天辰生物冲击IPO，专注于过敏性疾病领域，两年半亏损3.27亿元

Core Viewpoint - Several innovative drug companies, including Tianchen Biopharmaceuticals, Huazhi Biopharmaceuticals, and Shanghai Baoji Pharmaceutical, have recently submitted applications to list on the Hong Kong Stock Exchange, indicating a growing interest in the market for allergy and autoimmune disease treatments [1]. Company Overview - Tianchen Biopharmaceuticals was established in October 2020 and is focused on developing innovative drugs for allergic and autoimmune diseases. The company is headquartered in Suzhou and has undergone a transformation into a joint-stock company as of August 2025 [3]. - The major shareholders of Tianchen Biopharmaceuticals include its founders, Dr. Liu Heng and Dr. Sun Naichao, along with several investment firms, controlling a total of 44.16% of the company's equity [3]. Financial Background - The company has raised multiple rounds of financing, with a notable C round in May 2025, securing 208 million RMB and achieving a post-investment valuation of approximately 2 billion RMB [4]. - Tianchen Biopharmaceuticals has reported no revenue since its inception, with net losses of 95.78 million RMB in 2023 and 137.32 million RMB in 2024, totaling a loss of 327 million RMB over two years [24][26]. Product Pipeline - Tianchen Biopharmaceuticals is developing five drug candidates, with its core product LP-003 being a next-generation anti-IgE antibody aimed at treating allergic diseases. The company plans to submit a Biologics License Application (BLA) for LP-003 in the third quarter of 2026 [18][24]. - The global market for allergy medications has seen significant growth, with the market size expected to increase from 42.8 billion USD in 2018 to 68.8 billion USD by 2024, reflecting a compound annual growth rate (CAGR) of 8.2% [9]. Market Competition - The allergy medication market is competitive, with multiple anti-IgE antibody candidates undergoing clinical trials in China. Currently, three anti-IgE antibody drugs have been approved, and six more are in clinical stages [19][21]. - Tianchen Biopharmaceuticals faces competition from established products and other candidates in the pipeline, which may impact its market entry and growth potential [20][22].