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 ...

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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].

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