Assuming an average cash burn rate going forward of 4.2 times the level in 2025, taking into account the scheduled payment of indebtedness, we estimate that our cash at bank and on hand, together with other investments as of April 30, 2026 will be able to maintain our financial viability for 9 months, or, if we also take into account the estimated net [REDACTED] (based on the [REDACTED] of HK$[REDACTED] per Share), 54 months.
Financial Information · 第 258 页
Taking into account the estimated net [REDACTED] from the [REDACTED] and the financial resources available to us, including cash and cash equivalents, and considering our cash burn rate, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and general and administrative expenses and for at least the next 12 months from the date of this Document.
Our cash burn rate refers to the average monthly aggregate amount of net cash used in operating activities and payments for capital expenditures.
Business · 第 186 页
(i) cash and cash equivalents and financial assets at FVTPL as of April 30, 2026 will be able to maintain our financial viability for [17] months, (ii) if we take into account the AZ Upfront Payment, [57] months, (iii) if we take into account 10.0% of the estimated [REDACTED] from the [REDACTED] and the AZ Upfront Payment, [61] months, or (iv) if we take into account all estimated [REDACTED] from the [REDACTED] and the AZ Upfront Payment, [94] months.
Business · 第 187 页
Taking into account the financial resources available to us, and the estimated [REDACTED] from the [REDACTED], our Directors are of the view that we have available sufficient working capital for our present requirements that is for at least the next 12 months from the date of this document.
Excluding one-off capital expenditures spent on building our manufacturing facilities and assuming an average cash burn rate going forward of 1.4 times the level as of December 31, 2025, we estimate that our cash at bank and on hand and other financial assets as of December 31, 2025 will be able to maintain our financial viability for 47 months from December 31, 2025 taking into account the estimated net proceeds from the Global Offering, net of capitalized listing expenses; or we estimate that we will be able to maintain our financial viability for 15 months from December 31, 2025 without taking into account the estimated net proceeds from the Global Offering, net of capitalized listing expenses.
Our historical cash burn rate was nil, RMB0.9 million and nil in 2023, 2024 and 2025, respectively.
Financial Information · 第 307 页
We did not record material cash burn in 2025, and we expect our operating cash inflow will be at a surplus position based on the underlying assumptions that (i) our workforce growth will generally align with our business expansion, (ii) we expect to increase investment in research and development in phases, (iii) we do not expect substantial capital investment unless earmarked fund-in, and (iv) we do not expect significant acquisitions of fixed assets.
Financial Information · 第 307 页
We will continue to monitor our cash flow from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financing.
Our cash burn rate refers to the average monthly amount of net cash used in operating activities, capital expenditures and lease payments.
Financial Information · 第 247 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and bank balances, the expected income from commercialization of GC101 in China, and the estimated net [REDACTED] from the [REDACTED], as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses for at least the next 12 months from the date of this Document.
Assuming an average cash burn rate going forward of 1.5 times of the level for 2025, we estimate that our cash and cash equivalents and term deposits of RMB202.5 million as of April 30, 2026 will be able to maintain our financial viability for approximately 10 months or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion used for working capital and general corporate purposes), approximately 15 months or, if we also take into account the estimated net proceeds from the Global Offering, approximately 54 months.
Financial Information · 第 266 页
Our Directors are of the view that, taking into account the financial resources available to us, including cash and cash equivalents, and the estimated net proceeds from the Global Offering, we have sufficient working capital to cover at least 125% of our costs, including R&D expenses, administrative expenses, other operating expenses and necessary capital expenditure, for at least the next 12 months from the date of this prospectus.
Taking into account our cash and cash equivalents and financial products we purchased, and assuming average monthly net cash used in operating activities and capital expenditures going forward of 1.5 times the average level in the year ended December 31, 2025, we estimate we will be able to maintain our financial viability for 12 months without considering [REDACTED] from the [REDACTED]; or, if we also take into account the net [REDACTED] from [REDACTED], assuming an [REDACTED] of HK$[REDACTED] per [REDACTED] (being the low-end of the indicative [REDACTED]), [REDACTED] months.
Financial Information · 第 230 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Our historical cash burn rate was RMB25 thousand, RMB2.7 million and RMB3.3 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 248 页
we estimate that our cash and cash equivalents, financial assets at fair value through profit or loss and unutilized banking facilities as of December 31, 2025 will be able to maintain our financial viability for approximately 105.6 months or, if we take into account 5.3% of the estimated net proceeds from the Global Offering (namely the portion allocated for our working capital and other general corporate purposes), approximately 119.6 months or, if we take into account the estimated net proceeds from the Global Offering, approximately 369.0 months.
Assuming an average cash burn rate going forward of 2.3 times the level in 2025, we estimate that our cash and cash equivalents and financial assets at FVTPL as of April 30, 2026 will be able to maintain our financial viability for 18 months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), 23 months or, if we also take into account the estimated net proceeds from the Listing, 69 months.
Financial Information · 第 277 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Our cash burn rate refers to the average monthly amount of net cash used in operating activities and capital expenditures.
Financial Information · 第 275 页
Assuming an average cash burn rate going forward of 1.3 times the level during the year ended December 31, 2025, we estimate that our cash and cash equivalents as of April 30, 2026 will be able to maintain our financial viability for [7] months, or, if we take into account the estimated [REDACTED] from the [REDACTED], [36] months.
Financial Information · 第 275 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing no earlier than six months after the completion of the [REDACTED].
Our historical cash burn rate was RMB7.6 million, RMB7.8 million and RMB8.0 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 245 页
We had cash and cash equivalents, financial assets at FVTPL, term deposits and unutilized bank facilities of RMB352.8 million as of April 30, 2026.
Financial Information · 第 245 页
we estimate that our cash and cash equivalents, financial assets at FVTPL, term deposits and unutilized bank facilities as of April 30, 2026 will be able to maintain our financial viability (i) for [22] months
Our historical cash burn rate was RMB5.5 million, RMB6.2 million and RMB13.9 million for each of the years ended December 31, 2023, 2024 and 2025.
Financial Information · 第 245 页
As of April 30, 2026, our cash balance was RMB350.9 million, including cash and cash equivalents RMB151.5 million, financial assets at fair value through profit or loss RMB114.5 million and unutilised banking facilities RMB84.9 million, as they represent available liquidity to fund our operations.
Financial Information · 第 245 页
We will continue to monitor our cash flows from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financings.
Assuming the average cash burn rate going forward is 1.5 times the cash burn rate in 2025, we estimate that our cash and cash equivalents and term deposit as of April 30, 2026 will be able to maintain our financial viability for approximately 10.4 months from April 30, 2026 , without taking into account the estimated [REDACTED] from the [REDACTED], or, we estimate we will be able to maintain our financial viability for approximately 77.0 months from April 30, 2026 , if we take into account the estimated [REDACTED] from the [REDACTED].
Financial Information · 第 257 页
Our Directors are of the opinion that, taking into account the following financial resources available to us, including the cash and cash equivalents on hand, anticipated cash inflow from unutilized bank facilities and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, general and administrative expenses, and selling and marketing expenses, for at least the next 12 months from the date of this document.
Financial Information · 第 257 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing at least six months after the completion of the [REDACTED].
We had cash and cash equivalents, financial assets at FVPL and time deposits of RMB341.6 million as of April 30, 2026.
Financial Information · 第 243 页
Assuming an average cash burn rate going forward of 1.3 times of the level in the four months ended April 30, 2026 and without taking into account any cash inflows from milestone payments, we estimate that our cash and bank balances, financial assets at FVPL and time deposits as of April 30, 2026 will be able to maintain our financial viability for [REDACTED] months or, if we take into account the estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · 第 243 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing.
Our historical cash burn rate was RMB2.9 million, RMB2.2 million and RMB3.5 million in 2023, 2024 and 2025, respectively. We had cash and cash equivalents, current financial assets at fair value through profit or loss of RMB176.1 million as of December 31, 2025 and unutilized banking facilities of RMB412.4 million as of December 31, 2025.
Summary · 第 13 页
Our historical cash burn rate was RMB2.9 million, RMB2.2 million and RMB3.5 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 250 页
We will continue to monitor our cash flows from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financings.
Assuming that our cash burn rate going forward will be two times the cash burn rate level during the Track Record Period and taking into account the available financing facilities and expected repayments, we estimate that we will have sufficient cash to maintain our financial viability for approximately 10 months from December 31, 2025, or, if we take into account the estimated [REDACTED] from the [REDACTED], at least 30 months from December 31, 2025.
Financial Information · 第 261 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Financial Information · 第 261 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents, internally generated funds, available financing facilities and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, selling and distribution expenses and administrative expenses, for at least the next 12 months from the date of this document.
Assuming an average cash burn rate going forward of 3.1 times the level in 2025, we estimate that (i) our cash and cash equivalents will be able to maintain our financial viability for 21 months, (ii) if we take into account [REDACTED]% of the estimated [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and other general corporate purposes), [REDACTED] months, or, (iii) if we take into account all estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Summary · 第 10 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents as of December 31, 2025 and unutilized bank facilities as of December 31, 2025 and the estimated [REDACTED] from the [REDACTED], as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, other operating expenses and necessary capital expenditure for at least the next 12 months from the date of this document.
Taking into account of the above, along with the estimated net proceeds from this Global Offering, the Directors are of the opinion, and the Sole Sponsor concurs, that we have sufficient working capital to cover at least 125% of our costs, including research and development costs, administrative expenses, finance costs and other operating costs, for at least the next 12 months from the date of this prospectus.
Summary · 第 10 页
Assuming an average cash burn rate going forward of 1.3 times the level in the year ended December 31, 2025, we estimate that (i) our cash and cash equivalents, restricted cash and financial assets at FVTPL as of December 31, 2025 will be able to maintain our financial viability for over 13 months from December 31, 2025, (ii) if we take into account 10.0% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes), 21 months, and (iii) if we take into account 100.0% of the estimated net proceeds from the Global Offering, 91 months.
Summary · 第 10 页
Our cash burn rate refers to average monthly amount of net cash used in operating activities, capital expenditures and lease payments.
As of October 31, 2025, we had cash and cash equivalents of RMB71.3 million.
Financial Information · 第 321 页
Assuming that the average cash burn rate going forward will be 2.5 times the level in the year ended December 31, 2024, we estimate that our cash and cash equivalents as of October 31, 2025 will be able to maintain our financial viability for 11.5 months, or, if we also take into account the estimated net [REDACTED] (based on the low-end of the indicative [REDACTED]) from the [REDACTED], for at least 109.0 months.
Financial Information · 第 321 页
After taking into consideration the above, and the net [REDACTED] from the [REDACTED], in the absence of unforeseeable circumstances, our Directors are of the opinion that we have sufficient working capital to cover at least 125% of our costs, including R&D costs, selling and distribution expenses and administrative expenses for at least the next 12 months from the date of this document.
Assuming that the average cash burn rate going forward will be similar to the cash burn rate level in 2025, we estimate that our cash and cash equivalents of RMB98.7 million and pledged deposits of RMB23.7 million (which will be gradually released before December 31, 2026), amounting to an aggregate of RMB122.4 million as of March 31, 2026, will be able to maintain our financial viability for approximately 11 months.
Business · 第 168 页
our Directors are of the view that we have sufficient working capital to meet our present and future requirements for at least the next 12 months from the date of publication of the Prospectus and until we achieve cash flow breakeven.