AI制药公司英矽智能三度递表港交所

Core Viewpoint - Insilico Medicine is attempting to go public on the Hong Kong Stock Exchange for the third time, having previously failed to pass hearings within the required timeframe. The company is a drug discovery firm driven by generative artificial intelligence, with a focus on developing innovative therapies for diseases like idiopathic pulmonary fibrosis (IPF) [1][2]. Company Overview - Insilico Medicine was founded in 2014, initially in the United States, and established its headquarters in Hong Kong in 2019 [1]. - The company has developed over 20 clinical or IND (Investigational New Drug) stage assets using its Pharma.AI platform, with three assets licensed to international pharmaceutical companies, generating contracts worth over $2 billion [1][2]. Product Pipeline - The core product, ISM001-055, is a potent selective inhibitor of TNIK, currently in Phase II clinical trials for the treatment of IPF. It received orphan drug designation from the FDA in February 2023. The company plans to submit IND applications for kidney fibrosis treatment in the first half of 2025 and for inhaled ISM001-055 for IPF in the second half of 2025 [1][2]. Market Context - Currently, only two drugs, Pirfenidone and Nintedanib, are approved for IPF treatment, with limited clinical efficacy. Pirfenidone's patent has expired, leading to the introduction of generics, while Nintedanib generics are expected to launch in 2026 and 2029 in the US and China, respectively. Nearly 300 IPF candidates are in clinical stages, with ISM001-055 still in Phase II, indicating a competitive landscape [3]. Financial Performance - Insilico Medicine has not yet achieved profitability, reporting losses of $222 million, $212 million, and $17.1 million from 2022 to 2024, with losses gradually narrowing. Cash and cash equivalents at the end of these years were $208 million, $177 million, and $126 million, respectively [4]. - The company’s revenue has been growing, with figures of $30.147 million, $51.18 million, and $85.834 million from 2022 to 2024. The primary revenue source is drug discovery and pipeline development services, accounting for approximately 95% of total revenue in 2022, declining slightly to 92.9% in 2024 [2][4]. Funding and Valuation - Insilico Medicine has completed nine rounds of financing, raising over $500 million, with the latest E round in early 2023 bringing in $110 million and valuing the company at $1.3305 billion [5]. - The funds from the potential Hong Kong IPO will be allocated to further clinical development of pipeline candidates, developing new generative AI models, and expanding automated laboratories [5]. Competitive Landscape - Insilico Medicine and Crystal Clear Technologies represent two distinct business models in the AI drug discovery sector. Insilico focuses on developing innovative drugs, while Crystal Clear operates as a contract research organization (CRO), providing drug development services using AI technology [6].