WeiMou Biosciences Technology (Zhejiang) Co., Ltd., an ophthalmic-focused biotech firm, has refreshed its prospectus as it prepares for a Hong Kong initial public offering. The company completed a 50 million yuan Series B round in 2018, followed by a 65 million yuan Series C in 2019, a 300 million yuan Series D in 2021, a 125 million yuan Series D2 in 2023, and a 175 million yuan Series D2+ in 2025, which brought its post-investment valuation to 1.825 billion yuan.

For the first half of 2026, the company recorded a net loss of 126 million yuan. WeiMou Biosciences was founded in 2016 and operates as a biotech enterprise dedicated to ophthalmic therapy development and commercialization. Leveraging its expertise in small-molecule drug discovery for eye diseases, advanced formulation development, and translational medicine research, the company is building a differentiated product pipeline targeting various ophthalmic indications with significant unmet clinical needs across the ocular surface and posterior segment.

WeiMou's two lead assets are VVN461 (high dose) and VVN001. VVN461 (high dose) is a high-concentration formulation of the VVN461 eye drop, functioning as a novel selective dual inhibitor of Janus kinase 1 and tyrosine kinase 2, with sub-nanomolar potency. A Phase III clinical trial for VVN461 (high dose) in patients with non-infectious anterior uveitis has been initiated in China. VVN001 is a second-generation lymphocyte function-associated antigen-1 antagonist developed as an innovative eye drop for treating dry eye disease. The company has also launched a Phase III trial for VVN001 in China, and holds six additional drug candidates beyond its core assets, with three currently in clinical stages.

In 2024 and 2025, the company generated other income and gains of 8.57 million yuan and 7.05 million yuan, respectively, while research and development expenses totaled 128 million yuan and 94.4 million yuan. Net losses for those two years were 200 million yuan and 190 million yuan. During the first half of 2026, other income and gains reached 1.68 million yuan, with R&D expenses of 56.93 million yuan and a 126 million yuan net loss. As of June 30, 2026, cash and cash equivalents stood at 53.05 million yuan.

Executive directors include Dr. Wang Shen and Dr. Erning Xia, while non-executive directors are Ms. Jialin Sun and Mr. Yide Huang. Independent non-executive directors comprise Mr. Decai Xu, Mr. Hongquan Shen, and Mr. Nan Zhang. Prior to the IPO, Dr. Wang Shen holds 15.92% of shares, with employee stock platform Huzhou Xiulai holding 9.22%. Longpan Health owns 11.56%, while Tibet Longpan holds 1.64%. Sequoia Capital China, through HSG Venture, holds 7.15%, and Hangzhou Qiandai holds 6.5%.

Other shareholders include Ouhai Xiangtou Yicun and Wenzhou Yicun each owning 3.29%, Changchong No.1 holding 3.9%, Wei Xuchen with 3.41%, WELL ASPIRATIONS at 1.61%, Suzhou Qianji holding 0.88%, and Shanghai Qianji at 0.73%. Changrong Xuanhe holds 1.43%, CR Biotech maintains 1.41%, VVBI holds 2.52%, and Shanghai Weiqiandai owns 0.32%. Hangzhou Beixin holds 2.12%, Hangzhou Beiyi at 0.71%, and Yangzhou Shengze holds 2.19%.

Ningbo Jince holds 1.43%, Shenzhen Weihua owns 0.71%, Jingjiang Yingqi holds 2.12%, and Yueke Xingwen and Guangzhou Kejichuanghui each hold 1.64%. Gao Tejia Huike has 1.63%, FENGHE and Zhangjiang Huoju each own 1.43%, Suzhou Juming holds 1.41%, and Magic Honor owns 1.37%. Wanlian Guangsheng holds 0.95%, Huzhou Weiyuan owns 0.87%, Renzhe Zhenhe and Jiaxing Shengmou each hold 0.82%, and Yueshang Jiaxing owns 0.71%. Chuangke Venture Capital Fund and Wenzhou Gongchuang Runmou each hold 0.55%, with Hangzhou Xiaochi Venture Capital owning 0.11%.