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Key Takeaways:
Two VivaVision drugs have reached Phase Three clinical trials, with one of them on a regulatory fast track as a breakthrough therapy for eye inflammation
The company's filing follows a rebound in Hong Kong's biotech IPO market
You could say this company has an eye for an opportunity.
After biotech stocks staged a rebound last year, a cash-strapped developer of eye drugs has joined the queue of IPO hopefuls looking to stabilize their finances by listing on the Hong Kong equity market.
And VivaVision Biotech (Zhejiang) Co. Ltd. is under particularly strong pressure to succeed in its quest before its funds run out.
The ophthalmology biotech submitted its application to the Hong Kong Stock Exchange in mid-February, seeking a main board listing with CICC as sole sponsor.
Founded in 2016, VivaVision aims to develop innovative therapies for diseases affecting both the surface and the back of the eye, targeting disorders that lack existing treatments. The discoveries remain at the clinical testing stage, and, without any product income, the company's finances are under mounting strain.
At the end of last September, the company held just 35.77 million yuan ($5.2 million) in cash, while net losses for the first three quarters of 2025 reached 131 million yuan, averaging roughly 43.33 million yuan per quarter. At the current burn rate, the cash balance is getting ever tighter.
To ease the pressure, VivaVision completed a D+ financing in November 2025, securing about 175 million yuan in emergency funds. But with an IPO typically taking around six months from filing to completion, the company has only a narrow window of opportunity to replenish its coffers before the money runs ...
