英矽智能四闯港交所，上半年业绩大变脸

Core Viewpoint - The company, Insilico Medicine, is making another attempt to list on the Hong Kong Stock Exchange (HKEX) after three previous failed attempts, with its latest prospectus update on November 11, 2025 [2][5]. Group 1: Financial Performance - In the first half of 2025, the company reported a loss of $19.22 million, a significant decline from a profit of $8.03 million in the same period the previous year, indicating a major reversal in performance [3][6]. - Revenue for the first half of 2025 was $27.46 million, down 54% from $59.69 million year-on-year [6][10]. - Cumulative losses over the past three years amounted to over 3 billion RMB, with losses of $222 million, $212 million, and $17 million recorded in 2022, 2023, and 2024 respectively [6][10]. Group 2: IPO Attempts - Insilico Medicine has made four attempts to go public on the HKEX, with the first application submitted on June 27, 2023, and all previous applications failing to pass the six-month review period [5][6]. - The latest attempt follows a series of regulatory feedback requests regarding share transfers and the reasons for previous application failures [6][10]. Group 3: Strategic Partnerships - To mitigate the impact of the recent losses, the company announced a potential research collaboration with Eli Lilly, valued at over $100 million, focusing on candidate compound generation and optimization [7][10]. Group 4: Funding and Cash Flow - As of June 30, 2025, the company held $212 million in cash and cash equivalents, a significant increase from $126 million at the end of 2024, primarily due to a $110 million Series E funding round [10]. - The Series E funding was led by major investment firms, and the post-money valuation was $1.33 billion [10]. - The funding involved convertible and redeemable preferred shares, which could pose risks if the IPO fails, potentially leading to cash flow issues and redemption pressures [10].