天辰生物勇闯IPO：产品未“出道”，研发支出已占亏损比例超70％｜创新药观察

Core Viewpoint - Tianchen Biopharmaceuticals has submitted an IPO application to the Hong Kong Stock Exchange, facing challenges from industry giants and financial pressures, with a focus on antibody drugs for autoimmune and inflammatory diseases [2][3]. Financing and Valuation - Since its establishment in December 2020, Tianchen Biopharmaceuticals has completed seven rounds of financing, raising approximately 522 million RMB, with the latest round being a Series C funding of 208 million RMB in May 2025, valuing the company at 2.008 billion RMB [3][4]. - The company has attracted investments from notable institutions such as Honghui Fund and Shiyao Group [3]. Financial Performance - The company has reported no revenue for the years 2023, 2024, and the first half of 2025, with net losses of 95.78 million RMB, 137.32 million RMB, and 94.21 million RMB respectively, totaling a loss of 327 million RMB over two and a half years [4][5]. - Research and development costs have consistently accounted for over 70% of total losses, reflecting the high capital requirements typical of biotech startups [4][6]. Cash Flow and Operational Status - The cash flow from operating activities has been negative, with figures of -60.87 million RMB, -104 million RMB, and -47.67 million RMB for the respective periods [6]. - As of June 30, 2025, the company had cash and cash equivalents of only 136 million RMB, which is projected to cover 125% of its costs for the next 12 months [6]. Management and Governance - The company was co-founded by two overseas returnees, Liu Heng and Sun Naichao, with Liu Heng serving as the current leader responsible for overall strategy and operations [7][8]. - Concerns have been raised regarding the age structure of the management team and succession planning, particularly with Sun Naichao being 89 years old [9]. Legal Issues - Tianchen Biopharmaceuticals is involved in a technology development contract dispute, with court hearings scheduled between 2023 and 2024 [9].