时迈药业核心产品研发投入大幅缩减等引关注

Core Viewpoint - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, amid a backdrop of significant interest in TCE therapies and multiple rounds of financing from investors like Betta Pharmaceuticals [1][2]. Group 1: Company Overview - Founded in 2017, Shimai Pharmaceutical focuses on the development of TCE (T-cell engager) drugs, with no products commercialized yet and four clinical-stage candidates in its pipeline [2]. - The company reported revenues of 14.65 million yuan, 6.62 million yuan, and 2.28 million yuan for 2023, 2024, and the first half of 2025, respectively, with corresponding losses of 74.94 million yuan, 59.89 million yuan, and 25.42 million yuan, totaling over 160 million yuan in cumulative losses [2]. - The company has received three rounds of financing, with a post-Series C valuation of 2.23 billion yuan, and its major shareholders include the controlling shareholder Xiaozuoxiang and Betta Pharmaceuticals [2]. Group 2: Financial Management - The current CFO, Liu Yang, joined the company shortly before the IPO process, bringing over 12 years of experience in the international healthcare industry and capital markets [4]. - The company has seen frequent changes in its financial leadership, with four different CFOs from 2021 to 2025, indicating potential instability in financial management [5]. - Despite a peak net asset value of 236 million yuan, the company has shown a preference for structured deposits, with financial assets of 216 million yuan, 164 million yuan, and 67 million yuan for the years 2023, 2024, and the first half of 2025, respectively [6]. Group 3: Research and Development - The company has reduced R&D expenses significantly, with expenditures of 76.11 million yuan, 53.38 million yuan, and 22.39 million yuan for 2023, 2024, and the first half of 2025, respectively, alongside a decrease in administrative expenses [7]. - The R&D investment for core products DNV3 and SMET12 has also seen substantial cuts, raising concerns about the company's commitment to its pipeline [7]. - The safety profile of the core products remains a concern, with high rates of adverse events reported in clinical trials, including 81.8% for DNV3 and 93.8% for SMET12 [8].