# Insilico Medicine

> Source: https://aiwiki.ai/wiki/insilico_medicine
> Updated: 2026-09-14
> Categories: AI Companies, Drug Discovery, Healthcare AI
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> Cite as: AI Wiki. "Insilico Medicine." aiwiki.ai, 14 Sept 2026. https://aiwiki.ai/wiki/insilico_medicine
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**Insilico Medicine** is a clinical-stage biotechnology company that uses [generative AI](https://aiwiki.ai/wiki/generative_ai) to discover disease targets and design small-molecule drugs end to end. Founded in 2014 by Alex Zhavoronkov and Alexander Aliper, it is best known for [rentosertib](https://aiwiki.ai/wiki/rentosertib) (development codes INS018_055 and ISM001-055), an idiopathic-pulmonary-fibrosis candidate that Insilico describes as the first drug with both an AI-discovered target and an AI-generated molecule; the company dosed the first patient in a Phase 3 trial of the drug in September 2026.[1][18] On 30 December 2025 the company listed on the Main Board of the Hong Kong Stock Exchange under stock code 3696.HK, raising about HKD 2.28 billion (roughly USD 293 million) in what it called the largest Hong Kong biotechnology initial public offering of that year.[6][8] Insilico operates research and development sites across several regions, with a registered base in the Cayman Islands and major operations in Hong Kong, mainland China, the United States, and the United Arab Emirates. For the first half of 2026 the company reported revenue of USD 106.3 million, up 287.2 percent year over year, and its first profitable half-year since listing.[19] It is one of the most prominent companies in [AI drug discovery](https://aiwiki.ai/wiki/ai_drug_discovery), alongside firms such as [Recursion](https://aiwiki.ai/wiki/recursion_pharmaceuticals), [Isomorphic Labs](https://aiwiki.ai/wiki/isomorphic_labs), and [Exscientia](https://aiwiki.ai/wiki/exscientia).

## What is Insilico Medicine?

Insilico Medicine is a generative-AI drug-discovery company that combines [deep learning](https://aiwiki.ai/wiki/deep_learning) target identification, [generative chemistry](https://aiwiki.ai/wiki/generative_chemistry), and clinical-trial outcome prediction into a single software platform called Pharma.AI. The thesis is that AI can compress the slowest and most expensive steps of early drug development: choosing the right biological target and designing a novel molecule against it. The company self-describes rentosertib as delivering "the industry's first proof-of-concept clinical validation of AI-driven drug discovery," a claim that, while widely cited, refers to early Phase 2a data rather than a confirmed clinical benefit.[3]

## Who founded Insilico Medicine?

Insilico Medicine was established in 2014, originally based in Baltimore, United States.[17] Co-founder and chief executive Alex Zhavoronkov was born in Latvia, holds a master's degree in biotechnology from Johns Hopkins University and a doctorate from Moscow State University, and was active in aging and longevity research before turning to drug discovery.[17] Co-founder Alexander Aliper has served in scientific and leadership roles including president of the company. Early backing came from Deep Knowledge Ventures, and the company's initial focus was on aging biology and biomarkers before it concentrated on a broad therapeutic pipeline.

By the time of its 2025 listing, Insilico ran a dual co-chief-executive structure: Zhavoronkov leads [artificial intelligence](https://aiwiki.ai/wiki/artificial_intelligence) and corporate strategy, while Feng Ren, who joined in 2020 after eleven years working on small-molecule drugs at GlaxoSmithKline, leads drug discovery and development.[17] The company reported a research staff of roughly 249 people at the time of its IPO, the large majority of whom hold advanced degrees. Insilico also operates a related longevity venture and has historically positioned aging as a long-term scientific theme, though its commercial pipeline centers on fibrosis, oncology, immunology, and other established disease areas.

## How does the Pharma.AI platform work?

Insilico's core asset is Pharma.AI, an integrated software platform that the company updates on a roughly twice-yearly cadence. It combines several engines that span target discovery, chemistry, and clinical analysis. Pharma.AI draws on techniques from [deep learning](https://aiwiki.ai/wiki/deep_learning) and earlier work by the company on [generative adversarial networks](https://aiwiki.ai/wiki/generative_adversarial_network) and [reinforcement learning](https://aiwiki.ai/wiki/reinforcement_learning).

The main publicly named components are:

- **PandaOmics**, a target-discovery engine that ingests genomic, transcriptomic, and biomedical-text data to rank candidate disease targets. It was used to nominate TNIK as a target for fibrosis.
- **Chemistry42**, a [generative chemistry](https://aiwiki.ai/wiki/generative_chemistry) engine that designs novel small molecules predicted to bind a chosen target while optimizing for synthetic feasibility, novelty, and drug-like properties. It generates and prioritizes structures for synthesis and testing.
- **inClinico**, a clinical-trial outcome prediction tool. In a 2023 paper in *Clinical Pharmacology and Therapeutics*, Insilico researchers reported that the system achieved an area under the receiver operating characteristic curve of 0.88 in predicting Phase II to Phase III transitions on a quasi-prospective dataset, and they reported 79 percent accuracy on a smaller prospective set where outcomes could be measured.[16] These results are from the developer and have not yet been independently reproduced at scale.

The company has also described newer [foundation-model](https://aiwiki.ai/wiki/foundation_models) and multi-agent components, marketed under names such as Nach0 and a research-assistant agent. Insilico operates a robotics-equipped automated laboratory to run synthesis and assays, which it uses to feed experimental data back into its models.

Through 2026 the company extended the platform in two further directions. The first is agents: PandaClaw, released in March 2026, is a conversational layer over PandaOmics for target screening and indication work, and LabClaw, released in May 2026, is described by Insilico as a laboratory operating system that coordinates more than 20 modular experimental steps.[19] The second is model training and evaluation. Science MMAI Gym, released in January 2026, is a training framework the company says consolidates roughly 120 billion tokens and more than a thousand benchmarks; in April Insilico published benchmark leaderboards scoring mainstream foundation models on scientific reasoning and drug-discovery tasks, and in July it began selling access to them as a service.[19] Software-solutions revenue, the segment those products sit in, was USD 2.70 million in the first half of 2026, against USD 103.1 million from drug discovery and pipeline development, so the platform business remains small next to the licensing business.[19]

An early and widely cited demonstration of the approach was a 2019 paper in *Nature Biotechnology*, in which a generative reinforcement-learning system the company called GENTRL designed novel inhibitors of the kinase DDR1; the company reported designing candidate molecules in 21 days and completing preclinical validation in mice within about 46 days total.[15] That work was a proof of concept rather than a clinical program, and it should not be conflated with the later rentosertib effort. The 2019 result, like much of the company's published validation, has drawn both interest and scrutiny over how much of the speedup was attributable to the AI itself versus the surrounding experimental infrastructure.

## What is rentosertib (INS018_055)?

Rentosertib is an oral small-molecule inhibitor of TNIK (TRAF2- and NCK-interacting kinase), developed for [idiopathic pulmonary fibrosis](https://aiwiki.ai/wiki/idiopathic_pulmonary_fibrosis), a progressive and often fatal scarring disease of the lungs. Insilico has stated that PandaOmics identified TNIK as the target and that Chemistry42 generated the molecule, and the peer-reviewed account of the program reports that the work from target discovery to preclinical candidate nomination took roughly 18 months; the company adds that fewer than 80 molecules were synthesized and tested along the way.[1][20] The United States Adopted Names Council assigned the generic name rentosertib in March 2025, replacing the development codes ISM001-055 and INS018_055.[21] The full clinical and chemical record is covered at [rentosertib](https://aiwiki.ai/wiki/rentosertib).

The program's pivotal published data point is a randomized Phase 2a trial, which Insilico calls GENESIS-IPF, whose results appeared in *Nature Medicine* on 3 June 2025.[1] The paper reports that the trial randomized 71 patients at 21 sites in China from 19 July 2023 through 11 June 2024, with 12 weeks of treatment.[1][2] (The site count is inconsistent across sources: the *Nature Medicine* paper says 21, while the ClinicalTrials.gov record and the methods section of Insilico's 2026 *Nature Biotechnology* paper both say 22. The figure from the trial's own publication is used here.[1][22][23]) Patients were randomized to placebo (n=17), 30 mg once daily (n=18), 30 mg twice daily (n=18), or 60 mg once daily (n=18). The primary endpoint was safety and tolerability (the percentage of patients with at least one treatment-emergent adverse event), which the company reports was met.[1]

As an exploratory efficacy signal, the 60 mg once-daily arm showed a mean improvement in forced vital capacity (FVC) of +98.4 mL (95% confidence interval 10.9 to 185.9) over 12 weeks, compared with a mean decline of -20.3 mL (95% confidence interval -116.1 to 75.6) in the placebo arm.[1][2] The lead investigator, Professor Zuojun Xu of Peking Union Medical College, said rentosertib "represents a truly innovative therapeutic, with both its target identification and molecular design powered by AI".[3] Founder and CEO Alex Zhavoronkov framed the result more cautiously, stating that the data "warrants further investigation in larger-scale clinical trials of longer duration."[3]

These efficacy numbers are exploratory and come from small arms, and several caveats are important and were acknowledged by the authors and independent coverage.[4][5] Seven of the patients on active drug discontinued because of liver injury or dysfunction (0 of 18 in the 30 mg once-daily arm, 4 of 18 in the 30 mg twice-daily arm, and 3 of 18 in the 60 mg once-daily arm), four of them while also taking the approved antifibrotic nintedanib, and only 12 of 18 patients (about 67 percent) completed each of the two highest-exposure arms.[1][2] Quality-of-life measures were described as largely inconclusive owing to high variance between arms. The authors also noted the small per-arm sample size, the geographic and demographic homogeneity of an all-China cohort, and the short follow-up. A Phase 2a trial of this kind establishes early safety and a preliminary signal; it is not designed to confirm clinical benefit.

Insilico reports that rentosertib holds US Food and Drug Administration orphan drug designation for IPF, granted in February 2023, and breakthrough therapy designation from China's Center for Drug Evaluation, granted in May 2025.[20] In April 2026 the company said a nebulized inhalation formulation of the drug had received IND clearance from the same regulator, making it the thirteenth Insilico program to clear that step.[20] On 10 September 2026 Insilico announced that the first patient had been dosed in GENESIS-IPF-3 (NCT07687459), a 52-week Phase 3 trial intended to enroll 320 patients across 47 centers in China, with the annual rate of FVC decline as the primary endpoint.[18][22] The drug remains investigational and is not approved anywhere.[18]

### The 2026 proteomic aging-clock analysis

On 7 September 2026 *Nature Biotechnology* published a second rentosertib paper, with Zhavoronkov as first author, reporting that six published proteomic aging clocks applied to serum from 42 of the Phase 2a participants all predicted a lower biological age in the treated arms than in placebo.[23] The clocks came from groups at the University of Oxford, Harvard Medical School, the University of Connecticut, Peking University and Insilico itself, and coauthors are affiliated with Harvard Medical School, Stanford University, the Broad Institute, RWTH Aachen University, Peking University, Westlake University, Peking Union Medical College Hospital, Massachusetts General Hospital and the University of Washington.[23] The strongest and most consistent signal was at week 4 in the 30 mg twice-daily arm, and the paper's printed reductions run to a few years on the whole-body clocks.[23]

Two things are easy to overstate about that result and are worth stating precisely. It is an exploratory biomarker analysis of 42 patients in a trial whose primary endpoint was safety, and proteomic clocks are predictive models, so the finding is a change in predicted biological age rather than a measurement of aging. The authors say the study "precluded clear deconvolution of anti-fibrotic and anti-aging effects" and that answering the question requires trials in populations without severe fibrosis.[23] Insilico's framing of the work as a "first scalable blueprint for dual-purpose clinical trials" is the company's own.[24] The Phase 3 protocol does carry the design forward: it collects serum proteomic profiles at weeks 12, 26 and 52 as exploratory measures.[22]

## What is in Insilico's pipeline?

By its 2025 listing, Insilico reported more than 30 internally generated programs, of which around 10 had received investigational new drug (IND) clearance and roughly seven were in active clinical development. By April 2026 the company said it had nominated 30 preclinical or development candidates in total, obtained IND clearance for 13 programs across fibrosis, oncology, immunology and central nervous system disease, and started three Phase 2 trials.[20] Between January and August 2026 it reported nine preclinical candidate nominations and eight clinical advances, including a pan-KRAS candidate, two NLRP3 inhibitors, a GIPR antagonist, a PRMT5 inhibitor and a non-opioid pain candidate; in July 2026 the pan-TEAD inhibitor ISM6331 received fast track designation from the FDA.[19] Oncology is the largest therapeutic area. The company has out-licensed several assets and signed discovery collaborations, with management citing aggregate deal values well above one billion US dollars across partnerships, though most of that headline value is contingent on future milestones that may never be paid.

| Program / asset | Target or area | Indication | Status / notable deal |
| --- | --- | --- | --- |
| Rentosertib (INS018_055 / ISM001-055) | TNIK inhibitor | Idiopathic pulmonary fibrosis | Phase 3 (GENESIS-IPF-3) first patient dosed September 2026; inhalation solution IND cleared in China April 2026 |
| ISM3091 | USP1 inhibitor | Oncology (BRCA-mutant and related tumors) | Out-licensed to Exelixis (2023), about 80 million US dollars upfront plus milestones[11] |
| ISM3312 | 3CLpro inhibitor | Coronavirus / antiviral | Clinical-stage oral antiviral |
| MEN2501 | Antibody-drug conjugate target | Oncology | Licensed to the Menarini Group and Stemline; deal value reported above 500 million US dollars; a 5 million US dollar milestone followed first-in-human dosing[13] |
| Sanofi collaboration | Up to six targets | Multiple | Announced November 8, 2022; upfront and target nomination fees of up to 21.5 million US dollars, additional payments of up to 1.2 billion US dollars if research, development and sales milestones are met, plus tiered royalties[26] |
| Qilu Pharmaceutical collaboration | Cardiometabolic | Multiple | Drug-development collaboration reported near 120 million US dollars[14] |

Other named partners over the company's history include Fosun Pharma, TaiGen, ASKA Pharma and Saudi Aramco's venture arm. As with most early-stage biotech licensing, the very large totals quoted for these deals are biocontingent, meaning they depend on hitting development, regulatory, and sales milestones.

Deal flow accelerated sharply in 2026. Insilico says the transactions it announced during that year carried a total contract value of roughly USD 7.3 billion, lifting the cumulative headline value of its major collaborations since 2021 to about USD 11 billion.[19] The figures below are the company's own, and the upfront components are a small fraction of each total.

| Announced | Partner | Area | Headline value | Upfront or near-term |
| --- | --- | --- | --- | --- |
| January 2026 | Servier | Oncology discovery | Up to USD 888.0 million | USD 32 million upfront and near-term milestones[12] |
| January 2026 | Hygtia Therapeutics | ISM8969, brain-penetrant NLRP3 inhibitor, co-development | USD 66 million | Not disclosed |
| January 2026 | Qilu Pharmaceutical | R&D collaboration | Nearly USD 120 million | Not disclosed |
| March 2026 | Eli Lilly | Global out-licensing and R&D | Up to USD 2.75 billion | USD 115 million upfront |
| March 2026 | Tenacia Biotechnology | Central nervous system | USD 94.75 million | Not disclosed |
| June 2026 | China Medical System | Central nervous system | RMB 1.2 billion | Not disclosed |
| June 2026 | SK Biopharmaceuticals | Neuroimmune disease | USD 2.5 billion | Not disclosed |
| July 2026 | Takeda Pharmaceutical | Multi-domain discovery | About USD 600 million | About USD 60 million in initiation fees, near-term payments and milestones |

## How much funding has Insilico Medicine raised, and when did it IPO?

Insilico raised more than 400 million US dollars across private rounds from investors including Qiming Venture Partners, Warburg Pincus, and Prosperity7 Ventures (the venture arm of Saudi Aramco), among others. In March 2025 it announced a 110 million US dollar Series E round led by Value Partners Group.[10]

On 30 December 2025 the company listed on the Hong Kong Stock Exchange Main Board under the stock code 3696.HK. The offering priced at HKD 24.05 per share for about 94,690,500 shares and raised roughly HKD 2.28 billion (HKD 2.277 billion), equivalent to about 290 to 293 million US dollars, which the company and trade press described as Hong Kong's largest biotechnology IPO of 2025.[6][7][8][9] It was also reported as the first AI-driven biotech to list on the Main Board under the exchange's rule 8.05, the ordinary financial eligibility tests, rather than the Chapter 18A route used by pre-revenue biotechnology companies.[6][25] Cornerstone investors reportedly included Eli Lilly, [Tencent](https://aiwiki.ai/wiki/tencent), and Temasek.[6] The Hong Kong public tranche was oversubscribed by roughly 1,427 times, and the stock opened at HKD 35.00 on debut, well above its HKD 24.05 offer price.[6] Founder and CEO Alex Zhavoronkov said: "With this massively oversubscribed listing we set several world's firsts further confirming Insilico's validated leadership position in AI-powered drug discovery."[6]

In its first interim report as a listed company, covering the first half of 2026, Insilico reported total revenue of USD 106.3 million, a 287.2 percent increase year over year, with a 90.3 percent gross margin, net profit of USD 35.54 million and adjusted net profit of USD 51.23 million on a non-IFRS basis. Cash and investments stood at USD 584.8 million as of 30 June 2026.[19] Revenue was concentrated in upfront payments from the year's licensing deals rather than in recurring software sales, so the profit is not yet evidence of a repeatable earnings base. The stock entered Hong Kong Stock Connect and the Hang Seng Composite Index on 9 March 2026 and was subsequently added to CSI, FTSE and MSCI Global Small Cap indexes.[19]

## How has Insilico Medicine been received?

Reception of Insilico has been a mix of enthusiasm and caution. Supporters point to rentosertib as the most concrete clinical evidence to date that an end-to-end AI workflow can produce a drug with a plausible efficacy signal in patients, and to the company's deep partnership roster. Skeptics note that the Phase 2a results rest on small arms in a single country, that the liver-related discontinuations warrant careful monitoring in larger trials, and that AI-originated compounds have so far cleared Phase 2 at roughly the same rate as conventional drugs, with several high-profile AI-led programs from other companies (for example Exscientia's EXS-21546 and BenevolentAI's BEN-2293) having failed. The broader question of how much credit belongs to the AI versus standard medicinal chemistry and trial execution remains debated. Insilico's place in [AI in healthcare](https://aiwiki.ai/wiki/ai_in_healthcare) is therefore widely cited as a leading test case rather than a settled validation. With the rentosertib Phase 3 trial now dosing patients and primary completion estimated for October 2029, the clearest test of the thesis is several years away.[22] The 2026 aging-clock paper adds a second, separate claim to evaluate, and its own authors treat it as a hypothesis rather than a result.[23]

## References

1. Xu, Z., Ren, F., Wang, P., et al. "A generative AI-discovered TNIK inhibitor for idiopathic pulmonary fibrosis: a randomized phase 2a trial." *Nature Medicine* 31, 2602-2610, published 3 June 2025. https://www.nature.com/articles/s41591-025-03743-2
2. PMC mirror of the *Nature Medicine* phase 2a article (PMC12353801). https://pmc.ncbi.nlm.nih.gov/articles/PMC12353801/
3. Insilico Medicine. "Insilico Announces Nature Medicine Publication of Phase IIa Results of Rentosertib." Press release, June 2025. https://www.prnewswire.com/news-releases/insilico-medicine-announces-nature-medicine-publication-of-phase-iia-results-evaluating-rentosertib-the-novel-tnik-inhibitor-for-idiopathic-pulmonary-fibrosis-ipf-discovered-and-designed-with-a-pioneering-ai-approach-302472070.html
4. Drug Discovery Trends. "Insilico's rentosertib clears a phase 2a hurdle." 2025. https://www.drugdiscoverytrends.com/insilicos-ai-designed-rentosertib-shows-promise-in-first-phase-2a-trial-results/
5. AJMC. "AI-Derived Therapy for IPF Shows Potential in Phase 2a Trial." 2025. https://www.ajmc.com/view/ai-derived-therapy-for-ipf-shows-potential-in-phase-2a-trial
6. Insilico Medicine. "Insilico Medicine Lists on Hong Kong Stock Exchange ... 2025's Largest Hong Kong Biotech IPO." Press release, 30 December 2025. https://www.prnewswire.com/news-releases/insilico-medicine-lists-on-hong-kong-stock-exchange-showing-ai-drug-discovery-momentum-with-2025s-largest-hong-kong-biotech-ipo-302650606.html
7. Drug Discovery World. "Insilico Medicine becomes 2025's largest Hong Kong biotech IPO." 2026. https://www.ddw-online.com/insilico-medicine-becomes-2025s-largest-hong-kong-biotech-ipo-39723-202601/
8. Pharmaphorum. "Insilico ends 2025 with $293m Hong Kong IPO." 2025. https://pharmaphorum.com/news/insilico-ends-2025-293m-hong-kong-ipo
9. Longevity.Technology. "Insilico debuts on HK Stock Exchange, locking in more than $290m." 2025. https://longevity.technology/news/insilico-debuts-on-hk-stock-exchange-locking-in-more-than-290m/
10. Insilico Medicine. "Insilico Medicine Secures $110 Million Series E Financing." Press release, 13 March 2025. https://www.eurekalert.org/news-releases/1076658
11. Exelixis, Inc. "Exelixis and Insilico Medicine Enter into Exclusive Global License Agreement for ISM3091." 2023. https://ir.exelixis.com/news-releases/news-release-details/exelixis-and-insilico-medicine-enter-exclusive-global-license
12. Pharmaphorum. "Insilico adds Servier to partnership roster with $888m deal." 2026. https://pharmaphorum.com/news/insilico-adds-sanofi-partnership-roster-888m-deal (the URL slug says Sanofi; the article is about the Servier collaboration)
13. Insilico Medicine. "Insilico Medicine Receives USD 5 Million Milestone Payment from Menarini Group ... MEN2501." Press release, 2025. https://www.prnewswire.com/news-releases/insilico-medicine-receives-usd-5million-milestone-payment-from-menarini-group-following-first-in-human-fih-achievement-for-men2501-302676790.html
14. Insilico Medicine. "Insilico Medicine and Qilu Pharmaceutical Reach Near $120 Million Drug Development Collaboration." Press release. https://insilico.com/news/ckvxca1tu1-insilico-medicine-and-qilu-pharmaceutica
15. Zhavoronkov, A., et al. "Deep learning enables rapid identification of potent DDR1 kinase inhibitors." *Nature Biotechnology*, 2019. https://www.nature.com/articles/s41587-019-0224-x
16. Aliper, A., et al. "Prediction of Clinical Trials Outcomes Based on Target Choice and Clinical Trial Design with Multi-Modal Artificial Intelligence." *Clinical Pharmacology and Therapeutics*, 2023. https://ascpt.onlinelibrary.wiley.com/doi/full/10.1002/cpt.3008
17. Alex Zhavoronkov, Wikipedia (biographical background). https://en.wikipedia.org/wiki/Alex_Zhavoronkov
18. Insilico Medicine. "Insilico Medicine Doses First Patient in GENESIS-IPF-3, the World's First Phase III Trial of a Generative AI-Driven Innovative Drug." Press release, 10 September 2026. https://insilico.com/news/isn1009261-insilico-medicine-doses-first-patient-genesis-ipf-3
19. Insilico Medicine. "Commercialization Roadmap Validated with Three-digit Million-dollar Revenue: Insilico Medicine Announces Interim Results for the First Half of 2026." Press release, August 2026. https://insilico.com/news/s11n46hx31-commercialization-roadmap-validated-with
20. Insilico Medicine. "Insilico's Rentosertib Inhalation Solution Receives IND Clearance for the World's First AI-Driven Candidate to Enter Direct-to-Lung Clinical Study." Press release, 28 April 2026. https://insilico.com/news/pdmncgky51-insilicos-rentosertib-inhalation-solutio
21. Drug Target Review. "First AI-designed drug, Rentosertib, officially named by USAN." 14 March 2025. https://www.drugtargetreview.com/news/157365/first-ai-designed-drug-rentosertib-named-by-usan/
22. ClinicalTrials.gov records for rentosertib: NCT05938920 (Phase 2a, China) and NCT07687459 (Phase 3, China). https://clinicaltrials.gov/study/NCT07687459
23. Zhavoronkov, A., Galkin, F., Chen, S., et al. "Integration of proteomic aging clocks in a phase 2a clinical trial supports simultaneous geroprotective assessment." *Nature Biotechnology*, published 7 September 2026. https://www.nature.com/articles/s41587-026-03286-y
24. Insilico Medicine. "Nature Biotechnology | Insilico's AI-Driven IPF Candidate Rentosertib Shows Potential for Biological Age Reversal, as Assessed by Six Proteomic Aging Clocks." Press release, 7 September 2026. https://insilico.com/news/rnt0709261-rentosertib-proteomic-aging-clocks
25. Hong Kong Exchanges and Clearing. "Rule 8.05." Main Board Listing Rules. https://en-rules.hkex.com.hk/rulebook/805-0
26. Insilico Medicine. "Insilico Medicine signs strategic research collaboration with Sanofi worth up to $1.2 billion." November 8, 2022. https://www.eurekalert.org/news-releases/970601