In the past two years, the small nucleic acid drug sector has gained significant momentum. Alnylam (ALNY), a leading small nucleic acid drug company listed on the US stock market, has surged over 60 times since its IPO and now boasts a market capitalization of $55.9 billion. Multinational pharmaceutical giants such as Novartis and Roche have also increased their investments in this field.
Among domestic listed companies, several are engaged in the R&D of small nucleic acid drugs, including Yooking Pharmaceutical, Hengrui Bio, CSPC Pharma, Junshi Biosciences, Frontier Biotech, Foyuan Pharma, HitGen, and Sirnaomics.
Recently, two small nucleic acid drug companies, Sirius Therapeutics and RiboBio, successively filed for listing on the Hong Kong Stock Exchange, further fueling interest in this sector.
According to Golomh Research, Sirius Therapeutics recently filed for an IPO on the Hong Kong Stock Exchange under Chapter 18A rules, with Goldman Sachs, Haitong International, and Hsbc Holdings serving as sponsors.
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Founded by international capital, with a valuation of approximately $253 million.
Sirius Therapeutics was co-founded by OrbiMed Entities and Creacion Ventures in 2021. The company is registered in the Cayman Islands and currently operates dual headquarters in San Diego and Pudong, Shanghai.
Since its establishment, the company has completed three rounds of financing, including Series A, Series B, and Series B2 rounds, raising a total of approximately $144 million. Key investors include Hanking Capital and Delos Capital.
As of April 2025, the company’s post-money valuation is approximately $253 million.
As of September 26, 2025, OrbiMed Entities collectively own approximately 40.46% of the equity, forming a group of controlling shareholders.
Financing History, Source: Prospectus
Currently, Jingyin Pharmaceuticals is led by Qunsheng Ji, aged 62, who serves as the executive director and chief executive officer. Dr. Ji obtained his bachelor's degree in clinical medicine and master's degree in cell biology from Southern Medical University, followed by a medical doctorate in cell biology from Peking Union Medical College.
Dr. Ji previously served as a research instructor at Vanderbilt University School of Medicine and later held positions at OSI Pharmaceuticals, AstraZeneca, and Wuxi Apptec.
Jingyin Pharmaceuticals is a global clinical-stage biotechnology company specializing in siRNA therapies for chronic diseases. Its core product has entered Phase II clinical trials.
For decades, small molecules, proteins, and antibodies have formed the foundation of modern therapeutics; however, they possess inherent limitations when addressing specific disease mechanisms.
Small molecules often lack specificity, increasing the risk of off-target effects. Meanwhile, antibodies and proteins typically target only cell surface or extracellular space, leaving many intracellular disease-causing proteins largely 'undruggable' with traditional approaches.
In contrast, siRNA therapy achieves a transformative breakthrough by designing short synthetic RNA sequences that precisely match the mRNA of target genes, enabling selective silencing of various disease-related genes and significantly reducing the expression of associated proteins in multiple diseases, including genetic disorders, viral infections, cancer, and metabolic diseases.
siRNA provides a highly targeted, potent, and durable method to treat diseases at their genetic source.
Key differences between siRNA, small molecules, and antibodies, Source: Prospectus
The global healthcare shift towards proactive and preventive chronic disease management has created significant market opportunities for siRNA therapies.
Since the approval of the first siRNA drug, Onpattro (patisiran), in 2018, siRNA therapies have achieved substantial clinical and commercial validation. To date, seven siRNA products have been approved for marketing in major global markets.
In 2024, over 100 RNAi-based drugs have entered human trials globally.
According to a Frost & Sullivan report, the global siRNA therapy market size reached USD 2.4 billion in 2024 and is expected to grow to USD 50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9%.
Globally approved siRNA drugs, Source: Prospectus
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With its core product currently in Phase II clinical trials, challenging the anticoagulant apixaban is no easy task.
Jingyin Pharma is actively advancing a pipeline of three potential blockbuster products targeting coagulation disorders, cardiometabolic diseases, and obesity.
SRSD107, as the company's core product, is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing a Phase II multicenter clinical trial in Europe, with plans to initiate another Phase II trial in China and Australia/New Zealand; the product is being advanced through a global co-development and commercialization collaboration established with CRISPR Therapeutics (Nasdaq: CRSP).
SRSD216 is a potential best-in-class siRNA targeting Lp(a), currently undergoing Phase IIa trials simultaneously in China and the United States.
SRSD384 is an INHBE-targeting candidate drug for obesity, for which an IND application is currently being actively advanced.
Overview of the company’s main innovative drug pipeline under development, Source: Prospectus
Core Product – SRSD107
SRSD107 is an siRNA drug targeting coagulation factor XI (FXI) and is currently in Phase II clinical trials. It represents a next-generation GalNAc-conjugated siRNA therapy targeting FXI, a key component of the intrinsic or contact-mediated coagulation pathway, and the company is developing this class of therapies for the treatment of thrombotic diseases.
SRSD107 can effectively inhibit thrombosis while preserving the extrinsic coagulation pathway essential for hemostasis, a mechanism that significantly reduces the risk of bleeding—a major limitation of the current standard DOAC treatments.
Through its mechanism of action at the level of target protein expression, SRSD107 can precisely and durably reduce liver FXI expression levels, thereby achieving long-acting anticoagulation with only one to two doses required annually, avoiding limitations related to renal clearance sensitivity or drug interactions.
In Phase I trials conducted in Australia and China, SRSD107 demonstrated up to a 95% reduction in circulating FXI levels, with activated partial thromboplastin time (aPTT) correspondingly extended by 2.4 times, confirming its effective inhibition of the intrinsic pathway.
SRSD107 is currently undergoing a Phase II multicenter clinical trial for VTE in Europe, with preliminary results for the primary efficacy endpoint expected in the second half of 2026. A Phase II study for CVD is also planned to be initiated in China, Australia, and New Zealand.
Currently, no drugs targeting FXI have been approved globally. Among drugs under development, there are two siRNA candidates targeting FXI (including SRSD107) in Phase II clinical trials worldwide. SRSD107 is among the first drugs to enter Phase II trials for treating thrombotic diseases and has the potential to become the world's first-in-class FXI siRNA therapy.
However, the competitive landscape for this drug is not optimistic. Currently, there are many anticoagulant drugs in China and globally that may compete with SRSD107.
Firstly, SRSD107 will face competition from apixaban (the direct oral anticoagulant Eliquis), which ranked second in global sales in 2024 (with annual sales exceeding USD 20 billion) and has become the standard treatment option for most anticoagulant indications.
Additionally, there are other drugs in this category with annual sales reaching the billion-dollar level.
At the same time, SRSD107 will also face competition from siRNA drugs developed for the same indication but targeting different pathways. For instance, apart from other FXI protein inhibitors, SRSD107 will compete with other siRNA drugs that have already been or are about to be approved by the National Medical Products Administration.
In May 2025, Jingyin Pharma entered into a cooperation agreement with CRISPR Therapeutics covering the research and development, manufacturing, licensing, intellectual property ownership, and commercialization of its core product SRSD107.
Jingyin Pharma received USD 25 million in cash and approximately USD 70 million worth of CRSP stock upfront, with eligibility to receive milestone payments exceeding USD 800 million.
Key Product – SRSD216
SRSD216 is a potentially best-in-class GalNAc-conjugated siRNA therapeutic candidate that selectively silences LPA to reduce circulating Lp(a) levels; elevated Lp(a) is an independent hereditary causal risk factor for atherosclerotic cardiovascular disease.
Unlike low-density lipoprotein cholesterol, Lp(a) levels are genetically determined and remain stable throughout life, showing minimal response to lifestyle interventions.
Existing lipid-lowering therapies (including statins and PCSK9 inhibitors) have a negligible impact on Lp(a) levels and may even elevate circulating Lp(a) levels. Currently, there are no approved therapies specifically targeting Lp(a), making SRSD216 a promising candidate to address this significant unmet need in cardiovascular disease management.
Jingyin Pharmaceuticals has initiated a multi-center Phase I/IIa clinical trial for SRSD216 to evaluate its safety, tolerability, and efficacy in subjects with elevated Lp(a).
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No products have been launched yet, resulting in a loss of 616 million yuan over two and a half years.
Notably, the field of siRNA therapy remains highly challenging.
Among the most critical challenges are off-target effects and toxicity risks. Some siRNA guide strands may inadvertently bind to non-target mRNA, leading to unintended knockdown of target proteins, gene silencing, and potential toxicity. Therefore, advanced bioinformatics tools must be employed to design precise sequences that minimize off-target effects.
Additionally, extrahepatic delivery poses a significant challenge. Due to the inherent instability of naked siRNA molecules in systemic circulation, delivering therapeutic siRNA to non-liver tissues is particularly difficult. siRNA molecules are large and negatively charged, rendering them highly susceptible to enzymatic degradation in the bloodstream.
To achieve efficient cellular uptake in non-liver target tissues, numerous biological barriers must be overcome, including impermeability of cell membranes, off-target accumulation, and unintended immune activation.
Currently, Jingyin Pharmaceuticals does not generate revenue from product sales. The company’s other income primarily includes interest income from banks, investment returns from time deposits, and fair value gains from its holdings in CRISPR Therapeutics shares.
During the reporting period from January to June 2023, 2024, and 2025, Jingyin Pharma's other income amounted to RMB 8.809 million, RMB 9.788 million, and RMB 144 million, respectively, with net profits of -RMB 309 million, -RMB 342 million, and RMB 34.5 million, resulting in a cumulative loss of RMB 616 million over two and a half years.
The losses were primarily due to R&D investments, with the company’s R&D expenditures during the reporting period amounting to RMB 233 million, RMB 213 million, and RMB 64.7 million, respectively.
Key financial data, source: prospectus
As of the end of June 2025, Jingyin Pharma had cash and cash equivalents totaling RMB 618 million. The company estimates that its cash position as of the end of August 2025 will be sufficient to maintain financial viability for 30 months.
Consolidated Cash Flow Statement, Source: Prospectus
Overall, the siRNA field where Jingyin Pharma operates is still in its early stages of development and is highly anticipated by numerous innovative pharmaceutical companies; however, the field continues to face certain challenges related to safety and delivery technologies. Jingyin Pharma's core product, SRSD107, focuses on the anticoagulant sector, and it will not be easy for the company to challenge the dominant position of apixaban in the future.
Going forward, Gelonghui will continue to monitor whether the company can successfully advance its clinical and commercialization efforts.
