I'm LongbridgeAI, I can summarize articles."STAR Market Daily" October 28 (Reporter Shi Shiyun) Tonight, Trinomab Pharmaceutical (688806.SH) disclosed its first third-quarter performance report since its listing.
Data shows that the company achieved revenue of RMB 155 million in the first three quarters, a significant year-on-year increase of 408.10%. However, losses continue on the profit side, although the scale of losses has narrowed, with net loss attributable to shareholders and net loss attributable to shareholders after deducting non-recurring items amounting to RMB 302 million and RMB 311 million, respectively.
On a quarterly basis, Trinomab Pharmaceutical realized operating revenue of RMB 78.3209 million in the third quarter, a substantial year-on-year surge of 293.95%. Net loss attributable to shareholders was RMB 103 million, and net loss attributable to shareholders after deducting non-recurring items was RMB 105 million.
Regarding the performance changes, Trinomab Pharmaceutical stated that its first commercialized product, Stedutamab Injection, achieved rapid volume growth after being included in the medical insurance scheme, becoming the core driver of revenue growth. Meanwhile, the company's current Research and Development Expenses decreased compared to the same period last year.
According to the performance report, Trinomab Pharmaceutical's R&D investment saw a noticeable decline. Its R&D investment in the third quarter was RMB 53.212 million, a year-on-year decrease of 39.85%; total R&D investment in the first three quarters was RMB 143 million, a year-on-year drop of 47.06%. Trinomab Pharmaceutical attributed this to the fact that Stedutamab has already received domestic approval, and Ruitewebai Monoclonal Antibody is basically completing Phase III clinical trials by the end of 2025, meaning the phase of large-scale early-stage clinical investment has passed.
However, reporters from "STAR Market Daily" noted that Trinomab Pharmaceutical's sales-side investment remains at a high level, with selling expenses of RMB 191 million in the first three quarters, representing a 48.06% increase from RMB 129 million in the same period last year.
Founded in 2015, Trinomab Pharmaceutical focuses on the development, manufacturing, and commercialization of fully human monoclonal antibody new drugs, as well as potential alternatives to global specific blood products. In July this year, the company officially listed on the STAR Market.
Currently, Trinomab Pharmaceutical has two products commercially launched. Among them, Stedutamab is the world's first recombinant anti-tetanus toxin monoclonal antibody drug and the company's first listed product. It was approved in February 2025 for emergency prevention of tetanus after traumatic exposure, and commercial sales began the following month.
Before Stedutamab was approved for listing, Trinomab Pharmaceutical had been in a state of loss as no product generated scaled revenue. From 2023 to 2025, its revenues were RMB 0, RMB 15.0559 million, and RMB 51.2249 million, respectively, while net profits attributable to shareholders were -RMB 446 million, -RMB 515 million, and -RMB 601 million, respectively, with accumulated uncovered losses exceeding RMB 1.4 billion.
Therefore, after Stedutamab was approved for listing, Trinomab Pharmaceutical had high expectations for its commercial prospects, hoping it would drive performance and reverse the company's years of losses, given its advantages such as faster onset and longer protection period compared to traditional blood product Human Tetanus Immunoglobulin (HTIG).
However, according to the inquiry letter previously disclosed by Trinomab Pharmaceutical, Stedutamab's performance in its first year on the market fell short of expectations: Actual sales from March to September 2025 were 46,100 vials, reaching only 47.6% of the expected 96,900 vials. Full-year actual sales were 159,000 units, generating revenue of RMB 51.2249 million, against an expected target of annual sales of 270,000 units and revenue of RMB 156 million. This equates to achieving approximately 58.89% of the sales volume target and only 32.84% of the revenue target.
Attributing Stedutamab's "underwhelming" performance, Trinomab Pharmaceutical cited its lack of experience in commercializing innovative biological drugs, underestimation of the difficulty in hospital access leading to slower-than-expected hospital entry, and weak initial promotion.
However, the market believes that the high pricing is the crux of the issue. Traditional tetanus antitoxin costs only tens of yuan per injection, and Human Tetanus Immunoglobulin mostly does not exceed RMB 300, showing a significant gap with Stedutamab's pre-insurance price of RMB 798. Since a large portion of the demand for tetanus exposure prevention comes from grassroots markets, the high initial pricing directly weakened its competitiveness in these sectors.
Medical insurance brought "a ray of light" to Trinomab Pharmaceutical. In December 2025, Stedutamab was included in the National Medical Insurance Directory, and the insurance price began to be implemented at the beginning of this year, with an immediate pulling effect. In the first quarter of this year, Trinomab Pharmaceutical's operating revenue surged 14,623.36% year-on-year to RMB 24.9289 million, and the net loss attributable to shareholders narrowed to RMB 96.4965 million.
However, it should be noted that even with medical insurance support, Stedutamab, despite its technological generational advantage, will still face fierce market competition. On one hand, it needs to compete for market space with traditional tetanus shots that are lower in price; on the other hand, as a new product, cultivating doctors' prescribing habits and patient awareness still takes time.
In addition, other potential competing monoclonal antibodies for tetanus prevention are also in the pipeline. Those with advanced progress include Zhixiang Jintai's GR2001 Injection, which is currently in the New Drug Application (NDA) review stage. Baike Biology's A82/B86 Injection combination formulation has previously submitted an application for a Phase III clinical trial communication meeting.
Ruitewebai Monoclonal Antibody (anti-Respiratory Syncytial Virus [RSV] monoclonal antibody) is another product that Trinomab Pharmaceutical has commercially launched at this stage. By targeting the RSV Pre-F protein, it blocks the virus from invading host cells. It was approved in September this year for the prevention of lower respiratory tract infections caused by RSV in newborns and infants who are about to enter or are born during their first RSV epidemic season.
However, in the RSV monoclonal antibody sector, two products have already been approved domestically: Nirsevimab, developed through a collaboration between Sanofi and AstraZeneca, and Cleiravimab from Merck & Co. This means that the launch of Ruitewebai Monoclonal Antibody will directly compete head-on with these two imported products that have higher market recognition.