新股消息 | 时迈药业递表港交所 拥有四款自主研发的临床阶段候选药物
智通财经网·2025-11-12 14:46

Core Viewpoint - The company is a pioneer in next-generation T-cell engagers (TCE) therapy, aiming to leverage the immune system to combat cancer, with significant growth potential in the TCE market projected for the coming years [2][4]. Company Overview - Established in 2017, the company focuses on TCE therapies that target tumor-associated antigens (TAA) and T-cell receptors to activate T-cells against tumors [2]. - The company has developed a next-generation TCE therapy that selectively activates in tumors for treating solid tumors, indicating a strong innovation capability [2][5]. Product Pipeline - As of November 5, 2025, the company has four clinical-stage candidates: 1. DNV3, targeting LAG3 2. SMET12, an EGFR×CD3 TCE 3. CMD011, a GPC3×CD3 TCE 4. CMDE005, a next-generation EGFR×CD3 TCE [3]. - Additionally, two preclinical candidates are in development, targeting FOLR1×PD-L1×CD3 and PSMA×PD-L1×CD3 [3]. Financial Performance - The company reported revenues of RMB 14.649 million, RMB 6.618 million, and RMB 2.278 million for the years 2023, 2024, and the first half of 2025, respectively [6][8]. - Losses for the same periods were RMB 74.943 million, RMB 59.899 million, and RMB 25.420 million [6][8]. - Research and development expenses were RMB 76.109 million, RMB 53.382 million, and RMB 22.389 million for 2023, 2024, and the first half of 2025, respectively [7][8]. Market Overview - The global TCE market is expected to grow from USD 4 billion in 2020 to USD 30 billion in 2024, with a compound annual growth rate (CAGR) of 67.6% [10]. - By 2035, the global TCE market is projected to reach USD 121.1 billion [10]. - The Chinese TCE market is anticipated to grow from RMB 1 billion in 2021 to RMB 7 billion in 2024, with a CAGR of 104.0% [11]. By 2035, it is expected to reach RMB 159.6 billion [11]. Industry Trends - The global oncology drug market is projected to grow from USD 150.3 billion in 2020 to USD 253.3 billion in 2024, with a CAGR of 13.9% [9]. - The Chinese oncology drug market is expected to grow from USD 28.6 billion in 2020 to USD 35.9 billion in 2024, with a CAGR of 5.8% [9].