一款烧了几十亿的神药，撑起一个IPO

Core Viewpoint - The article discusses the IPO application of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. on the Sci-Tech Innovation Board, marking it as the first company to apply under the new fifth set of standards, despite being a "zero-revenue" innovative drug company with significant losses [1][2]. Group 1: Company Overview - Tainuo Maibo is a typical "zero-revenue" innovative drug company, with total revenue of only 19.45 million yuan from 2022 to 2024, while incurring cumulative losses of 1.39 billion yuan [1][2]. - The company has raised over 2 billion yuan in financing over ten years, with a valuation reaching 5.2 billion yuan after the last funding round in March 2025 [2][3]. Group 2: Product Development - Tainuo Maibo's first drug, Staitouta Monoclonal Antibody Injection, is a First-in-Class innovative drug approved for preventing tetanus, showcasing the company's technical strength and moving beyond the "zero-revenue" status [2][8]. - The company has adopted a unique approach by focusing on the less-explored area of anti-infection, specifically targeting tetanus, rather than competing in the crowded oncology market [6][8]. Group 3: Market Potential and Challenges - The market for tetanus prevention is limited, with estimates suggesting a total market size of less than 3 billion yuan, raising concerns about the sustainability of Tainuo Maibo's valuation based solely on Staitouta [12][14]. - The pricing of Staitouta at 798 yuan per injection is significantly higher than traditional tetanus vaccines, which may hinder its market adoption [11][12]. Group 4: Future Prospects - Tainuo Maibo is seen as having significant potential for international expansion, with Staitouta already receiving Fast Track designation from the FDA in the U.S. [15][16]. - The company has additional promising products in its pipeline, including a monoclonal antibody for respiratory syncytial virus (RSV), which could have a much larger market potential compared to Staitouta [16][17]. Group 5: Financial Outlook - The company plans to issue up to 69.08 million shares to raise 1.5 billion yuan, which could alleviate its financial pressures during the commercialization phase [18][19]. - As of the first quarter of 2025, Tainuo Maibo reported a net loss of 510 million yuan for 2024 and had only 420 million yuan in cash, indicating a critical need for the funds raised through the IPO [18][19].