智通财经APP获悉，手握全球进展最快AI药物的英矽智能(03696)于12月18日至12月23日招股。本次IPO 拟发行94,690,500股H股，其中香港公开发售占10%，国际发售占90%。每股发售价24.05港元，每手500 股，一手入场费12146.27港元。公司预期将于12月30日挂牌买卖，从募资金额上看预计将是2025年港股 市场上最大的Biotech IPO。 英矽智能依托自研的Pharma.AI平台，高效搭建涵盖超过30个创新项目的管线组合，在需求广泛的肿 瘤、免疫、纤维化、代谢等领域都有涉及。据公司披露的研发数据，一款创新分子从0到1的研发耗时平 均不超过18个月，远短于传统方法(平均需时4.5年)。公司的核心资产Rentosertib(ISM001-055)也有望成 为全球首款经AI赋能发现并进入III期临床的候选药物。 商业化方面，英矽智能的业务遍及全球，全球收入最高的20家药企中13家和英矽智能有软件平台合作。 此外，英矽智能与Exelixis、美纳里尼等全球制药企业达成了3项管线授权合作，为公司带来20亿美元的 潜在收入。同时，包括赛诺菲、礼来、复星医药等在内的多家全球知名制药企业与英 ...

"药物研发的第一性原理应是治病。" 文｜海若镜 理解疾病， 破解新药开发首尾困境 与众多聚焦于"AI+分子"的公司不同，哲源科技自身定位为"AI4S+疾病"公司，其打造的"计算医学"平台，尝试以新范式赋能药物创新，特别是新机制新靶 点发现、临床试验环节。 封面来源｜Unsplash 36氪获悉，AI4S（AI For Science）企业哲源科技近日完成亿元A1轮融资，由国科投资（中国科技产业投资管理有限公司）领投，泽源基金、睿智医药跟 投。 国内AI制药赛道历经起伏，当前正逐步回归理性。伴随着分子虚筛、自由能预测、抗体结构优化等AIDD工具走向成熟，药物分子的设计难度正在下降， 但首尾两端（靶点发现和临床试验）的挑战，尚未因技术发展而产生本质改变。 成熟靶点的分子开发进入红海，新靶点的发现面临枯竭，药企在漫长的临床试验环节需要投入巨额经费，但仍面临"九死一生"的失败风险。因此，借助AI 技术，挖掘新机制、评估新靶点、提高临床试验效率和成功率，成为当下产业界的重要关注点。 面对复杂疾病，利用AI手段预判药物在临床试验中的结果，就意味着，可以在药物正式开展人体试验前，筛选出适合该药物的适应症，在计算机上进行 试 ...

36氪获悉，AI4S企业哲源科技近日完成亿元A1轮融资，由国科投资（中国科技产业投资管理有限公 司）领投，泽源基金、睿智医药跟投。 国内AI制药赛道历经起伏，当前正逐步回归理性。伴随着分子虚筛、自由能预测、抗体结构优化等 AIDD工具走向成熟，药物分子的设计难度正在下降，但首尾两端（靶点发现和临床试验）的挑战，尚 未因技术发展而产生本质改变。 成熟靶点的分子开发进入红海，新靶点的发现面临枯竭，药企在漫长的临床试验环节需要投入巨额经 费，但仍面临"九死一生"的失败风险。因此，借助AI技术，挖掘新机制、评估新靶点、提高临床试验效 率和成功率，成为当下产业界的重要关注点。 理解疾病，破解新药开发首尾困境 与众多聚焦于"AI+分子"的公司不同，哲源科技自身定位为"AI4S+疾病"公司，其打造的"计算医学"平 台，尝试以新范式赋能药物创新，特别是新机制新靶点发现、临床试验环节。 哲源科技创始人、CEO张春明认为，得益于行业多年的发展，如今设计出"合格且可专利"的分子，已不 是掣肘难题；当下药物创新最大挑战在于深层的疾病理解。 "药物研发的第一性原理应是治病，在立项之初，系统地理解疾病、确定靶点和疾病之间的因果关系， 以 ...

"药物研发的第一性原理应是治病。" 文 ｜ 海若镜 封面来源 ｜ Unsplash 36氪获悉， AI4S（AI For Science）企业 哲源科技近日完成亿元A1轮融资，由国科投资（中国科技产业投资管理有限公司）领投，泽源基金、睿智医药 跟投。 国内AI制药赛道历经起伏，当前正逐步回归理性。伴随着分子虚筛、自由能预测、抗体结构优化等AIDD工具走向成熟，药物分子的设计难度正在下降， 但首尾两端（靶点发现和临床试验）的挑战，尚未因技术发展而产生本质改变。 成熟靶点的分子开发进入红海，新靶点的发现面临枯竭，药企在漫长的临床试验环节需要投入巨额经费，但仍面临"九死一生"的失败风险。因此，借助AI 技术，挖掘新机制、评估新靶点、提高临床试验效率和成功率，成为当下产业界的重要关注点。 在与北京肿瘤医院合作的虚拟临床平行试验项目中，哲源科技利用其计算医学平台，对8位入组患者进行了药物响应的预测，其介绍称"就像是通过AI给患 者'算命'，预测用药结果（如疾病缓解程度等）。揭盲结果显示：AI预测的药物响应结果与真实临床试验结果完全一致"。 面对复杂疾病，利用AI手段预判药物在临床试验中的结果，就意味着，可以在药物正式开 ...

Core Viewpoint - The AI pharmaceutical company Insilico Medicine has successfully passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone in its two-year-long listing journey, amidst a backdrop of increased activity in the Hong Kong biopharmaceutical sector [1][5]. Group 1: Company Overview - Insilico Medicine, founded in 2014 and headquartered in Hong Kong, operates as an end-to-end AI drug discovery company with over 247 scientists and AI researchers, 85% of whom hold advanced degrees [6]. - The company employs a unique "AI + Biotech" integration approach, utilizing its proprietary generative AI platform, Pharma.AI, to streamline the drug development process from target discovery to clinical prediction [6]. - Insilico has established partnerships with over 30 pharmaceutical companies and has more than 20 projects in development, with three drugs already achieving early value transformation through external licensing [6]. Group 2: Financial Performance - The company's revenue has shown growth from $30.15 million in 2022 to $85.83 million in 2024, but there was a significant decline of 54% in the first half of 2025, with revenue dropping to $27.46 million [8]. - Insilico has been operating at a loss, with net losses of $220 million in 2022, $211 million in 2023, and $17 million in 2024, alongside a loss of $19.22 million in the first half of 2025 [8][10]. - The company's financial structure is heavily reliant on milestone payments from a few key partners, with the largest customer contributing 66.3% of revenue in the first half of 2025, leading to significant revenue volatility [8][10]. Group 3: Market Context - The listing attempt occurs in a vibrant market for biopharmaceutical financing in Hong Kong, with 21 companies successfully listed in 2025 and over 50 more having submitted applications [5]. - Recent successful listings, such as Baijia Pharmaceutical, which saw a 138% surge on its debut, indicate strong market enthusiasm for innovative therapies [5]. - However, the regulatory environment is tightening, emphasizing the need for robust data and clear commercialization pathways, which may pose challenges for companies like Insilico [5].

文｜胡香赟 编辑｜海若镜 36氪获悉，AI制药全球领军企业深度智耀近期获近5000万美元D轮融资。本轮融资由鼎晖百孚领投，老股东新鼎资本、红杉中国持续加注，指数资本担任独 家财务顾问。募集资金将主要用于"多智能体协作网络"的技术研发迭代及全球交付网络的建设。 深度智耀成立于2017年。相较于早期在单一技术点上的探索，过去三年，深度智耀完成了从"单点AI技术验证"向"AI原生临床研究平台（AI-Native Platform）"的代际跨越。这一进化使其脱离了传统软件供应商的范畴，转型为能够交付临床试验全流程结果的核心业务伙伴。 在公司创始人、CEO李星看来，医药研发的未来不在于单一功能的替代，而在于认知的重构。随着生成式AI的爆发，深度智耀率先将底层的NLP能力升级为 拥有上万个垂直领域智能体的"多智能体协作系统"。 "我们不再是交付单一功能的模块，而是交付一个能够协同完成临床试验全流程的'AI智能体集群'。"李星对36氪表示："我们的核心壁垒在于用'认知原子 论'去重构研发流程，系统将复杂的临床试验拆解为上万个微小的原子化任务，每个任务由专精的Agent负责，它们通过类似脑神经的突触网络连接，实现了 远超通用 ...

累计服务超过1000家药企， 并通过40000余个项目的实战交付。 "我们不再是交付单一功能的模块，而是交付一个能够协同完成临床试验全流程的'AI智能体集群'。"李星对36氪表示："我们的核心壁垒在于用'认知原子 论'去重构研发流程，系统将复杂的临床试验拆解为上万个微小的原子化任务，每个任务由专精的Agent负责，它们通过类似脑神经的突触网络连接，实现了 远超通用大模型的专业度。" 图源：深度智耀 这种技术架构的演进，在一定程度上推动了商业模式的变革。在行业普遍采用"按人头/工时付费"的传统模式下，深度智耀开始探索基于里程碑的价值付费 （Outcome-based Model）。 文 ｜ 胡香赟 编辑 ｜ 海若镜 封面来源 ｜ IC Photo 36氪获悉，AI制药全球领军企业深度智耀近期获近5000万美元D轮融资。本轮融资由鼎晖百孚领投，老股东 新鼎资本、 红杉中国持续加注，指数资本担任 独家财务顾问。募集资金将主要用于"多智能体协作网络"的技术研发迭代及全球交付网络的建设。 深度智耀成立于2017年。相较于早期在单一技术点上的探索，过去三年，深度智耀完成了从"单点AI技术验证"向"AI原生临床研究平台（A ...

Core Viewpoint - The company, Insilico Medicine, is facing significant challenges as it transitions from an industry leader to a follower in the AI pharmaceutical sector, highlighted by its delayed IPO and financial vulnerabilities [1][4]. Revenue Structure - Insilico Medicine's revenue growth appears impressive, increasing from $30.147 million in 2022 to $85.834 million in 2024, but is heavily reliant on drug discovery and pipeline development, accounting for over 90% of its income [1]. - The company's revenue is concentrated, with 60.6% of 2024's total revenue coming from its largest client, Exelixis, and the top five clients contributing 94.5% of total revenue [1]. - A significant drop in revenue was observed in the first half of 2025, with a 54% year-on-year decline due to the absence of milestone payments from Exelixis, leading to a loss of $19.215 million [1]. Cash Flow and Debt - Despite raising $212 million in Series E funding, Insilico Medicine has a negative operating cash flow, with cumulative cash outflows exceeding $170 million from 2022 to the first half of 2025 [2]. - The company's total debt reached $895 million by the end of September 2025, a 37.24% increase from the end of 2022, with over 99% of this debt classified as financial liabilities at fair value [2]. - The net debt has risen from $450 million to $681 million, indicating increasing financial leverage pressure [2]. Related Party Transactions - Insilico Medicine faces potential conflicts of interest due to overlapping relationships with suppliers, notably WuXi AppTec, which is both a major shareholder and the largest supplier, accounting for up to 24% of procurement from 2022 to the first half of 2025 [3]. - The presence of prominent investors such as Qiming Venture Partners and Hillhouse Capital, along with a post-Series E valuation exceeding $1.3 billion, raises questions about balancing capital patience with long-term R&D investments [3]. Conclusion - The challenges faced by Insilico Medicine reflect broader commercialization and funding issues within the AI pharmaceutical industry, with its single revenue structure, unsustainable cash flow, and concentrated client and supplier relationships posing long-term threats to its viability [4].

Core Viewpoint - In November 2025, Insilico Medicine submitted its prospectus to the Hong Kong Stock Exchange for the fourth time, over two years after its initial attempt to go public. The company has transitioned from a leader to a follower in the AI pharmaceutical sector, especially after its competitor, Jingdai Holdings, successfully went public as the "first domestic AI pharmaceutical stock" [2]. Group 1: Company Overview - Insilico Medicine, founded in 2014, is an AI-driven biotechnology company with over 20 clinical or IND application stage assets developed through its proprietary AI platform, Pharma.AI. Three of these assets have been licensed to international pharmaceutical and healthcare companies, with a total contract value exceeding $2 billion [3][10]. - The company has a significant reliance on a few major clients for its revenue, with over 90% of its income coming from drug discovery and pipeline development, primarily through milestone payment models [3][5]. Group 2: Financial Performance - Revenue for Insilico Medicine is projected to grow from $30.15 million in 2022 to $85.83 million in 2024, but over 60% of this revenue is derived from a single client, Exelixis, highlighting a high concentration risk [4][7]. - In the first half of 2025, the company experienced a dramatic revenue decline of 54%, dropping from $5.97 million to $2.75 million year-on-year, primarily due to the loss of milestone payments from Exelixis [5][9]. Group 3: Challenges and Risks - Insilico Medicine faces significant cash flow challenges, with operating cash outflows of approximately $47.52 million in 2022 and $36.84 million in the first half of 2025. Despite a recent funding round increasing cash reserves to $212 million, ongoing high costs for clinical trials pose a risk to financial stability [9]. - The company's debt has increased by 37.24% from the end of 2022 to September 2025, reaching $895 million, with over 99% of this debt classified as financial liabilities at fair value [9]. Group 4: Market Position and Future Outlook - Despite the challenges, Insilico Medicine has a strong shareholder base, including notable investors like Qiming Venture Partners and Hillhouse Capital, and its valuation exceeded $1.3 billion after the E round of financing. The company must balance market patience with the long-term nature of R&D investments [11].

Core Viewpoint - Insilico Medicine is actively pursuing an IPO in Hong Kong, having updated its prospectus after six months without completing the hearing, indicating ongoing efforts to enter the market [1][2]. Company Overview - Insilico Medicine, founded in 2014, is recognized as a leading player in the "AI drug discovery" sector, backed by prominent investors including Warburg Pincus, Qiming Venture Partners, WuXi AppTec, Eli Lilly Asia Ventures, Blue Lake Capital, and Baidu Ventures [2]. - The company gained attention during the COVID-19 pandemic when its AI-discovered drug Baricitinib received emergency use authorization from the FDA [2]. Market Context - The AI drug discovery field has seen a surge in new companies, including Evolutionary Scale, which focuses on protein design and raised $142 million in seed funding before merging with the Chan Zuckerberg Initiative [2]. - In China, Jingtaiketech successfully listed on the Hong Kong Stock Exchange in June 2024, becoming the only AI drug company to do so amid a cooling global capital market [4]. IPO Significance - The success of Insilico Medicine's IPO is crucial for validating the AI drug discovery narrative, especially as it remains the only major player still seeking to go public after multiple attempts [4][5]. - The company is one of the first biotech firms to advance AI-discovered drugs into clinical trials, with its core asset, Rentosertib (ISM001-055), currently in Phase II trials [5]. Financial Health - As of mid-2023, Insilico Medicine's cash and equivalents increased from $126 million to $213 million, primarily due to a $123 million Series E funding round [6]. - The company has no commercialized drugs yet but generates revenue through various licensing agreements, including a total of $32 million in upfront payments from collaborations with Exelixis and Stemline [8]. Competitive Landscape - The AI capabilities of Insilico Medicine are critical for its competitive edge, but the increasing number of companies focusing on AI in drug development poses a challenge [9]. - Research indicates that while AI can accelerate drug discovery and preclinical phases, its impact on clinical trial success rates remains limited [9]. Performance Metrics - Insilico Medicine's revenue is projected to grow significantly, from $30.1 million in 2022 to $85.6 million in 2024, while net losses are expected to decrease from $222 million to $17.1 million over the same period [10]. - The company’s financial performance shows improvement, with a notable reduction in losses and an increase in revenue [10]. Industry Sentiment - The IPO landscape for AI drug companies is challenging, with two competitors opting for NASDAQ listings and one pausing financing, reflecting a cautious approach from long-term investors due to liquidity issues and high failure rates [11].