Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Tempus AI, a healthcare IT company and provider of next-gen diagnostics, is expected to IPO next week. The company plans to raise $411M at the high end of the range.</li>
<li>The most recent S-1/A puts the expected price range per share at $35 to $37, implying a market cap of ~$6B at the midpoint.</li>
<li>Tempus AI provides personalized cancer care and brings AI to healthcare at scale. They train LLMs to develop AI applications and have the largest public genomic data sets in oncology</li>
</ul>


Tempus AI, a healthcare IT company and provider of next-gen diagnostics, is expected to IPO next week. The company plans to raise $411M at the high end of the range.
The most recent S-1/A puts the expected price range per share at $35 to $37, implying a market cap of ~$6B at the midpoint.
Tempus AI provides personalized cancer care and brings AI to healthcare at scale. They train LLMs to develop AI applications and have the largest public genomic data sets in oncology


Tempus AI IPO: AI in Diagnostics at Scale, Investor Sentiment Appears Positive

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>We have always been concerned about QuantumPharm’s business model. It is relatively difficult for a service provider like QuantumPharm to scale up revenue by just relying on charging service fees.</li>
<li>For AI pharmaceutical companies, how to make money is a pain point for entire industry. Just focusing on preclinical stages would limit profitability.We haven’t seen any certainty of achieving breakeven.</li>
<li>Increasing competition would bring more challenges for QuantumPharm. Post-investment valuation in 2021 was too expensive.If its future performance falls short of expectations, then sooner or later the valuation will collapse. </li>
</ul>


We have always been concerned about QuantumPharm’s business model. It is relatively difficult for a service provider like QuantumPharm to scale up revenue by just relying on charging service fees.
For AI pharmaceutical companies, how to make money is a pain point for entire industry. Just focusing on preclinical stages would limit profitability.We haven’t seen any certainty of achieving breakeven.
Increasing competition would bring more challenges for QuantumPharm. Post-investment valuation in 2021 was too expensive.If its future performance falls short of expectations, then sooner or later the valuation will collapse. 


Pre-IPO QuantumPharm (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>The essential difference between QuantumPharm and InSilico in terms of business models is that InSilico is an end-to-end generative AI-driven biotech but QuantumPharm is more of a platform-based service provider.</li>
<li>It’s difficult for QuantumPharm to achieve significant increase in revenue scale in short time,because the service fee amount is usually not large, and it takes time to accumulate order volume.</li>
<li>If there is no substantial performance contribution, these good stories would not bring about a sustained leap in valuation. QuantumPharm’s valuation in last funding round before IPO is too expensive. </li>
</ul>


The essential difference between QuantumPharm and InSilico in terms of business models is that InSilico is an end-to-end generative AI-driven biotech but QuantumPharm is more of a platform-based service provider.
It’s difficult for QuantumPharm to achieve significant increase in revenue scale in short time,because the service fee amount is usually not large, and it takes time to accumulate order volume.
If there is no substantial performance contribution, these good stories would not bring about a sustained leap in valuation. QuantumPharm’s valuation in last funding round before IPO is too expensive. 


Pre-IPO QuantumPharm - Good Stories May Not Be Backed up by Performance

Algosun Global

Private Capital Markets

MegaRobo Technologies / Private Capital Markets

<ul>
<li>MegaRobo is a leader in life science automation, founded in 2016 by CEO Daniel Huang and CMO Zhixin Qiao. The company reached a unicorn valuation of $1B+ in 2022. </li>
<li>MegaRobo wants to improve the efficiency of life sciences research by using robotics and AI technology. In June 2022, AI and robotics unicorn closed the $300M Series C round.    </li>
<li>Using AI in R&amp;D drug discovery is gaining traction. The global lab automation market is a ~$5B opportunity and is expected to reach ~$9.4B by 2030. </li>
</ul>


MegaRobo is a leader in life science automation, founded in 2016 by CEO Daniel Huang and CMO Zhixin Qiao. The company reached a unicorn valuation of $1B+ in 2022. 
MegaRobo wants to improve the efficiency of life sciences research by using robotics and AI technology. In June 2022, AI and robotics unicorn closed the $300M Series C round.    
Using AI in R&amp;D drug discovery is gaining traction. The global lab automation market is a ~$5B opportunity and is expected to reach ~$9.4B by 2030. 


MegaRobo: China-Based Disruptor in Life Science Automation

United States

Schrodinger, LLC was founded in 2012. The company's line of business includes providing computer programming services.

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Schrodinger (SDGR US)

Tempus AI IPO: AI in Diagnostics at Scale, Investor Sentiment Appears Positive

Healthcare IT company Tempus AI is expected to IPO next week, making it one of several high-profile AI unicorns scheduled to go public this year.

Andrei Zakharov

Pre-IPO QuantumPharm (PHIP Updates) - Some Points Worth the Attention

QuantumPharm's business model struggle to scale revenue solely through service fees. Profitability is a pain point for AI pharmaceutical companies....

Xinyao (Criss) Wang

Pre-IPO QuantumPharm - Good Stories May Not Be Backed up by Performance

It's hard for QuantumPharm to general large revenue scale in a short time due to the weakness in business model. So, high valuation is...

Xinyao (Criss) Wang

MegaRobo: China-Based Disruptor in Life Science Automation

VC-backed MegaRobo is uniquely positioned to benefit from the growth of both the life science automation market as well as AI healthcare market. We...

Andrei Zakharov

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Tempus AI IPO: AI in Diagnostics at Scale, Investor Sentiment Appears Positive

​Healthcare IT company Tempus AI is expected to IPO next week, making it one of several high-profile AI unicorns scheduled to go public this year.

Andrei Zakharov

Pre-IPO QuantumPharm (PHIP Updates) - Some Points Worth the Attention

QuantumPharm's business model struggle to scale revenue solely through service fees. Profitability is a pain point for AI pharmaceutical companies....

Xinyao (Criss) Wang

Pre-IPO QuantumPharm - Good Stories May Not Be Backed up by Performance

It's hard for QuantumPharm to general large revenue scale in a short time due to the weakness in business model. So, high valuation is...

Xinyao (Criss) Wang

MegaRobo: China-Based Disruptor in Life Science Automation

VC-backed MegaRobo is uniquely positioned to benefit from the growth of both the life science automation market as well as AI healthcare market. We...

Andrei Zakharov

Healthcare IT company Tempus AI is expected to IPO next week, making it one of several high-profile AI unicorns scheduled to go public this year.