Why Insilico Medicine Is Exploring a Secondary Listing on the Abu Dhabi Securities Exchange

A secondary listing on the ADX would give Insilico access to a new pool of institutional and sovereign wealth capital in the Gulf region. The move would also carry a significant branding advantage as a first mover, potentially setting a precedent for other international biotechs looking at the exchange. It reflects an ambition to be seen not just as a Hong Kong-listed company, but as a global entity with a diversified investor base.

The $2.75 Billion Lilly Deal and the Maturing AI Pipeline

The ADX exploration is the latest in a series of strategic milestones in 2026 that are reshaping Insilico's narrative from an AI platform story to a clinical-stage drug-development powerhouse. In March, the company signed a global research and licensing agreement with Eli Lilly valued at up to $2.75 billion. The deal grants Lilly an exclusive worldwide license to a portfolio of preclinical oral therapeutics, with an upfront payment of $115 million to Insilico . This collaboration, which builds on a partnership dating back to 2023, is one of the largest AI-driven drug discovery deals in the industry.

The company’s internal pipeline has also matured. Insilico has nominated 28 preclinical candidates driven by its Pharma.AI platform, with six added during its 2025 fiscal year. It has advanced eight programs into clinical development, spanning fibrosis, oncology, immunology, and other disease areas .

Its lead candidate, Rentosertib (ISM001-055), is being developed for idiopathic pulmonary fibrosis (IPF). Full Phase IIa results were published in Nature Medicine in 2025, and an inhaled formulation of the drug received clinical trial approval from China’s Center for Drug Evaluation in 2026, marking the 13th program from Insilico's AI platform to enter clinical trials .

A Strategic Capital Move, Not a Necessity

Insilico’s 2025 financials show a company navigating a transition. Total revenue for the year was $56.2 million, a 34.5% decline from the prior year, driven primarily by a drop in pipeline development fees . The full-year net loss widened sharply to $352 million, though that figure was largely due to a one-time non-cash fair-value impairment on preferred shares converted at the IPO .

Despite the headline losses, the company's operational indicators pointed toward improved efficiency. Research and development expenses decreased by 11.4% to $81.4 million, and drug discovery fee revenue surged to $24.95 million from $3.14 million in 2024, partially offsetting the decline in upfront payments .

With nearly $400 million in cash reserves, a secondary listing on the ADX would function more as a strategic deepening than a lifeline. It would allow Insilico to build relationships with investors in a region that has been aggressively courting high-growth technology and life-science companies. The company may pursue a direct listing, and while the plans are still in the preliminary stage, they signal clear intent to widen its capital markets footprint .

2026: From AI Platform to Global Biotech

Insilico Medicine is moving decisively through a year that is defining its transition. The Hong Kong IPO provided the initial public-market validation. The Eli Lilly deal demonstrated its ability to monetize its AI platform with a top-tier pharmaceutical partner. And the clinical progress of Rentosertib and other assets is starting to deliver the data that investors in biotech ultimately require.

A successful secondary listing in Abu Dhabi would add a new layer: a second trading venue, a new capital base, and a powerful signal that Insilico is building itself for a global, multi-exchange future.