22亿估值与571万资金，时迈药业急切港股上市“续命”，股权合规等四问待答

Core Viewpoint - The China Securities Regulatory Commission has issued supplementary material requirements for 19 companies, including Shimai Pharmaceutical, which must clarify the progress of state-owned shareholders in fulfilling state asset management procedures [1][2]. Group 1: Company Overview - Shimai Pharmaceutical was established in 2017 and focuses on the development of T-cell engagers (TCEs), with four clinical-stage candidates: DNV3, SMET12, CMD011, and CMDE005 [2]. - The company has received three rounds of financing, with a post-Series C valuation of 2.23 billion RMB, driven by investor optimism regarding the TCE therapy market [8]. Group 2: Financial Performance - The company reported no drug sales or milestone payments during the reporting period, with other income of approximately 14.65 million RMB in 2023, 6.62 million RMB in 2024, and 2.28 million RMB in the first half of 2025, primarily from government subsidies and investment income [3]. - Shimai Pharmaceutical's losses were 74.94 million RMB in 2023, 59.90 million RMB in 2024, and 25.42 million RMB in the first half of 2025, totaling over 160 million RMB in cumulative losses [3][4]. - The company has indicated that it may never achieve or maintain profitability, as it has not yet commercialized any products [3]. Group 3: Research and Development - Research and development expenses were 76.11 million RMB in 2023, 53.38 million RMB in 2024, and 22.39 million RMB in the first half of 2025, showing a significant decline that raises concerns about the development of core products [4][5]. - The R&D spending for the core product SMET12 decreased by 73.7% to 2.14 million RMB in the first half of 2025 compared to the same period in 2024 [5]. Group 4: Market Potential - The global TCE market is projected to reach approximately 3 billion USD by 2024, with a compound annual growth rate of 40% expected to grow to 121.1 billion USD by 2035 [8]. - The Chinese TCE market is expected to reach 700 million RMB by 2024, with a compound annual growth rate of 63.8% projected to grow to 159.6 billion RMB by 2035 [8]. Group 5: Funding and Cash Flow - The company has utilized 62.32 million RMB and 45.23 million RMB for financial investments in 2024 and the first half of 2025, respectively, despite ongoing losses [6]. - As of June 30, 2025, the company's cash and cash equivalents were only 5.71 million RMB, a significant decrease from 85.74 million RMB just three months prior [7].