IPO News | The first AI drug on the main board of the Hong Kong Stock Exchange has the fastest progressing AI-driven R&D project in the world

The Zhitong Finance App learned that InSilico Medicine (hereinafter referred to as “Insilico Smart”) updated its prospectus on May 8, 2025 to sprint for the first share of AI innovative drugs on the main board of the Hong Kong Stock Exchange; Morgan Stanley, CICC, and GF are co-sponsors; BNP Paribas is also the global general coordinator.

According to Frost & Sullivan, Insilicon Intelligence is a leading global AI-driven biotechnology company. One of its assets in phase II clinical phase is the fastest progressing project among companies in the same field in the world.

According to the prospectus, Insili Intelligence has generated more than 20 clinical or IND-stage assets through the self-developed generative AI platform Pharma.ai. Of these, 10 have obtained clinical trial approvals, and 3 have been authorized by international pharmaceutical and healthcare companies, with a total transaction amount of more than 2 billion US dollars. In addition, Insili Intelligence has also expanded the scope of application of the Pharma.ai pharmaceutical platform to various industries, including advanced materials, agriculture, nutritional products, and veterinary pharmaceuticals.

The Pharma.ai platform independently developed by Insili Intelligence is the world's leading generative AI-driven drug discovery and development platform, providing end-to-end services from identifying new targets to generating small molecules and predicting clinical outcomes. Pharma.ai consists of Biology42, Chemistry42, Medicine42, and Science42, and aims to cover the entire drug discovery and development process.

As of May 6, 2025, Insilicon Smart held 644 patents and patent applications.

Insilicon Smart's business includes three segments: drug discovery and pipeline development, software solutions, and other discoveries related to non-pharmaceutical fields. During the performance recording period, the company's revenue mainly came from pipeline drug development, including: commercialization of self-developed pipelines after obtaining marketing approval, rights arising from external licensing of drug candidates, and revenue from drug discovery cooperation. Additionally, revenue includes software subscription fees and the use of the Pharma.ai platform for non-pharmaceutical industry related discoveries and collaborations.

On the financial side, in 2022, 2023, and 2024, Insilicon Smart's revenue continued to grow, at approximately US$30.1 million, US$51.2 million, and 85.8 million, respectively. The revenue growth rate from 2022 to 2024 was 185%. Among them, profitability gradually increased, with gross margins of 63.4%, 75.4%, and 90.4%, respectively. Adjusted losses continued to narrow to about 70.8 million, 67.4 million, and 22.7 million, respectively.