XTALPI Passes HKEX Listing Hearing: Set to Become China's First AI-Powered Biotech Public Company

The evening of May 26, 2024,XtalPi Passes Hong Kong Stock Exchange Listing Hearing, and update the information after the hearing.

This also means that XtalPi is expected to become the first AI pharmaceutical company in China to go public, and at the same time, it may become the first hard tech company to be listed through the 18C rule.

As a domesticAI+ Drug Research and DevelopmentLeading companies, this timeAfter passing the Hong Kong Stock Exchange listing hearing, XtalPi also disclosed the complete financial data for 2023.

Revenue of 174 million yuan in 2023

XtalPi was founded in 2015 as an innovative R&D platform based on quantum physics, empowered by artificial intelligence, and driven by robotics, revolutionizing the design and discovery of drugs and new materials.

Its main technology platforms include the small molecule drug discovery platform ID4, the large molecule design and drug discovery platform ProteinGPT, the antibody drug discovery platform XumperAb, the quantum-based physical computing platforms XFF and XEEP, and the automation platform ChemPlus, among others.

Currently, the main sources of revenue for XtalPi are: 1. Drug discovery solutions; 2. Intelligent automation solutions.

The material shows that the total number of revenue-generating projects from XtalPi's drug discovery and intelligent automation solutions reached504 items, a significant increase from the previous year.

Drug discovery solutions refer to the process from target validation, hit identification, lead generation, lead optimization to preclinical candidate recommendation, coveringSmall molecules, antibodies, peptides, ADCs, and PROTACs, among other types of drugs。XtalPi can receive upfront payments, milestone payments, or royalties in the collaboration projects.

The company's customer base covers16 of the top 20 global biotechnology and pharmaceutical companies, including domestic and international clients such as Pfizer, Johnson & Johnson, CT Tianqing, Daehwa Pharmaceutical, and Merck Group Germany.

Data shows that XtalPi's revenue in 2020, 2021, and 2022 was respectivelyRMB 35.636 million, RMB 62.799 million, RMB 133 million.In 2023, XtalPi's revenue was 174 million yuan, with an average annual compound growth rate of 66.7%.

Among them,Drug Discovery SolutionsThe revenue during the reporting period was 39.346 million yuan, 87.666 million yuan, and 87.728 million yuan, respectively, accounting for 62.7%, 65.7%, and 50.3% of the total income.

In 2020, 2021, and 2022, XtalPi reported losses of RMB 7.34 billion, RMB 21.37 billion, and RMB 14.38 billion, respectively.XtalPi Holdings Limited Reported a Loss of 1.906 Billion Yuan in 2023。

From 2020 to 2022, XtalPi's R&D expenditures were 83.54 million yuan, 212 million yuan, and 359 million yuan respectively. In 2023, its R&D expenditure reached 480 million yuan, accounting for 49.8% of operating expenses.

As of December 31, 2023,XtalPi's cash and cash equivalents amounted to 710 million yuan.

As of the latest practicable date,It has more than 500 scientists and technical experts.Currently, the company holds over 160 authorized patents, approximately 39 ongoing drug discovery projects, and operates four research and development institutions with laboratory space exceeding 10,000 square meters.

Total financing of nearly 800 million US dollars

Since its establishment 8 years ago, XtalPi has completed 6 rounds of financing, with a total funding amount of nearly 800 million US dollars. The investor lineup is impressive and powerful, including top venture capital firms such as Sequoia China and FiveSource Capital.

XtalPi's valuation increased from RMB 10.3 million in the Pre-A round in 2015 to USD 1.968 billion (approximately RMB 14 billion) after the Series D round in July 2021, following multiple rounds of financing.

Currently, XtalPi has established in-depth cooperation with more than 400 enterprises and institutions worldwide, including multinational pharmaceutical companies such as Pfizer, AbbVie, Eli Lilly, and AstraZeneca.

Its ID4 platform has cumulatively completed over 500 R&D projects, accelerated the research of more than 100 pipeline drugs, and has over 30 innovative drug candidates discovered by its AI platform rapidly advancing in development.

At the same time, XtalPi also incubates innovative enterprises internally, such asJitai Pharmaceuticals, LymaBio, SignaGen Sciences, MudaBio, Cytocare.

In addition to the pharmaceutical field,XtalPi has strategically focused on materials science research and development., including agricultural technology, energy and new chemicals, cosmetics, etc.,FutureWill benefit from significant market opportunities globally and in China.

XtalPi believes that the company's revenue opportunities come from the steady growth of the global drug and materials science R&D market, driven by new technologies such as computing, artificial intelligence, and automation, which will bring efficient, time-saving, and low-cost services to the industry.

In addition,XtalPi Plans to Invest More Resources Internationally, especially in the United States and Europe, to further expand the global presence.

The recent passing of the Hong Kong Stock Exchange listing hearing also means that XtalPi has taken another step closer to going public. This Chinese AI-driven drug discovery company may be about to reach a new milestone.

Zhi Pharmacy Bureau will continue to follow up.

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