Core Viewpoint - Several innovative drug companies, including Tianchen Biopharmaceuticals, Huazhi Biopharmaceuticals, and Shanghai Baoji Pharmaceutical, have recently submitted applications to list on the Hong Kong Stock Exchange, indicating a growing interest in the market for allergy and autoimmune disease treatments [1]. Company Overview - Tianchen Biopharmaceuticals was established in October 2020 and is focused on developing innovative drugs for allergic and autoimmune diseases. The company is headquartered in Suzhou and has undergone a transformation into a joint-stock company as of August 2025 [3]. - The major shareholders of Tianchen Biopharmaceuticals include its founders, Dr. Liu Heng and Dr. Sun Naichao, along with several investment firms, controlling a total of 44.16% of the company's equity [3]. Financial Background - The company has raised multiple rounds of financing, with a notable C round in May 2025, securing 208 million RMB and achieving a post-investment valuation of approximately 2 billion RMB [4]. - Tianchen Biopharmaceuticals has reported no revenue since its inception, with net losses of 95.78 million RMB in 2023 and 137.32 million RMB in 2024, totaling a loss of 327 million RMB over two years [24][26]. Product Pipeline - Tianchen Biopharmaceuticals is developing five drug candidates, with its core product LP-003 being a next-generation anti-IgE antibody aimed at treating allergic diseases. The company plans to submit a Biologics License Application (BLA) for LP-003 in the third quarter of 2026 [18][24]. - The global market for allergy medications has seen significant growth, with the market size expected to increase from 42.8 billion USD in 2018 to 68.8 billion USD by 2024, reflecting a compound annual growth rate (CAGR) of 8.2% [9]. Market Competition - The allergy medication market is competitive, with multiple anti-IgE antibody candidates undergoing clinical trials in China. Currently, three anti-IgE antibody drugs have been approved, and six more are in clinical stages [19][21]. - Tianchen Biopharmaceuticals faces competition from established products and other candidates in the pipeline, which may impact its market entry and growth potential [20][22].

Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities (Hong Kong) as the sole sponsor [1] Company Overview - Tianchen Biopharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of innovative drugs targeting allergic and autoimmune diseases, with a comprehensive pipeline of biological products across various medical fields [3] - The company has established two proprietary research and development platforms: a high-affinity antibody discovery platform and a bifunctional antibody development platform [3] Market Potential - The global autoimmune disease drug market is projected to grow from $138.9 billion in 2024 to $176.7 billion by 2030, with a compound annual growth rate (CAGR) of 4.1% [3] - The Chinese autoimmune disease drug market is expected to increase from $5.1 billion in 2024 to $19 billion by 2030, with a CAGR of 24.5% [3] - The global allergy disease drug market is anticipated to grow from $42.8 billion in 2018 to $68.8 billion in 2024, with a CAGR of 8.2%, reaching $111.4 billion by 2030 [3] Key Products - The core product, LP-003, is a next-generation anti-IgE antibody designed to treat allergic diseases, with the fastest clinical development progress among global candidates [4] - The key product, LP-005, is a bifunctional antibody fusion protein targeting C5 and C3b complement, aimed at treating various complement-mediated diseases [4] Clinical Development - LP-003 has received IND approval in China for multiple indications, including allergic rhinitis (AR) and chronic spontaneous urticaria (CSU), with ongoing Phase III trials for seasonal AR [5] - LP-005 is currently undergoing a Phase II clinical trial for treating paroxysmal nocturnal hemoglobinuria (PNH) and plans to initiate trials for other complement-mediated kidney diseases [5] Financial Overview - Tianchen Biopharmaceuticals reported other income and revenue of approximately RMB 2.23 million, RMB 3.07 million, RMB 1.38 million, and RMB 0.88 million for the fiscal years 2023, 2024, and the first half of 2025, respectively [6] - The company incurred total losses of approximately RMB 95.78 million, RMB 137.32 million, RMB 58.93 million, and RMB 94.21 million during the same periods [6][7]