刚刚上市的新股英矽智能，1月5日披露了一则BD(商务拓展)计划，公司与法国第二大制药公司施维雅 达成多年期研发合作，合作价值高达8.88亿美元。据了解，这也是2026年以来，生物医药行业的首单 BD。 针对此次合作，英矽智能联合首席执行官兼首席科学官任峰表示，对于英矽智能这样的平台型公司而 言，BD是一种非常高效的变现方式。希望通过优势互补，将这些早期项目交到具备强大临床与商业化 能力的合作伙伴手中，使项目能够在全球多中心临床中高效推进，并最终在上市和商业化阶段释放更大 的价值。 作为AI制药的明星企业，刚刚上市4个交易日的英矽智能股价大涨逾五成。不过，目前英矽智能仍处于 亏损状态，AI制药产业也整体处于商业化早期，需要漫长的临床试验来验证。 聚焦抗肿瘤领域靶点 1月5日，英矽智能发布公告称，已与施维雅达成多年期研发合作。该合作价值达8.88亿美元，将充分利 用公司自主研发的人工智能平台Pharma.AI，聚焦抗肿瘤领域具有挑战性的靶点，识别并开发全新的治 疗药物。 根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款，并将主导运用人工 智能技术平台，发现及开发符合既定标准的潜在候选药 ...

刚刚上市的新股英矽智能（03696.HK），于1月5日披露了一则BD（商务拓展）计划，公司与法国第二大制药公司施 维雅达成多年期研发合作，合作价值高达8.88亿美元。据了解，这也是2026年以来，生物医药行业的首单BD。 针对此次合作，英矽智能联合首席执行官兼首席科学官任峰在接受北京商报记者采访时表示，对于英矽智能这样的平 台型公司而言，BD是一种非常高效的变现方式。希望通过优势互补，将这些早期项目交到具备强大临床与商业化能 力的合作伙伴手中，使项目能够在全球多中心临床中高效推进，并最终在上市和商业化阶段释放更大的价值。 作为AI制药的明星企业，刚刚上市4个交易日的英矽智能股价大涨逾五成。不过，目前英矽智能仍处于亏损状态，AI 制药产业也整体处于商业化早期，需要漫长的临床试验来验证。 1月5日，英矽智能发布公告称，公司已与施维雅达成多年期研发合作。该合作价值高达8.88亿美元，将充分利用公司 自主研发的人工智能平台Pharma.AI，聚焦于抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。 根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款，并将主导运用人工智能技术平 台，发现及 ...

12月30日，英矽智能在港交所挂牌上市，收盘涨幅约为25%。上市前一日,暗盘一度上涨200%，收涨50%，公开发售获超1400倍认购。 英矽智能在本次IPO中的募资金额接近23亿港元，是2025年港股未盈利生物科技企业IPO中募资金额最高的。其中，礼来、淡马锡、施罗德等15家基石投资 者的认购比例约为39%，基石投资人覆盖了全球制药巨头、国际主权基金、大型资管公司、龙头公募、险资等多种类型。其中，礼来总部今年首次出现在港 股上市创新药企的基石投资人名单中。 能吸引诸多投资机构在自己的生态圈中占位，与英矽智能本身的AI制药属性高度相关。从礼来、罗氏等跨国药企加码，到英伟达近3年内跨界"狂投"近20家 AI医疗概念公司，在AlphaFold3等AGI技术进步的加持下，AI制药的临界点正在到来。 2023年开始在国内谋求上市至今，历经4次递表，英矽智能终于成功上市，这也是资本市场对AI制药从质疑到认可，最终锚定其为确定性赛道的缩影。 平台能力验证 全明星基石阵容、AI制药标的稀缺，都让英矽智能备受市场关注。而支撑其市值和股价表现的，还是其自身业务基本面。 英矽智能最核心的AI药物发现及开发平台Pharma.AI，具 ...

英矽智能 InSilico Medicine Cayman TopCo (於開曼群島註冊成立的有限公司) 股份代號：3696 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席䵷簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席䵷簿管理人及聯席牽頭經辦人 聯席䵷簿管理人及聯席牽頭經辦人 英矽智能 InSilico Medicine Cayman TopCo 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 （於開曼群島註冊成立的有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 94,690,500股發售股份（視乎超額配股權行使 | | --- | --- | --- | | | | 與否而定） | | 香港發售股份數目 | ： | 9,469,500股發售股份（可予重新分配） | | 國際發售股份數目 | ： | 85,221,000股發售股份（可予重新分配及視乎 | | | | 超額配股權行使 ...

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of InSilico Medicine Cayman TopCo 英矽智能 ( ...

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].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 InSilico Medicine Cayman TopCo 英矽智能 （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據於香港公司註冊處處長 ...

Core Insights - InSilicoMedicine has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its AI-driven biotechnology platform Pharma.AI, which has generated over 20 clinical or IND-stage assets [1] Group 1: AI-Driven Drug Development - InSilicoMedicine, established in 2014, focuses on AI-driven drug development, utilizing its Pharma.AI platform composed of four modules: Biology42, Chemistry42, Medicine42, and Science42, providing end-to-end services from target identification to clinical outcome prediction [1] - The company has significantly improved drug development efficiency, exemplified by the new TNIK target, which took only 18 months from discovery to the first human clinical trial, compared to the traditional average of 4.5 years [1] - Multiple candidate drugs are currently in clinical stages, including ISM001-055, which has completed Phase IIa trials in China and received FDA orphan drug designation, and ISM3091, which has initiated Phase I trials in the U.S. [1] Group 2: Major Licensing Agreements - InSilicoMedicine has successfully licensed three candidate drugs to international pharmaceutical companies, with total contract values exceeding $2 billion [2] - In September 2023, ISM3091 was licensed to Exelixis for a total value of up to $875 million, including an $80 million upfront payment [2] - In December 2023, ISM5043 was licensed to Stemline for a total value of up to $506 million, with a $12 million upfront payment, and another agreement for an AI-based preclinical asset for solid tumors was made in December 2024, valued at over $550 million [2] Group 3: Revenue Growth and Diversification - InSilicoMedicine has established a diversified business model, including drug discovery and pipeline development, software solutions, and other discoveries, with revenue growing from $30.15 million in 2022 to $85.83 million in 2024 [3] - Over 90% of the revenue comes from drug discovery and pipeline development, primarily through strategic collaborations with companies like Fosun Pharma and Sanofi [3] - The company is expanding its AI technology into non-pharmaceutical sectors such as advanced materials, agriculture, nutrition products, and veterinary medicine [3]