Immunofarm's STAR Market IPO Filing: Three Tsinghua PhDs' Decade-Long CAR-T Journey
Huadong Medicine
Large Comprehensive Pharmaceutical Product Developer
When He Ting declared from the podium at Tsinghua University, “Transforming CAR-T from a research paper into a life-saving injection,” the audience may not have realized that this statement, which sounded like a slogan, represented a journey he had been pursuing for ten full years.
On June 30, Beijing Imunopharm Biopharmaceutical Co., Ltd. submitted its prospectus for an initial public offering (IPO) on the STAR Market, aiming to raise RMB 2.5 billion.
Co-founded by three PhDs from Tsinghua University, the company has launched its charge into the capital markets with a pipeline comprising one NDA under review, one pivotal clinical trial, and six Phase I clinical trials.
He Ting (left) and the founding team
A review of the prospectus reveals a striking set of figures: as of the end of 2025, the company’s accumulated unrealized losses amounted to approximately RMB 582 million, and while its core product has yet to be commercialized, its valuation has already approached RMB 3.8 billion.
However, the valuation logic of the capital market for innovative drugs has never been about how much money is made at present, but rather about how many lives can be saved in the future.
Three Core Products, Three Differentiated Strategies
Yimiao Bio’s pipeline strategy is well-structured—advancing simultaneously along three fronts: hematologic malignancies, solid tumors, and autoimmune diseases, with each line demonstrating clear differentiation.
IM19 is the fastest-developing product, an autologous CD19-targeted CAR-T therapy for the treatment of non-Hodgkin lymphoma. Its New Drug Application (NDA) was accepted in November 2024.
Key clinical data showed an ORR of 58% at 3 months, with an incidence of grade ≥3 CRS of only 1% and no cases of grade ≥3 ICANS.
“Superior safety profile compared to domestically and internationally marketed CAR-T products for the same indication”—this is not Yimiao’s own assessment, but a conclusion drawn from comparative clinical data.
Notably, the indication for IM19 as a second-line treatment for relapsed/refractory non-Hodgkin lymphoma (r/rNHL) was approved in January 2026 to initiate pivotal clinical trials, making it the first domestically developed and self-innovated CAR-T therapy approved for second-line treatment.
Pushing from the last-line to the front-line is a key step in expanding the market.
IM96 is InnoCare’s most globally competitive product.
Targeting GUCY2C for the Treatment of Colorectal Cancer and Gastric Cancer—The Only Globally Available CAR-T Candidate Drug Targeting GUCY2C Approved for Clinical Trials in Both China and the United States
Early clinical data showed a DCR of 74%, an ORR of 40% in the optimal dose group, and an mPFS of 7 months, far exceeding existing standard third-line therapies.
Approved by the FDA in April 2025, marking the official launch of Yimiao’s dual filing strategy in China and the United States.
ZM001 targets the next blue ocean for CAR-T therapy—autoimmune diseases.
Targeting CD19 for the treatment of refractory systemic lupus erythematosus. IIT data showed a 100% SRI-4 response rate, with only mild CRS and no ICANS.
The potential for a “one-shot cure” positions this product to pioneer a new frontier in CAR-T therapy.
Commercialization: Huadong Medicine on the Left, In-House Development on the Right
The commercialization of CAR-T products has long been an industry challenge—characterized by million-level pricing, lengthy manufacturing lead times, and limited insurance coverage.
Yimiao's choice is to "walk on two legs."
In August 2024, Yimiao partnered with Huadong Medicine, which paid an upfront fee of RMB 125 million, plus milestone payments of up to RMB 950 million, to obtain the exclusive commercialization rights for IM19 in mainland China.
Huadong Medicine’s sales network and experience in the oncology field are a crucial guarantee for the rapid volume expansion of IM19 following its approval.
Meanwhile, Yimiao is also building its own production capacity. A GMP-compliant manufacturing facility with an annual capacity of 800 patient doses has been completed in Daxing, Beijing, and a larger-scale production base with an annual capacity of 3,000 patient doses is currently under construction in Yantai, Shandong.
"Fully internalizing the CAR-T production process" is not only a consideration for cost control, but also a guarantee of quality controllability.
Hidden Concerns and Challenges
Of course, the risks cannot be ignored either.
Competition for the CD19 target has become increasingly intense. Four CAR-T products targeting late-line relapsed/refractory (r/r) NHL have been approved for marketing in China.
If IM19 fails to establish differentiated advantages in dimensions such as pricing, national reimbursement drug list (NRDL) inclusion, and hospital coverage, its market potential will be severely constrained.
CDMO business remains loss-making.
During the reporting period, the gross profit from Yimiao’s core business was RMB -1.02 million, RMB -7.19 million, and RMB -43.45 million, respectively. The downturn in the CDMO market has introduced significant uncertainty into the timeline for turning this segment profitable.
Cash flow pressure is not to be underestimated. The net cash flow from operating activities in 2025 was -130 million yuan, and monetary funds dropped sharply from 160 million yuan at the end of 2024 to 17.31 million yuan.
If the NDA approval cycle for IM19 is prolonged, the financing needs will become more urgent.
Conclusion
He Ting once stated that their goal is to “make innovative CAR-T therapies truly ‘accessible to the general public.’”
Yet the journey from “research paper” to “life-saving injection,” and from the laboratory to the bedside, is far longer than imagined.
Yimiao Biotech stands at a critical juncture, with IM19 poised for imminent approval, IM96 advancing on dual tracks in China and the United States, and ZM001 pioneering a new therapeutic arena.
Three Tsinghua PhDs spent a decade transforming CAR-T from a research paper into a product. The next challenge is whether they can turn the product into a business, the technology into profit, and the dream into reality.
The Door to the STAR Market Has Knocked, but the Real Challenge Has Just Begun.
