科创板第五套标准重启首单！泰诺麦博IPO闯关：三年半累亏近16亿，单一核心产品刚上市销售

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has successfully submitted its IPO application to the Sci-Tech Innovation Board, marking it as the first company accepted under the new fifth listing standard for unprofitable enterprises [1][3]. Company Overview - The company was established in 2015 and focuses on the research, production, and sales of fully human monoclonal antibody drugs [4]. - Its core product, Staitouta Monoclonal Antibody Injection, was approved for sale in China in February 2025, making it the first recombinant monoclonal antibody drug for tetanus toxin globally [4]. - Another key product, TNM001, is a potential long-acting monoclonal antibody for RSV prevention in infants, leading in global research [4]. Financial Performance - The company reported minimal revenue from technology transfer in 2022 and 2024, with sales starting in March 2025, generating revenue of 169,300 yuan [5]. - Revenue figures for the years 2022 to Q1 2025 were 4.34 million yuan, 0, 1.51 million yuan, and 16.93 million yuan, respectively, with net losses of 4.29 billion yuan, 4.46 billion yuan, 5.15 billion yuan, and 1.77 billion yuan during the same periods [6]. - Cumulative losses reached 1.567 billion yuan, with unabsorbed losses at 1.024 billion yuan by the end of the reporting period [6]. IPO Details - The IPO aims to raise 1.5 billion yuan, with plans to issue up to 69.08 million shares [3][4]. - The funds will be allocated to new drug research and development, expansion of antibody production facilities, and working capital [4]. Cash Flow and Investment - The company has experienced tight cash flow, with a net cash outflow from operating activities of 1.16 billion yuan during the reporting period, leaving only 420 million yuan in cash as of March 31, 2025 [8]. - Cumulative R&D investment exceeded 1.1 billion yuan over the past three years, with a significant increase in R&D spending relative to revenue [7].