泰诺麦博三年多亏15亿 实控人背数十亿“对赌”压力

Core Viewpoint - The company Tianomab is facing significant challenges as it attempts to go public on the STAR Market, with its core product's actual sales falling short of expectations, raising concerns about its financial viability and future growth prospects [1][3][4]. Group 1: Company Overview - Tianomab was established in 2015 and focuses on innovative biopharmaceuticals, particularly blood product alternatives [3]. - The company's core product, Staitodab monoclonal antibody injection (marketed as Xintimab), was approved for sale in China in February 2023 [3]. - As of the date of the report, Tianomab is in the process of conducting a Phase III clinical trial for another key product, TNM001 [3]. Group 2: Financial Performance - From 2022 to the first quarter of 2025, Tianomab has incurred cumulative losses of 1.567 billion yuan [5]. - The company has invested heavily in research and development, with total R&D expenses amounting to 1.275 billion yuan during the same period [5]. - Sales expenses during the reporting period totaled approximately 75.43 million yuan, despite only one product being commercialized by 2025 [5]. Group 3: Sales Performance - For the period from March to September, the expected sales for Staitodab were 56,800 units, but actual sales reached only 43,500 units, resulting in a completion rate of 76.67% for the self-operated team [4]. - External promotional teams had an even lower performance, with expected sales of 40,100 units but only achieving 2,600 units, leading to a completion rate of 6.42% [4]. - Overall, the combined expected sales were 96,900 units, while actual sales were only 46,100 units, resulting in a completion rate of 47.6% [4]. Group 4: Financial Liabilities and Risks - The company's current liabilities have been on the rise, with figures of 134 million yuan, 116 million yuan, and 285 million yuan reported, reaching 254 million yuan by the first quarter of 2025 [7]. - The liquidity ratios have significantly declined, with the current ratio dropping from 6.19 to 3.29 and the quick ratio from 6.02 to 3.06 [7]. - The company has a potential buyback obligation that could amount to several billion yuan if its IPO application is rejected, posing a substantial financial risk to the controlling shareholder [8].