天辰生物勇闯IPO：产品未“出道”，研发支出已占亏损比例超70％

Core Viewpoint - Tianchen Biopharmaceuticals has submitted its 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 [1][2]. Financing and Valuation - Since its establishment in December 2020, Tianchen Biopharmaceuticals has completed 7 rounds of financing, raising approximately 522 million RMB, with the latest round being a Series C financing of 208 million RMB in May 2025, valuing the company at 2.008 billion RMB [2][5]. - Despite attracting significant investment from notable institutions, the company has not generated any revenue and has incurred a net loss of 327 million RMB over two and a half years [2][5]. Financial Performance - The company reported net losses of 95.78 million RMB in 2023, 137.32 million RMB in 2024, and 58.93 million RMB in the first half of 2025, with total losses exceeding 327 million RMB [3][5]. - Research and development costs have consistently accounted for over 70% of total losses, reflecting the high capital requirements typical of biotech startups [5][6]. Cash Flow and Operational Status - Tianchen Biopharmaceuticals has experienced negative cash flow from operating activities, with net outflows of 60.87 million RMB, 104 million RMB, and 47.67 million RMB in the respective periods [2][5]. - 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 [5][6]. Management and Governance - The company was co-founded by two overseas returnees, Liu Heng and Sun Naichao, with Liu Heng serving as the chairman and responsible for overall strategic planning [6][7]. - Concerns have been raised regarding the age of the management team, particularly with Sun Naichao being 89 years old, prompting questions about succession planning and the establishment of a robust technical team [7][8]. Legal Issues - Tianchen Biopharmaceuticals is involved in a technology development contract dispute, with court hearings scheduled between 2023 and 2024 [8].