Insilico Medicine Cayman Topco · HKEX:3696
Insilico Medicine Cayman Topco — FY2025 Earnings Presentation
49 slides from Insilico Medicine Cayman Topco's earnings presentation, March 2026
Slide 1: 2025 Full Year Earnings Call
2025 Full Year Earnings Call March 2026
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO AND DOES NOT CONSTITUTE ANY OFFER OR INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT OF ANY OFFER FOR SUBSCRIPTION, PURHCASE OR SALE OF ANY SECURITIES, NOR SHALL ANY PART OF THIS DOCUMENT FORM THE BASIS OF OR BE RE
Slide 3: Today's Agenda
Today’s Agenda 1 Company Strategy 2 Business Highlights 3 AI Platform 4 Asset Pipeline 5 Business Model 6 Financials 3
Slide 4: Company Strategy
o> a a SECTION 1 Company Strategy
Slide 5: Traditional drug R&D takes >10 years and >$2B
Traditional drug R&D takes >10 years and >$2B* Super Regulated Territory Disease Hypothesis and Target Discovery** Lead IND- Submission Sales and Real world Target-to-hit Hit-to-lead Enabling Phase I Phase II Phase III optimization to launch marketing evidence Usually takes from months Studies to de
Slide 6: The Locus of AI Acceleration
The Locus of AI Acceleration The real AI impact is between Target Discovery and Preclinical Candidate (PCC), beyond PCC stage is heavily regulated and standardized timeline. Super Regulated Territory Disease Hypothesis and Target Discovery** Lead IND- Submission Sales and Real world Target-to-hit Hi
Slide 7: Evaluating AIDD Companies
Evaluating AIDD Companies Metrics to evaluate an AIDD company: The Potential → The Proof Insilico Medicine Stats 12-18 months $3-5M Average time Average cost to PCC to PCC Early-stage Evaluation Mature-stage Evaluation TNIK, PHD1/2, QPCTL Compute Power 0 to PCC Time and more Raw Data Volume Cost per
Slide 8: Leveraging the Flywheel Effect to Position Our AI Platform at the Forefront
Leveraging the Flywheel Effect to Position Our AI Platform at the Forefront Generated 1000+ benchmarks during PCC development: PHARMA.AI Drug Discovery PCC essentials, medicinal chemistry, Software Platform synthetic chemistry, target identification, and Development Continuous improvement and expans
Slide 9: AI-based Drug Discovery: Greater Novelty, Lower Cost, Faster Pace, and Higher Success
AI-based Drug Discovery: Greater Novelty, Lower Cost, Faster Pace, and Higher Success Cost from Target ID to PCC Delivering high-quality, highly novel PCC in significantly Traditional Approach >$400M reduced time and at lower cost by leveraging AI early in the generative phase to eliminate toxic or
Slide 10: From Prompt Windows to Pharmaceutical Superintelligence
Company Strategy: From Prompt Windows to Pharmaceutical Superintelligence Pharmaceutical Superintelligence Innovative Drugs MMAI Gym Secret Sauce – Science Collaborate Next GLP-1R? Insilico MMAI Gym with Frontier Models Specialized and highly unique Training frontier models Free and standardized AI
Slide 11: Our Pipeline Targets Found in Aging Gene Sets and Aging Clocks
Our Pipeline Targets Found in Aging Gene Sets and Aging Clocks 11
Slide 12: Beyond One Indication: Our Comprehensive Pipeline in Product Portfolio
Beyond One Indication: Our Comprehensive Pipeline in Product Portfolio Identified multi-indication targets based on aging hallmarks and advanced them to clinical proof of concept in a gateway indication, leveraging AI to expand applications to broader disease areas Oncology/ Immunology/ Cardiovascul
Slide 13: Business Highlights
SECTION 2 Business Highlights
Slide 14: Pharma.AI – Continued Innovation and Upgrades
Pharma.AI – Continued Innovation and Upgrades Delivered strong software revenue momentum and transformative advancements in Pharma.AI platform Software Solution Revenue Major transformative advancements in 2025 and YTD 2026* in US$ M +23.8% 4.91 3.97 YoY PandaOmics Generative Chemistry Advanced targ
Slide 15: Pipeline Momentum – New PCC Nomination Fuel Growth
Pipeline Momentum – New PCC Nomination Fuel Growth & Clinical Progresses Build Confidence • ISM3830 (CBLB) • ISM6166 (Pan-KRAS) 6 PCC Nominated • • ISM5059 (NLRP3) ISM0676 (GIPR) • • Undisclosed (Nav1.8) Undisclosed (GLP-1R) • ISM001-055 (Rentosertib): Published promising PhIIa results in Nature Med
Slide 16: Business Development – Expanding Collaborations and Sustained Milestone Execution
Business Development – Expanding Collaborations and Sustained Milestone Execution Accumulated Total Contract Value – US$4.6B+ Newly Signed Total Contract Value – US$1.3B+ (increased by 39%) New New Partnerships Partnerships Hygtia Therapeutics Achieved Achieved Milestones Milestones Research Collabo
Slide 17: Global AI-Driven R&D Collaboration with Lilly
Insilico Medicine Achieved Global AI-Driven R&D Collaboration with Lilly Upfront Payment $115M Milestone Payments Up to $2.64B ✓ Exclusive worldwide license of potentially best-in-class, novel oral therapeutics in preclinical development for certain indications ✓ Collaborate on multiple R&D programs
Slide 18: AI Platform
SECTION 3 AI Platform
Slide 19: Science MMAI Gym: Boosting Biological and Chemical Intelligence of Frontier Foundation Models
Science MMAI Gym: Boosting Biological and Chemical Intelligence of Frontier Foundation Models Foundation Model Training Routine 6 Scientific Domains Chemistry, Biology, Clinical, Any Causal Baseline Foundation Science Benchmarks Performance Aging/Longevity, Materials Science, Models Agriculture 500M
Slide 20: MMAI Gym: Towards Chemical and Biological Superintelligence
MMAI Gym: Towards Chemical and Biological Superintelligence After MMAI Gym training, foundation models can achieve up to 10-fold performance gains on key drug discovery benchmarks, compared to their baseline performance where they fail on approximately 75–95% of tasks. Foundation models trained at t
Slide 21: Science MMAI Gym: Business Model
Science MMAI Gym: Business Model Science MMAI Gym: a domain-specific training environment designed to transform any causal or frontier foundation models into a high-performance engine for real-world drug discovery and development tasks "Membership" Commercialization in the MMAI GYM of models develop
Slide 22: Life Star 2: AI-Driven Automated Laboratory Accelerates Drug Discovery
Life Star 2: AI-Driven Automated Laboratory Accelerates Drug Discovery and Development Target discovery Drug development and Algorithm and target verification translational medicine verification AI modules Automation module ✓ Sample self-registration ✓ Compound management platform ✓ Cell culture pla
Slide 23: Life Star 2: Multiple Function Technology Platforms
Life Star 2: Multiple Function Technology Platforms Organoid and high-throughput safety profiling platform Gene editing platform Target validation and drug discovery High-throughput screening platform Target validation and drug discovery High-content imaging screening platform Target validation and
Slide 24: Life Star 2: Applicable to Drug Discovery across Various Disease Areas
Life Star 2: Applicable to Drug Discovery across Various Disease Areas Target validation, drug discovery, indication expansion & mode of action Oncology Metabolic disease Anti-aging research capability research capability research capability Autoimmune Skin diseases and inflammation research capabil
Slide 25: Asset Pipeline
SECTION 4 Asset Pipeline
Slide 26: ~30 Asset Pipeline Discovered from Our Generative AI Platform
~30 Asset Pipeline Discovered from Our Generative AI Platform with an Asset Most Advanced Globally among Peer Companies Development Therapeutic Pipeline Strategy Stage of Development Target Target- IND- 1 Target Indication Identification to-hit Hit-to-lead Lead Optimization enabling Phase 1 Phase 2
Slide 27: Rentosertib: First-in-class Antifibrotic TNIK Inhibitor for IPF
Rentosertib: First-in-class Antifibrotic, Small-Molecule TNIK Inhibitor for Treatment of IPF Discovered Through Insilico’s Pharma.AI Platform TGF-β Stimuli LRP Wnt Frizzled I II TNFR family CELL MEMBRANE ✓ Potent ATP competitive TNIK inhibitor ✓ Binds to TNIK with a high affinity, KD=4.32 nM RENTOSE
Slide 28: ISM001-055 Out-performs Other Investigational Agents in Cross Trial Data Comparison
ISM001-055 Out-performs Other Investigational Agents in Cross Trial Data Comparison Mean FVC change αvβ6 /αvβ1 Hedgehog PDE4 Pirfenidone Nintedanib TNIK from baseline (ml)(1) (discontinued) inhibitor (approved) (approved) (approved) 98.4ml 100 60.0ml 29.5ml 0 (46.8ml) (62.3ml) (100) (95.0ml) (110.7m
Slide 29: Phase III Trial GENESIS-IPF-3 Positioned to Confirm Rentosertib's Efficacy and Safety
Phase III Trial GENESIS-IPF-3 Positioned to Confirm Rentosertib’s Efficacy and Safety for IPF Patients 52 Weeks Key inclusion • Age ≥40 y n=192 Rentosertib 60 mg po QD • IPF diagnosis Primary endpoint R 3:2 Change from baseline in • FEV1/FVC >0.7 Forced Vital Capacity (FVC) n=128 Placebo po (mL) ove
Slide 30: Garutadustat: Potential First-in-Class Gut-Restricted HIF-PHD Inhibitor for IBD
Garutadustat: Potential First-in-Class Gut-Restricted HIF-PHD Inhibitor for IBD Gut-restricted prolyl hydroxylase (PHD) inhibitor garutadustat stabilizes HIF-1α protein and drives intestinal barrier protection Garutadustat ✓ Orally gut-restricted exposure • High colon/plasma ratio • High distributio
Slide 31: Garutadustat Phase IIa BETHESDA Study
Garutadustat Phase IIa BETHESDA Study: Barrier Enhancement Therapy for Healing Enteric Structural Defects & Anomalies • Completed Phase 1 trial in Australia (N=76) and China (N=48) • Phase IIa trial in China started from December 2025 12 Weeks n=20 Key endpoints Key inclusion Garutadustat 800 mg QD
Slide 32: ISM6331: Potential Best-in-class Pan-TEAD Inhibitor
ISM6331: Potential Best-in-class Pan-TEAD Inhibitor Targeting the Hippo Pathway Mechanism and Market Gap The PK to Patient Value Chain Optimized PK Continuous QD Viable for Chronic NF2 loss / LATS1/2 mutations Profile Oral Dosing Therapy Favorable ~21h half-life Eliminates the need Dramatically impr
Slide 33: ISM6331 Enters a High-value De-risking Period with Near-term Catalysts
ISM6331 Enters a High-value De-risking Period with Confirmed Clinical Efficacy and Near-term Catalysts Early Clinical Validation Strategic Combination Backbone Confirmed Efficacy Signal Standard of Care Integration Confirmed PRs and high disease control rates Strong potential as a backbone alongside
Slide 34: ISM6166: An Orally Available Pan-KRAS (ON/OFF) Inhibitor
ISM6166: An Orally Available Pan-KRAS (ON/OFF) Inhibitor Target KRAS alterations KRAS Superior in vivo efficacy in both ON/OFF states Mutation Landscape MKN-1 (Gastric, KRAS WTamp) 1500 Vehicle p.o. BID ✓ High binding affinity for both GDP- and RMC-6236 10 mg/kg p.o. QD GTP-bound KRAS proteins JAB-2
Slide 35: Insilico Medicine Comprehensive Oncology Portfolio with Extensive Combination Opportunities
Insilico Medicine Comprehensive Oncology Portfolio with Extensive Combination Opportunities Metabolic stress with reduced MAT2A pro-survival program TEAD Inhibitor Inhibitor Increase TIL infiltration & activation Other potential Activating Block adaptive escape route combinations: Epigenetic reprogr
Slide 36: Highlight of Metabolic Disease Programs in Post-Incretin Era
Highlight of Metabolic Disease Programs in Post-Incretin Era Preserve muscle while reducing fat Potential Best-in-Class GIPR antagonist ✓ Dose-dependent synergy for achieving a breakthrough beyond the GLP-1RA weight loss plateau ✓ Improved lean mass-to-body weight ratio ✓ Reduced DDI risk ✓ Excellen
Slide 37: Best-in-class and Novel Non-addictive Analgesics
Best-in-class and Novel Non-addictive Analgesics Best-in-Class Nav1.8 inhibitor Novel target Z inhibitor blocks pain signal transmission by: ✓ Better drug-like properties including higher solubility ✓ Regulating receptors membrane trafficking in neurons ✓ Better safety profile and no CYP induction ✓
Slide 38: Targeted Protein Degradation Strategy in Inflammatory & Autoimmune diseases
Targeted Protein Degradation Strategy in Inflammatory & Autoimmune diseases STAT6 Protac- oral Dupilumab strategy Superior efficacy to KT474, the most Potential Best-In-Class VAV1 molecular glue Highly potent and selective STAT6 protac advanced IRAK4 protac molecule ✓ specific target degradation ✓ s
Slide 39: NLRP3 Inhibitor – "One Drug Pipeline"
STZ induced foot ulcer model NLRP3 Inhibitor – “One Drug Pipeline” MPTP induced PD model Significantly accelerates wound Density of TH+ fibers in Str Time on the rotarod test Significant dose-dependent healing and shows a synergistic effect after MPTP injection in mice after MPTP injection in mice e
Slide 40: Target Y – First-in-class Program as Next Generation "One Drug Pipeline"
Target Y – First-in-class Program as Next Generation “One Drug Pipeline” Significant dose- Ameliorated in dependent efficacy histopathology and in mice Parkinson’s vision acuity via oral disease models dosing in dry AMD model Parkinson Dry AMD Target Y Obesity In MASH mice model, Target Y MASH inhi
Slide 41: Business Model
SECTION 5 Business Model
Slide 42: Multi-Pronged Revenue Generating Business Model for Long-term Growth
Multi-Pronged Revenue Generating Business Model for Long-term Growth Drug Discovery and Software Other Discovery Related Pipeline Development Solutions to Non-pharma Sectors • Generated ~30 asset pipeline Utilize Pharma.AI to discover novel molecules for specific topics related to non-pharma industr
Slide 43: Strong BD Momentum with Upfront and Milestones Continuously Realized
Strong BD Momentum with Upfront and Milestones Continuously Realized Illustrative >$4.6B Total contract value Co-development Out-licensing / >$205M Revenue >$4.4B Potential realized by 2025* revenue in the future Hygtia Therapeutics and more… ✓ XL309/ISM3091 (USP1) received $80m upfront + $10m Colla
Slide 44: Multiple Collaboration and Out-Licensing Agreements since 2021
Multiple Collaboration and Out-Licensing Agreements with Leading Pharmaceutical and Biotech Companies since 2021 2021 2022 2023 2023 2024 QPCTL Co-development Up to 2 + 4 USP1 KAT6 KIF18A & 4 Collaboration Targets Collaboration Targets Out-licensing Out-licensing Out-licensing Upfront of $13 million
Slide 45: Generative AI for Science: Expanded Into Adjacent Industries
Generative AI for Science: Expanded Into Adjacent Industries With Generalist AI for Chemistry and Biology Current Pharma Business Drugs in Drug Biology Chemistry Clinical Trials Discovery Platform Platform Non-Pharma Verticals CO2 Capture New Materials, Fuels, Nutraceuticals, AI Research Paper Writi
Slide 46: Financials
SECTION 6 Financials
Slide 47: 2025 Largest Hong Kong Biotech IPO – Insilico Medicine (3696.HK)
2025 Largest Hong Kong Biotech IPO – Insilico Medicine (3696.HK) Included in HK-China Stock Connect on 9 March 2026 FIRST AIDD company listed in HKEx main board under Chapter 8 listing rules The LARGEST non A-to-H healthcare HK IPOs since 2024 The HIGHEST institutional subscription multiple achieved
Slide 48: Income Statement and Cash Position
Income Statement and Cash Position Year ended December 31 2024 2025 Revenue decreased by US$29.6 million to US$56.2 million in 2025, due to decline in USD’000 USD’000 revenue generated from pipeline development, which is influenced by the timing of new deal negotiation. Revenue from software solutio
Slide 49: 2026 Key Milestones Across both the Platform and Therapeutic Pipeline
2026 Key Milestones Across both the Platform and Therapeutic Pipeline 2026 1H 2026 2H ✓ ISM6331 (TEAD) preliminary safety, efficacy, ✓ Rentosertib Ph3 trial initiation and FPI in China and biomarker data from Ph1 trial ✓ ISM8969 (NLRP3) FPI of Ph1 trial in China Development ✓ Rentosertib (Inhalable)
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