As the first company to apply under the reinstated fifth listing standard of the STAR Market, Zhuhai TaiMed Biologics Co., Ltd. (hereinafter referred to as "TaiMed Biologics") has become a focal point in the market. The Shanghai Stock Exchange website shows that TaiMed Biologics has disclosed its first-round inquiry response. The company's core product, Staidutumab, was approved for domestic market launch in February this year. In its inquiry response, TaiMed Biologics revealed the sales performance of Staidutumab. Notably, as of September 30, the actual sales volume of Staidutumab was only 47.6% of the original projection. Despite the shortfall, TaiMed Biologics has already incurred substantial sales expenses, with sales personnel accounting for over 40% of its workforce. Additionally, the company's debt-to-asset ratio has risen significantly during the reporting period. As TaiMed Biologics is just beginning its commercialization journey, whether it can leverage policy tailwinds to successfully list on the STAR Market remains uncertain.

**Actual Sales Volume Only 47.6% of Projection** Following the reinstatement of the STAR Market's fifth listing standard, TaiMed Biologics was the first to submit its application.

According to its prospectus, TaiMed Biologics was founded in 2015 as an innovative biopharmaceutical company focused on global markets and dedicated to developing blood product replacement therapies. The company specializes in the development, manufacturing, and commercialization of fully human monoclonal antibody drugs, aiming to address unmet clinical needs.

Staidutumab Injection (brand name: Xintituo), the company's core product, was approved in China in February as the world's first recombinant anti-tetanus toxin monoclonal antibody drug (First-in-Class). It is also the first domestically developed innovative biologic in the anti-infective field to receive breakthrough therapy designation.

Another key product, TNM001, a recombinant fully human monoclonal antibody targeting respiratory syncytial virus (RSV), is positioned as the potential third global and first domestic long-acting preventive RSV monoclonal antibody for both healthy and high-risk infants. As of the prospectus signing date, TNM001 is undergoing Phase III clinical trials.

TaiMed Biologics' STAR Market IPO application was accepted on July 31 this year, making it the first company to apply under the fifth listing standard since its reinstatement. On August 11, the company entered the inquiry phase and recently disclosed its first-round response.

In the inquiry, the Shanghai Stock Exchange requested TaiMed Biologics to disclose whether Staidutumab's actual sales volume had met expectations. The company acknowledged that sales fell short of projections.

From March to September, the in-house sales team originally projected sales of 56,800 bottles but achieved only 43,500 bottles (76.67% of the target). External promotion service providers projected sales of 40,100 bottles but sold just 2,600 bottles (6.42% of the target). Overall, the expected sales volume was 96,900 bottles, while actual sales reached 46,100 bottles, achieving only 47.6% of the target.

TaiMed Biologics attributed the underperformance to underestimating the time required for non-reimbursed drug hospital access and the impact of the product's current high pricing. External promotion teams also needed more time to understand and communicate the product's advantages. Additionally, post-approval procedures, such as provincial tendering, delayed market entry. With upcoming national reimbursement negotiations in October-November and an expected significant price reduction upon inclusion in the 2026 reimbursement list, the 2025 promotion window was limited.

Staidutumab Injection, a tetanus passive immunizing agent, faces competition from long-established alternatives such as human tetanus immunoglobulin (HTIG), equine tetanus immunoglobulin, and tetanus antitoxin (TAT). These competitors are priced lower and enjoy higher clinical awareness due to years of market presence.

Furthermore, if competing tetanus monoclonal antibodies, such as Zhixiang Jintai's GR2001 or Baike Biologics' A82/B86 Injection, advance quickly through approval and commercialization, they could further erode Staidutumab's market share.

**Over 40% of Employees in Sales** Despite Staidutumab's underwhelming sales, TaiMed Biologics has invested heavily in sales, with sales personnel making up 45.63% of its workforce as of Q1 2025.

The prospectus shows that from 2022 to 2024, the company's sales expenses were RMB 3.8916 million, RMB 12.424 million, and RMB 35.1083 million, respectively. In Q1 2025, sales expenses surged to RMB 24.0019 million.

By the end of Q1 2025, TaiMed Biologics had 350 sales personnel, a significant increase from 172 at the end of 2024. The total workforce stood at 767, with sales staff accounting for 45.63%. In contrast, R&D personnel numbered 145, representing 18.9% of employees.

The company explained that the growth in sales personnel was necessary to prepare for product commercialization. However, industry experts note that building a 350-strong sales team before achieving expected sales poses short-term challenges.

As an innovative biopharma company applying under the STAR Market's fifth listing standard, TaiMed Biologics has reported consistent losses. From 2022 to 2024, net losses attributable to shareholders were approximately RMB 429 million, RMB 446 million, and RMB 515 million, respectively. In Q1 2025, the net loss reached RMB 177 million.

Analysts suggest that regulators' acceptance of unprofitable biopharma companies on the STAR Market reflects a policy emphasis on innovation and long-term potential over short-term financial metrics.

TaiMed Biologics aims to raise RMB 1.5 billion in its IPO, allocating funds to new drug R&D (RMB 830 million), antibody production base expansion (RMB 330 million), and working capital (RMB 340 million).

**Rising Debt-to-Asset Ratio** Notably, the company's debt-to-asset ratio has risen sharply, drawing regulatory scrutiny.

From 2022 to Q1 2025, the ratio increased from 16.54% to 56.5%, surpassing the industry average. Comparatively, peer companies averaged 74.24%, 55.05%, 49.09%, and 50.25% during the same periods.

Economists caution that a high debt-to-asset ratio could constrain operational flexibility, diverting funds from R&D and business expansion to debt servicing.

In its inquiry response, TaiMed Biologics attributed the rising ratio to increased R&D and commercialization expenses, coupled with higher bank borrowings for working capital. The company assured that its debt levels remain within industry norms and that future revenue growth from Staidutumab and TNM001, along with potential licensing deals, would bolster cash flow.

When contacted for comment, TaiMed Biologics declined an interview, directing inquiries to its publicly disclosed inquiry response.