Ocenic Bio Cayman Limited ("Ocenic Bio") has submitted an application for a main board listing on the Hong Kong Stock Exchange, with Jefferies, BofA Securities, and CICC acting as joint sponsors. Founded in 2018, Ocenic Bio is a clinical-stage global biotech company focused on developing next-generation oral small-molecule drugs to address unmet medical needs in cardiovascular metabolic and inflammatory diseases.
AstraZeneca PLC (AZN) serves as Ocenic Bio’s sole customer and primary supplier. The company procures clinical research services from AZN, with purchases totaling $4.28 million in 2024 and $6.41 million in the first half of 2025, accounting for 22.4% and 52.1% of total procurement, respectively. Additionally, AZN’s wholly-owned subsidiary, AstraZeneca UK Limited, holds a 5.02% stake in Ocenic Bio.
Dependent solely on licensing revenue, Ocenic Bio’s net profit has shown significant volatility. In 2023, the company reported a net loss of $52.23 million, followed by a net profit of $139 million in 2024. However, it returned to a net loss of $20.11 million in the first half of 2025.
R&D and administrative expenses are the primary drivers of Ocenic Bio’s losses. Over the reporting period, R&D expenditures were $22.47 million, $16.22 million, and $15.73 million, cumulatively reaching $54.43 million and representing 62.33%, 7.33%, and 2,824.78% of revenue, respectively. External preclinical and clinical costs accounted for 70% of R&D spending, while employee costs made up 20%. Year-over-year, R&D expenses decreased by 27.81% in 2024 but surged by 169.83% in the first half of 2025, partly due to Ocenic Bio bearing all preclinical and clinical costs for ECC5004 before its 2023 agreement with AZN.
General and administrative expenses totaled $13.69 million, $10.61 million, and $6.13 million, constituting 37.95%, 4.79%, and 1,100.36% of revenue. Professional service fees, primarily consultancy costs, amounted to $20.22 million, or 66.47% of total administrative expenses.
As of June 2025, Ocenic Bio had 55 full-time employees, including 42 R&D staff and 13 administrative personnel. Despite net losses, the company’s operating cash flow fluctuated between $145 million, -$15.43 million, and -$16.82 million during the reporting periods. Cash and equivalents stood at $56.43 million as of June 2025, down $110 million from the end of 2023. However, Ocenic Bio stated it maintains sufficient working capital to cover at least 125% of projected costs—including R&D and administrative expenses—for the next 12 months.
While cash reserves declined, the company increased its investment holdings. Other financial assets measured at amortized cost rose to $118 million as of June 2025 from $35 million in 2023, driven by expanded short-term investments in corporate bonds, commercial paper, government bonds, treasury bills, and term deposits.
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