Suzhou Ribo Life Science Co. Ltd., a leading RNA drug developer, has officially launched its IPO after passing its listing hearing for the Hong Kong Stock Exchange. The company released its post-hearing information pack on Sunday through the exchange's website, moving one step closer to public markets.

The financials tell an interesting growth story. According to the latest prospectus, Ribo's revenue climbed 56.6% to 103.8 million yuan ($14.7 million) in the first six months of this year, up from 66.3 million yuan in the same period last year. Meanwhile, losses narrowed to 97.8 million yuan from 141.6 million yuan, suggesting the company is moving toward better unit economics even as it scales.

Founded in 2007, the Suzhou-based biotech has spent nearly two decades focused on RNA-based nucleotide drug development. Its specialty is small interfering RNA (siRNA) therapies, which essentially block the actions of genes responsible for various diseases. Ribo claims to operate one of the world's largest siRNA pipelines, with seven clinical-stage candidate drugs targeting cardiovascular, metabolic, renal and liver diseases. Four of those candidates have already advanced to Phase Two clinical trials.

The company has also lined up some serious partnership deals. China Qilu Pharmaceutical holds rights to manufacture and sell Ribo's high cholesterol drug across Mainland China, Hong Kong and Macao. Even more notably, Germany's Boehringer Ingelheim has signed on to jointly develop hepatitis therapies with Ribo in a deal valued at more than $2 billion.

The market opportunity looks substantial. Research cited in the prospectus projects the global oligonucleotide market will hit $54.9 billion by 2034, growing at an average annual rate of 29.4% between 2024 and 2029. SiRNA drugs already represent approximately 44.5% of that market in 2024, putting Ribo right at the center of a fast-growing segment.