Jyong Biotech (MENS) Registration Filing summary

Company overview and business model

• Science-driven biotech company based in Taiwan, focused on developing and commercializing innovative, plant-derived drugs for urinary system diseases, targeting the U.S., EU, and Asia markets.

• Core pipeline includes MCS-2 (for BPH/LUTS), PCP (prostate cancer prevention), and IC (interstitial cystitis), with integrated in-house R&D, clinical, regulatory, manufacturing, and commercialization capabilities.

• Operates through five wholly owned subsidiaries in Taiwan, Singapore, Hong Kong, and China; holding company structure based in the Cayman Islands.

Financial performance and metrics

• No revenue generated to date; net losses of $6.6M (2022), $4.4M (2023), and $1.3M (six months ended June 30, 2024).

• Accumulated deficit of $31.4M as of June 30, 2024; net working capital deficit of $11.7M as of June 30, 2024.

• Research and development expenses were $1.3M (2022), $1.1M (2023), and $0.5M (six months ended June 30, 2024).

• Auditor issued a going concern opinion due to significant net losses, working capital deficit, and need to raise additional funds.

Use of proceeds and capital allocation

• Estimated net proceeds of $17.8M (assuming $8.50/share IPO price) primarily allocated to: 40% for additional Phase III trials and NDA of MCS-2, 25% for earlier phase trials if comparability not demonstrated, 10% for PCP Phase II, 5% for IC Phase I, and 20% for general corporate purposes.

• 10% of proceeds earmarked for possible settlement of litigation and commitments with Taizhou authorities.

• Proceeds will not be sufficient to fund all drug candidates through regulatory approval; additional $10M in capital will be needed.