LakeShore Biopharma is a China-focused biopharmaceutical company that discovers, develops, manufactures, and sells vaccines and therapeutic biologics targeting infectious diseases and cancer. Its only commercial product is YSJA, a rabies vaccine sold in China. YSJA is an aluminum-free, lyophilized inactivated rabies vaccine — the first of its kind developed in China — used for post-exposure prophylaxis after potential rabies exposure. LakeShore sells YSJA directly to county-level Centers for Disease Control and Prevention across China, which then distribute to healthcare providers and vaccination clinics. As of early 2025, LakeShore had sold more than 35 million doses to roughly 1,900 county-level CDC customers, covering about 68% of all county-level CDCs in China. YSJA is a Category II vaccine, meaning it is not government-mandated and citizens pay for it voluntarily. Revenue is driven by dose volume, pricing set through a provincial public tender process, and expansion of CDC account coverage. Beyond YSJA, LakeShore is developing a pipeline of next-generation biologics using its proprietary PIKA immunomodulating technology platform, including an enhanced rapid-regimen rabies vaccine in Phase III trials, a prophylactic hepatitis B vaccine, and an immuno-oncology therapeutic targeting solid tumors. Current YSJA revenue funds pipeline R&D, and if pipeline candidates are approved, LakeShore intends to leverage its existing commercial infrastructure to bring them to market.