IPO动态 | 天辰生物医药，中国临床阶段生物制药公司，递表港交所

Core Viewpoint - Tianchen Biopharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery and development of biologics for allergic and autoimmune diseases, with key products LP-003 and LP-005 in its pipeline [2][3]. Company Overview - Tianchen Biopharmaceuticals was established in 2020 and is located in Shanghai and Changshu, Suzhou, China [2]. - The company specializes in developing biologics targeting allergic diseases, including seasonal allergic rhinitis (AR), chronic spontaneous urticaria (CSU), and allergic asthma [2]. Product Pipeline - The core product LP-003 is an anti-IgE antibody designed to block free IgE in blood and tissues, aimed at treating various allergic conditions [2]. - The main product LP-005 is a dual-function antibody fusion protein targeting C5 and C3b complement [3]. - Additional products under development include LP-00A, LP-00C, and LP-00D, which target various autoimmune diseases and specific indications [3]. Financial Status - As of December 31, 2023, and December 31, 2024, Tianchen Biopharmaceuticals reported net liabilities of RMB 193.7 million and RMB 330.3 million, respectively [4]. - By September 30, 2025, the company is projected to have a net asset value of RMB 175.8 million [4]. - The increase in net liabilities from 2023 to 2024 was primarily due to recorded losses totaling RMB 137.3 million and the recognition of redeemable equity liabilities of RMB 60.0 million [4]. Cash Flow Analysis - Cash flow from operating activities showed a negative flow of RMB 60.865 million in 2023, increasing to RMB 104.122 million in 2024 [5]. - Financing activities generated net cash flow of RMB 123.143 million in 2023, which decreased to RMB 99.113 million in 2024 [5]. - The cash and cash equivalents at the end of 2023 were RMB 117.226 million, decreasing to RMB 66.624 million by the end of 2024 [6]. Use of Proceeds - The funds raised will be allocated for the research and commercialization of core products LP-003 and LP-005, including ongoing and planned clinical trials [14][15]. - Additional allocations include operational expenses, packaging design, inventory reserves, and market research activities [14][15].