In today’s briefing:
- Pre-IPO InSilico Medicine – Thoughts on Valuation, Peer Comparison and Forecast
- B&K (华芢生物科技) IPO: Trading Updates
- Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise
- How Apyron’s Neurostimulation Solution Breaks the Chronic Pain Barrier
Pre-IPO InSilico Medicine – Thoughts on Valuation, Peer Comparison and Forecast
- The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
- Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
- The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.
B&K (华芢生物科技) IPO: Trading Updates
- B&K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.
- In our previous note, we looked at the company’s core products, management track records.
- In this note, we provide an update for the IPO before trading debut.
Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise
- InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.
- InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.
- The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.
How Apyron’s Neurostimulation Solution Breaks the Chronic Pain Barrier
- Meet the CEO. Jagi Gill began his career as an Assistant Professor of Neurology at Mayo Clinic, embracing two principles that guide him today: relentless innovation and putting patients first.
- He later joined Boston Scientific, gaining experience in neurostimulation, and Advanced Bionics, where he discovered the energy of startups.
- He went on to found Tenex Health, a pioneer in tendon pain treatment, before returning to neurostimulation as founder and CEO of Apyron.
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