XtalPi
Also known as QuantumPharm
Combines physics-based computation, AI models and robotic labs to run drug discovery and chemistry projects for partners, and sells lab robots and software.
Listed on the HKEX Main Board (2228.HK) on 2024-06-13, the first listing under Chapter 18C; the listed entity is XtalPi Holdings.
Money and evidence
Latest round, Placing, 2025-09-04: the record then held no research entry for the company. The first research entry is dated 2026-09-15; the highest level so far is 4 (Tested in the physical world).
Rounds and research, on one timeline
- 2026-10-15Research
Level 4 · Tested in the physical world
XtalPi names its first siRNA drug candidate, for IgA nephropathy, nine months after the programme began on its Kodexia platform
On 6 October XtalPi said this programme had reached monkey data in seven months; this is the next step it promised then, a candidate chosen for development. It is XtalPi's first named candidate in siRNA, a modality new to it, and the release says the model's ranking of the designs held up in animals. For a platform company that sells design work, a candidate of its own is an asset it owns.
- 2026-10-06Research
Level 4 · Tested in the physical world
XtalPi debuts a closed-loop siRNA design platform and says six of its own programmes now run on it, the first reaching monkey data in 7 months
The claim being tested is that a design loop can carry a new modality end to end: XtalPi's evidence has been in small molecules and antibodies, and siRNA's hard parts (extrahepatic delivery, cell-to-animal translation, patent space) are the ones it says Kodexia designs against. Monkey efficacy in seven months is the figure to hold it to. But every number is measured in-house with nothing shown (no figure, no dataset, no paper), and the clinical-stage molecule it says it beat is unnamed, so none of it can be checked from outside.
- 2026-10-02Research
Level 4 · Tested in the physical world
XtalPi moves its own AI- and robot-designed hair-loss drug into IND-enabling studies after a mouse result it compares with minoxidil
An AI-and-robotics company taking a molecule of its own toward the clinic, not only running projects for partners, is the step investors in such platforms wait for. The evidence is one mouse model in a press release, with no data, paper or named scientist, and IND-enabling is the stage before any human dose.
- 2026-09-21Research
Level 1 · Exists
XtalPi opens more than 80 in-house drug-discovery tools to its science agent and lets it schedule the company's lab robots
XtalPi pitches it against Anthropic's Claude Science, released in June: in one hit-to-lead test judged blind by medicinal chemists, 90% of its molecule suggestions were ones the chemists would take to the lab, against 70% for Claude. That test, the robotic-lab output and a claimed 40-fold gain in data collection are the company's own, with no protocol published, and outside scientists cannot use the platform freely yet.
- 2026-09-15Research
Level 3 · Checked against existing evidence
XtalPi's LCMS2Yield predicts how strongly a reaction product absorbs UV light, so its yield can be measured without first purifying a reference sample
Automated chemistry can run thousands of reactions, but measuring each yield properly means calibrating against a purified sample of the product, which is slow and often skipped. A predicted correction factor removes that step. It is checked against measurements: calibrated yields, 144 approved drugs of known concentration, and isolated yields for 60 reactions, which ran lower than its estimates as purification losses would predict. Every test is the authors' own, and it works only for products that absorb UV, under suitable analytical conditions.
- 2025-09-04PlacingRound
about HK$2,653.3M gross≈ $340M
For: R&D, commercialisation, acquisitions and working capital
Models and platformCommercial roll-out
285,920,000 shares at HK$9.28, announced 29 August; completion on 4 September is stated in the January 2026 filing.
No investor named in the source.
- 2025-02-25PlacingRound
about HK$2,088M gross≈ $269M
For: R&D, data and models, commercialisation, acquisitions
Models and platformData generationCommercial roll-out
342,288,000 shares at HK$6.10, announced 19 February.
No investor named in the source.
- 2025-01-24PlacingRound
about HK$1,130M gross≈ $145M
For: R&D, commercialisation, investments and working capital
Models and platformCommercial roll-out
264M new shares at HK$4.28, announced 19 January.
No investor named in the source.
- 2024-06-13IPORound
about HK$989.3M gross, pre-greenshoe≈ $127M
For: R&D, commercialisation and working capital
Models and platformCommercial roll-out
Priced at HK$5.28; XtalPi's own release gives about HK$896M net. Use of proceeds from The Standard's report of the prospectus. The eight cornerstone investors are from PEdaily, drawn from the prospectus (https://news.pedaily.cn/202406/535327.shtml).
Anchor · Successful Lotus (Peter Lee Ka-kit)Anchor · IntelliMedAnchor · Mammoth Medical SolutionsAnchor · Begonia No. 1 LPFAnchor · Bradley L. PenteluteAnchor · Ginkgo Fund IAnchor · BiocytogenAnchor · FaaS Capital Longevity Limited
On the deal: Bradley L. Pentelute (Cornerstone investor); Peter Lee (Cornerstone investor)
Research entries are the timeline's graded entries that name this company. A level grades one claim, not the company, and a blank can mean the record has not caught up rather than that nothing was published.
On the investors' own sites
Investors that name this company on their own site, in a portfolio or their own announcement. A ✓ in a round marks the same investor.
- 5Y Capitalno round stated, and in no round on record5ycap.com ↗
- FreeS Fundno round stated, and in no round on recordfreesvc.com ↗
- HSGno round stated, and in no round on recordhongshan.com ↗
- SIGno round stated, and in no round on recordsig-china.com ↗