英矽智能港股上市收到证监会反馈意见：需说明股权转让、外资准入及前次未上市原因等问题

Core Viewpoint - InSilico Medicine is facing significant challenges in its path to commercialization, with a history of substantial losses and a cautious market response despite its innovative AI-driven drug discovery platform [2]. Group 1: Company Financials - The company has accumulated losses of nearly $600 million over four years, leading to a strained cash flow situation, with only $126 million remaining on the balance sheet [2]. - The net debt stands at $664 million, indicating a precarious financial position [2]. - Revenue is heavily reliant on a small number of clients, with the top five clients contributing over 90% of total revenue, and the largest client accounting for 76.2% [2]. Group 2: R&D and Commercialization Challenges - Research and development expenses exceed revenue, accounting for 107% of total income, highlighting the unsustainable financial model [2]. - The company has 15 drug candidates in early stages of development, with the fastest only reaching Phase IIa clinical trials, leaving the commercialization outlook uncertain [2]. - The AI-driven platform has produced over 20 clinical or IND-stage assets, but the challenge of data "silos" may hinder sustainable R&D efforts [2]. Group 3: Market Position and Regulatory Scrutiny - InSilico Medicine is recognized as a pioneer in applying generative AI across the entire drug discovery process, achieving significant time savings in clinical trial phases [2]. - The company has submitted its prospectus to the Hong Kong Stock Exchange for the third time, indicating ongoing regulatory scrutiny and previous failures to meet listing requirements [2]. - The feedback from the regulatory body includes inquiries about the reasons for previous listing failures and the involvement of state-owned enterprises in recent funding rounds [1].