This article only represents the author's own views.

Among innovative drugs, bispecific antibodies (BsAbs) are considered a successor to older monoclonal antibodies (mAbs), posting explosive growth this year as the U.S., EU and China approved at least four new products. At least seven such drugs have come to market since the first was approved in 2009, used to treat cancer as well as rare and autoimmune diseases.

But that big potential is doing little to help Wuhan YZY Biopharma Co. Ltd., a specialist in BsAbs and immuno-oncology therapies, which filed for a Hong Kong IPO on Dec. 9. With dwindling cash and no chances of product revenue in sight, the company is living from funding to funding as it tries to carve out a place in the potentially lucrative but also cash-consuming field.