Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [1][5]. Core Insights - The company has entered a multi-year R&D collaboration with Servier, focusing on challenging targets in oncology using its AI platform Pharma.AI [2][3]. - The agreement allows the company to receive up to $32 million in upfront and milestone payments, with Servier sharing R&D costs and leading subsequent clinical validation and commercialization [3][5]. - The company is recognized for its AI-driven drug development capabilities in oncology, with several promising candidates already in clinical trials [4][5]. - The business model is differentiated, as it does not rely on a single molecule and shares R&D costs with partners, reducing clinical phase risks and maximizing AI platform value [5]. Financial Projections - Revenue is projected to grow from $86 million in 2024 to $170 million in 2027, with growth rates of 68%, 11%, 35%, and 32% respectively [8]. - The company is expected to achieve an EPS of -0.24 in 2024, improving to 0.00 by 2027 [8]. - EBITDA is forecasted to improve from -11 million in 2024 to -2 million in 2027, indicating a trend towards profitability [8][11].
英矽智能：BD合作又下一城，AI制药价值持续兑现-20260119