泰诺麦博融资10.87亿后拟再募15亿 三年多亏15.67亿仅一款产品商业化

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) is attempting to go public on the STAR Market under the newly restarted fifth set of standards, despite not yet being profitable and only having one product approved for commercialization by 2025 [1][3][4]. Financial Performance - From 2022 to the first three months of 2025, Tainuo Maibo reported revenues of 4.34 million yuan, 0 yuan, 1.51 million yuan, and 0.1693 million yuan, with cumulative losses of 1.567 billion yuan [3][8]. - The company's R&D expenses totaled approximately 1.275 billion yuan over the same period, with specific annual figures of 323 million yuan, 393 million yuan, 425 million yuan, and 134 million yuan [3][6]. - Sales expenses amounted to 75.43 million yuan, with significant spending even in years with no revenue, such as over 12.42 million yuan in 2023 [6][7]. Product Development - Tainuo Maibo's only commercialized product, Staitouta Monoclonal Antibody Injection, was approved in February 2025 and generated only 16,930 yuan in sales within its first month [4][5]. Capital Raising and Financing - The company has raised at least 1.087 billion yuan through multiple rounds of financing over the past four years, including significant investments from notable firms like Hillhouse and Gree [8][9][11]. - Tainuo Maibo plans to raise up to 1.5 billion yuan through its IPO, with funds allocated for new drug development, expansion of antibody production facilities, and working capital [8][11]. Shareholder Structure - Prior to the IPO, Tainuo Maibo had 49 shareholders, with no single controlling shareholder, and the actual controllers hold a combined 33.10% of the shares [9][11].