新股前瞻|搭上TCE热门赛道“风口”，岸迈生物IPO能否可期？

Group 1: Company Overview - Company, Anmai Biotech, is preparing for an IPO in Hong Kong, having completed multiple rounds of financing with notable investors, achieving a post-money valuation of $492 million in its last funding round in 2022 [1] - The company specializes in developing T-cell engagers for cancer and autoimmune diseases, currently in the clinical stage with no commercialized products yet [3][6] - Anmai Biotech reported projected revenue of approximately 459 million RMB for 2024, with a profit of 47.7 million RMB, marking a turnaround from previous losses [3][4] Group 2: Financial Performance - The company experienced a significant drop in R&D spending from 185 million RMB in 2023 to 123 million RMB in 2024, with R&D expenses constituting 78.8% and 74.1% of total expenses respectively [5] - As of April 30, 2025, the company has cash and cash equivalents of 327 million RMB, sufficient to maintain financial stability for the next 12 months [5] - The total accumulated loss of the company reached 2.355 billion RMB by the end of 2024 [3] Group 3: Product Pipeline and Market Potential - Anmai Biotech's lead product, EMB-01, is the first dual-specific antibody targeting EGFR/cMET for colorectal cancer, currently in Phase II clinical trials [6][12] - The global market for colorectal cancer drugs is projected to grow from $3.1 billion to $7.4 billion by 2034, with over 2 million new cases expected globally in 2024 [8][9] - The company has established a strong international collaboration network, with total transaction values exceeding $2.1 billion in licensing agreements [14] Group 4: Industry Trends and Competitive Landscape - The innovative drug sector, particularly in T-cell engagers, has seen significant growth, with the Hong Kong innovation drug index rising by 65.5% year-to-date [2] - Anmai Biotech ranks second globally in international collaboration transaction volume within the T-cell engager field, indicating strong market positioning [14] - The TCE market is competitive, with 10 TCE therapies approved globally, and Anmai Biotech's unique technology platforms may provide a competitive edge [15]