🇭🇰 港交所INSILICODoubao · 实盘不做把握 7/10不做原因:其他
北京时间·🕒 发布 08:15:00时区推断·⟳ 抓取 08:15:28·⚡ 决策 10-13 08:17:37 +2m09s·14.6 天前
英矽智能提名第35个临床前候选药物ISM9546（外周限制性VAV1分子胶降解剂），拟用于自身免疫疾病
PCC提名是药物发现最早期里程碑（距IND、临床读数和商业化均需数年），且这是英矽智能自2021年以来第35个PCC——公司本就以高频PCC产出为常态（2026年8月刚提名ISM9077），市场对此类公告已充分预期；公告无BD交易、首付款、IND受理或指引变化，缺乏预期差和可量化materiality，属平台能力展示式软催化，无短线edge。
📄 原文INSILICO↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 英矽智能（03696.HK）
临床前候选药物（PCC）提名为药物发现最早期、且是公司2021年以来第35个PCC的常态化披露；无IND、无BD授权/首付款/里程碑、无指引变化，无预期差与可量化估值增量，软催化不具备可交易edge；亦无供应链/跨市场映射标的
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
英矽智能公告第35个临床前候选药物ISM9546（VAV1分子胶），阶段极早期且PCC提名已是公司高频常规动作，无交易金额、无IND、无合作落地，对估值无实质增量，不做。
🔎 新鲜度:最早出现 2026-10-13 · 扩散 low · price-in 风险 low ↗
消息传播链
- 节点
- 节点
关键理由
- PCC仅为临床前提名，尚无人体数据，距价值兑现（IND/I期/BD授权）通常数年，失败率高
- 第35个PCC本身说明此类披露高频且被市场预期（8月刚有ISM9077 PCC），无新增预期差或财务催化
主要风险
- 若后续伴随VAV1赛道重大BD授权或大药企合作，可能重新评估，但本次公告不含此类信息
- AI制药板块情绪波动可能带来脱离基本面的短线题材异动，但缺乏可锚定的基本面edge，不参与
反向证据
- 做多前查反向 · 来源 web · 日期 2026-10-13 · 影响 weakens
公告及公开报道中均无对外授权、首付款、IND受理或财务承诺，仅是内部PCC提名，缺乏价值兑现节点，削弱做多逻辑
检索:ISM9546 VAV1 授权 BD 合作 里程碑 IND 交易金额 原文 ↗
先例如何影响了这次决策
对本次决策的影响:确认以AVOID处理：最早期、高频、无金额/无IND的管线公告不提供可交易edge
方向:不足以构成交易级先例：PCC提名是英矽智能高频常规事件（2021年以来35个，2026年8月刚有ISM9077），同类公告本质为平台进展展示而非价值节点
涨幅量级:未做事件研究定价：结论为不做，量级不影响决策；临床前PCC一般无分析师上调或市值级重定价
形态:自家案例库中从未在3696.HK上ENTER过（3条相关历史决策均为不做），与本次软催化不做一致
工具执行结果 · 成功 3 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 10 ms
{"result": "search_processed_events:agent query=`insilico medicine 3696 nominates preclinical candidate autoimmune ibd ra | 英矽智能 insilico medicine ism9546 vav1 molecular glue degrader pcc | 英矽智能 第35个 pcc 提名 自身免疫 vav1`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有 - search_case_library 成功 stock_tools HTTP · 15 ms
{"result": "search_case_library「3696.HK」—— 与这些标的相关、事件类型=产品发布/技术突破的自家决策案例(本页 1 条,该标的全历史相关记录共 3 条；ENTER 只按该标的自己的腿统计):\n◆ 3696.HK：相关历史决策 3 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 1 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-08-27 UTC 不做 · 事件:Aureka - web_search 成功 doubao_search · 1,213 ms
豆包搜索结果（原始查询:英矽智能 ISM9546 VAV1 分子胶 PCC 提名 自身免疫；API SearchType:web）
原文全文
展开原文 · 2,869 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
INSILICO MEDICINE
InSilico Medicine Cayman TopCo
英矽智能
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 3696)
VOLUNTARY ANNOUNCEMENT
INSILICO MEDICINE NOMINATES PERIPHERAL-RESTRICTED VAV1
MOLECULAR GLUE DEGRADER FOR POTENTIAL TREATMENT OF
AUTOIMMUNE DISEASES
This announcement is made by InSilico Medicine Cayman TopCo (the “ Company ”, together
with its subsidiaries, the “Group” or “Insilico Medicine”) on a voluntary basis to inform the
shareholders and potential investors of the Company about the latest business updates of the
Group.
The board of directors of the Company (the “Board”) is pleased to announce that the Company
has nominated ISM9546, an innovative, orally bioavailable, peripheral-restricted VAV1 molecular
glue degrader, as a preclinical candidate (PCC) for the potential treatment of autoimmune diseases
including inflammatory bowel disease (IBD) and rheumatoid arthritis (RA). Empowered by Insilico
Medicine’s proprietary Pharma.AI solution, ISM9546 not only marks the 35th PCC nomination of
the Company since 2021, but also strikes a balance between efficacy and safety, with nanomolar
activity validated across cell assays, and peripherally restricted trait to potentially alleviate risks
related to the central nervous system (CNS).
1
Forward Looking Statement
There is no assurance that any forward-looking statements regarding the business development of
the Group in this announcement or any of the matters set out herein are attainable, will actually
occur or will be realized or are complete or accurate. The financial and other data relating to the
Group as disclosed in this announcement has also not been audited or reviewed by its auditors.
Shareholders and/or potential investors of the Company are advised to exercise caution when
dealing in the shares of the Company and not to place any excessive reliance on the information
disclosed herein. Any shareholder or potential investor who is in doubt is advised to seek advice
from professional advisors.
By order of the Board
InSilico Medicine Cayman TopCo
Mr. Aleksandrs Zavoronkovs, Ph.D.
Chairman, Executive Director, CEO and CBO
Hong Kong, October 13, 2026
As at the date of this announcement, the Board comprises Mr. Aleksandrs Zavoronkovs, Ph.D.
and Mr. Feng Ren, Ph.D. as executive directors; Mr. Chuen Yan Leung, Ph.D. as non-executive
director; and Mr. Jingsong Wang, Ph.D., Ms. Denitsa Milanova, Ph.D. and Mr. Roman
Kyrychynskyi as independent non-executive directors.
2
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
INSILICO MEDICINE
InSilico Medicine Cayman TopCo
英矽智能
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 3696)
VOLUNTARY ANNOUNCEMENT
INSILICO MEDICINE NOMINATES PERIPHERAL-RESTRICTED VAV1
MOLECULAR GLUE DEGRADER FOR POTENTIAL TREATMENT OF
AUTOIMMUNE DISEASES
This announcement is made by InSilico Medicine Cayman TopCo (the “ Company ”, together
with its subsidiaries, the “Group” or “Insilico Medicine”) on a voluntary basis to inform the
shareholders and potential investors of the Company about the latest business updates of the
Group.
The board of directors of the Company (the “Board”) is pleased to announce that the Company
has nominated ISM9546, an innovative, orally bioavailable, peripheral-restricted VAV1 molecular
glue degrader, as a preclinical candidate (PCC) for the potential treatment of autoimmune diseases
including inflammatory bowel disease (IBD) and rheumatoid arthritis (RA). Empowered by Insilico
Medicine’s proprietary Pharma.AI solution, ISM9546 not only marks the 35th PCC nomination of
the Company since 2021, but also strikes a balance between efficacy and safety, with nanomolar
activity validated across cell assays, and peripherally restricted trait to potentially alleviate risks
related to the central nervous system (CNS).
1
Forward Looking Statement
There is no assurance that any forward-looking statements regarding the business development of
the Group in this announcement or any of the matters set out herein are attainable, will actually
occur or will be realized or are complete or accurate. The financial and other data relating to the
Group as disclosed in this announcement has also not been audited or reviewed by its auditors.
Shareholders and/or potential investors of the Company are advised to exercise caution when
dealing in the shares of the Company and not to place any excessive reliance on the information
disclosed herein. Any shareholder or potential investor who is in doubt is advised to seek advice
from professional advisors.
By order of the Board
InSilico Medicine Cayman TopCo
Mr. Aleksandrs Zavoronkovs, Ph.D.
Chairman, Executive Director, CEO and CBO
Hong Kong, October 13, 2026
As at the date of this announcement, the Board comprises Mr. Aleksandrs Zavoronkovs, Ph.D.
and Mr. Feng Ren, Ph.D. as executive directors; Mr. Chuen Yan Leung, Ph.D. as non-executive
director; and Mr. Jingsong Wang, Ph.D., Ms. Denitsa Milanova, Ph.D. and Mr. Roman
Kyrychynskyi as independent non-executive directors.
2
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