$668.38 million and US$129 million, respectively. Furthermore, the company's R&D expenditure increased from US$15.29 million in 2022 to US$27.492 million in 2023.