We had cash and cash equivalents of RMB258.5 million as of December 31, 2025.
Financial Information · 第 253 页
If we take into account the estimated net proceeds from the Listing, assuming an average monthly cash burn rate going forward of approximately 2.7 times the level observed for the years ended December 31, 2024 and December 31, 2025, and for the one month ended January 31, 2026, we estimate that we will be able to maintain our financial viability for 55 months, or if we do not take into account the estimated net proceeds from the Listing, we estimate that we will be able to maintain our financial viability for 15 months assuming that there is no cash outflow arising from financial liabilities related to redemption rights under this circumstance.
Financial Information · 第 253 页
We will continue to monitor our cash flows from operations closely and expect to raise additional financing.
Assuming an average cash burn rate going forward of 1.5 times the level in December 31, 2025, we estimate that (i) our financial resources available to us, including cash and cash equivalents and current other financial assets at amortized cost as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months
Financial Information · 第 242 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and bank balances, financial assets held by us, and the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses, for at least the next 12 months from the expected date of this document.
Financial Information · 第 242 页
We will continue to monitor our cash flows used in operations closely and expect to raise our next round of financing no earlier than six months after the completion of the [REDACTED].
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, financial assets at fair value through profit or loss which represents wealth management products we purchased, and the estimated [REDACTED] from the [REDACTED] and our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, other expenses and necessary capital expenditure for at least the next 12 months from the date of this document.
Financial Information · 第 206 页
Assuming an average cash burn rate going forward of [REDACTED] times of the level in 2025, we estimate that our cash and cash equivalents and financial assets at fair value through profit or loss as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months from January 1, 2026 taking into account the proceeds from the Series C Financing completed in February 2026 and the estimated [REDACTED] from the [REDACTED]
Financial Information · 第 207 页
We will continue to monitor our cash flows closely and expect to raise additional financing, if needed, with a minimum buffer of 12 months.
We had cash and cash equivalents of RMB210.3 million as of December 31, 2025.
Summary · 第 14 页
Assuming a future average cash burn rate of 1.2 times that of the December 31, 2025, we estimate that our cash and cash equivalents as of December 31, 2025 will be able to maintain our financial viability for [REDACTED] months or, if we also take into account all estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Summary · 第 14 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
We had cash and cash equivalents of RMB1,883.8 million as of December 31, 2025.
Financial Information · 第 235 页
It is estimated that our cash and cash equivalents as of December 31, 2025 will be able to maintain financial viability for approximately 20 months or, taking into account [REDACTED]% of the estimated [REDACTED] from the [REDACTED] allocated for working capital and other general corporate purposes, 37 months.
Financial Information · 第 235 页
Taking into account the financial resources presently available to us, including our cash and cash equivalents on hand, anticipated cash flow from operations, bank loans and the estimated [REDACTED] from the [REDACTED], our Directors are of the view that we have sufficient working capital to meet our present and anticipated cash needs for the next twelve months from the date of this document.
Assuming an average cash burn rate going forward of 1.5 times the level in 2024 and 2025, we estimate that our cash at bank and on hand, available debt financing and other financial assets as of December 31, 2025 will be able to maintain our financial viability for 35 months from December 31, 2025 taking into account the estimated net proceeds from the Global Offering.
Summary · 第 13 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, the expected income from our commercialized products, and the estimated net proceeds from the Listing, as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including R&D costs and administrative expenses for at least the next 12 months from the date of this Prospectus.
Our historical cash burn rate was RMB19.3 million, RMB24.9 million and RMB34.2 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 271 页
Our average monthly cash burn in 2025 was RMB34.2 million, which was higher than that in 2024 and 2023, because we completed the front-end R&D work for PACE 3 in 2025, which was in line with the relevant stage of our R&D cycle.
Financial Information · 第 272 页
we estimate that our cash balance as of December 31, 2025 would be sufficient for us to operate for approximately 16 months, or approximately 64 months after taking into account the estimated IPO proceeds
We had cash and cash equivalents of RMB54.7 million as of December 31, 2025, and received RMB20 million of [REDACTED] investment in January 2026.
Financial Information · 第 244 页
Assuming an average cash burn rate going forward of 1.7 times the level in the year ended December 31, 2025, we estimate that our cash and cash equivalents as of December 31, 2025 together with [REDACTED] investment subsequently received as mentioned above will be able to maintain our financial viability for 21 months (without considering the estimated [REDACTED] from the [REDACTED]) or, if we take into account the entire estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Our cash burn rate refers to the average monthly cash used in operating activities, purchases of items of property, plant and equipment, and principal portion of lease payments.
Financial Information · 第 246 页
Assuming an average cash burn rate going forward of [REDACTED] times the level in 2025, we estimate that our cash and cash equivalents, time deposits, and current financial assets at FVTPL as of February 28, 2026 will be able to maintain our financial viability for [REDACTED] months or, if we take into account the estimated [REDACTED] from the [REDACTED], [REDACTED] months.
Financial Information · 第 246 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Assuming our average monthly amount of net cash used in operating activities, capital expenditure, other scheduled cash payments and interest payments going forward of 2.0 times the level in 2024, we estimate that (i) our cash and cash equivalents as of December 31, 2025 will be able to maintain our financial viability for 37 months, (ii) if we take into account 5.0% of the estimated net [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and other general corporate purposes), [40] months, or, (iii) if we take into account the estimated net [REDACTED] from the [REDACTED] (based on the low-end of the indicative [REDACTED]), [93] months.
Financial Information · 第 237 页
Our Directors are of the opinion that, taking into account of the following financial resources available to us described below, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses, finance costs and other operating expenses for at least the next 12 months from the date of this Document:
Our cash burn rate refers to the average monthly amount of net cash used in operating activities, capital expenditures and lease payments.
Financial Information · 第 263 页
Our Directors are of the view that, taking into account the financial resources available to us, including cash and cash equivalents, cash flows generated from operating activities and financing activities, and net [REDACTED] from the [REDACTED], we have sufficient working capital our present requirements and to cover at least 125% of our costs, including research and development expenses for at least 12 months from the date of this Document.
Financial Information · 第 262 页
We will continue to monitor our cash flows from operations closely and expect to raise additional financing, if needed, with a minimum buffer of 12 months.
As of December 31, 2025, we had cash and cash equivalents of RMB184.9 million, term deposits of RMB21.3 million, financial assets at FVTPL of RMB140.0 million, and as of January 31, 2026, we had unutilized banking facilities of RMB200 million.
Financial Information · 第 257 页
Our cash burn rate refers to the average monthly amount of cash used in operating activities, property and equipment and lease payments.
Financial Information · 第 258 页
Assuming an average cash burn rate going forward of 2.2 times the level during the Track Record Period, and on the basis of our Existing Internal Resources as set out above, we estimate that we will be able to maintain our financial viability for [REDACTED] months, or if we take into account the [REDACTED] from the [REDACTED] (based on the low-end of the [REDACTED] range and assuming the [REDACTED] is not exercised), [REDACTED] months.
Without taking into account the estimated net proceeds from the Global Offering, our Directors believe that we have sufficient working capital for approximately 12 months from the date of this prospectus.
Financial Information · 第 259 页
Assuming an average cash burn rate going forward of 1.1 times the level in 2024, we estimate that our total cash balance as of September 30, 2025 will be able to maintain our financial viability for approximately 7.6 months or, if taking into account the estimated net proceeds from the Global Offering (low-end), for at least 132.8 months.
As of December 31, 2025, we had capital resources of RMB236.9 million, consisting of cash and cash equivalents and our current and non-current time deposits.
Financial Information · 第 245 页
we have sufficient working capital to cover at least 125% of our costs, including research and development costs, selling and marketing expenses, and administrative expenses, finance costs and other expenses for at least the next 12 months from the date of this document.
Financial Information · 第 245 页
Assuming an average cash burn rate going forward of 3 times the level in 2025, we estimate that our cash and cash equivalents, time deposits, and financial assets at fair value through profit or loss as of December 31, 2025 will be able to maintain our financial viability for at least [REDACTED] months
Assuming an average cash burn rate going forward of 1.0 time the level in the nine months ended September 30, 2025, which is HK$[REDACTED] per month, we estimate that (i) our cash and cash equivalents on hand as of September 30, 2025 will be able to maintain our financial viability for 38 months from September 30, 2025, (ii) or if we take into account all estimated net [REDACTED] from the [REDACTED], [REDACTED].
Financial Information · 第 240 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing at least 12 months after the completion of the [REDACTED].
Our historical cash burn was US$11.5 million, US$65.9 million, US$260.7 million and US$211.3 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Financial Information · 第 447 页
Assuming an average monthly cash burn of US$28.1 million going forward at approximately 1.3 times of the average monthly cash burn of the twelve months ended December 31, 2024, although which is subject to change due to various factors such as our business development or investments in model training activities, we estimate that our cash balance is sufficient for us to operate for approximately 37 months without IPO proceeds, lasting approximately until October 2028.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
现金可维持财务可行性逾19个月
Our cash burn rate refers to the average monthly amount of net cash used in operating activities, payment for property, plant and equipment and payment for intangible assets.
Financial Information · 第 453 页
We estimate that our cash on hand as of October 31, 2025 will be able to maintain our financial viability for over 19 months from October 31, 2025, without taking into account the estimated net proceeds from the Global Offering; or, we estimate we will be able to maintain our financial viability for over 23 months, if we take into account 8.1% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes).
Our cash burn rate refers to the average monthly (i) net cash used in operating activities,
Financial Information · 第 481 页
We estimate that our cash and cash equivalents along with the financial assets measured at FVPL with high liquidity as of June 30, 2025 will be able to maintain our financial viability for 36 months without taking into account the estimated net proceeds from the Offering or, if we take into account the estimated net proceeds from the Global Offering, 75 months.
Financial Information · 第 481 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Our historical cash burn rate was RMB113.0 million, RMB90.2 million, RMB109.0 million, RMB83.0 million and RMB226.8 million in 2022, 2023 and 2024 and for the six months ended June 30, 2024 and 2025, respectively, mainly representing our average monthly cash operating costs plus the capital expenditure and the lease payments for the respective periods.
Financial Information · 第 405 页
Also, we estimate that our balance of cash-based assets as of October 31, 2025 will be able to maintain our financial viability for 31.6 months or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes), 35.1 months or, if we also take into account the estimated net proceeds from the Global Offering, 66.8 months.
Financial Information · 第 405 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
英矽智能INSILICO MEDICINE InSilico Medicine Cayman TopCo03696.HK
现金可支撑约33个月，上市后延至约75个月
Assuming an average monthly cash burn consistent with the first half of 2025, our cash and cash equivalents as of June 30, 2025 are estimated to support our financial viability for approximately 33 months, until March 2028.
Business · 第 242 页
Taking into account the estimated net proceeds based on the Offer Price, our cash and cash equivalents will be US$472 million, the runway is estimated to extend to approximately 75 months, until September 2031, with 42 additional months, compared with that without taking the IPO net proceeds into account.
Financial Information · 第 415 页
We will continue to monitor our cash flows from operations closely by utilizing our existing financial resources, such as our cash on hand and utilised banking facilities and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.