GNQ Insilico
Definitive (DA signed)Health Care · AI-driven precision medicine and drug development · Toronto, Canada
- What it is
- GNQ Insilico is a TechBio company focused on improving the success of drug discovery and development through the integration of artificial intelligence, quantum computing and advanced biological modeling
- What it’s doing now
- Merging with IB Acquisition (IBAC) — definitive (da signed), announced Mar 16, 2026.
- What you should know
- The real share count puts the effective valuation 13% above the announced $500M. The deal carries a $15M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryGNQ Insilico is a TechBio company focused on improving the success of drug discovery and development through the integration of artificial intelligence, quantum computing and advanced biological modeling. It describes three proprietary platforms: a Drug Assessment Platform for investment-grade due diligence through molecular profiling and predictive toxicity and efficacy modelling; a Drug Simulation Platform running in-silico clinical trials using multi-omics pathway analysis and population-level response modelling; and a Digital Twins Platform combining genomic, clinical, proteomic and metabolic data for precision treatment optimisation. The Drug Assessment Platform launched in Q4 2025, with the other two slated for release later in 2026.
Source: 425, accession 0001493152-26-017941 · extraction confidence: high
What the company says about itself
Web research — not audited[WEB-INTEL 2026-08-25] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] [WEB-INTEL 2026-08-25] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] [WEB-INTEL 2026-08-25] 5 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Deal values GNQ at $500M and is expected to bring about $15M in cash, as the AI-driven drug developer targets a Nasdaq listing in Q3 2026." [https://www.stocktitan.net/news/IBAC/gnq-insilico-inc-to-go-public-through-business-combination-with-ib-osgj59rh5rru.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ Insilico Inc. announced a definitive business combination agreement with IB Acquisition Corp. (NASDAQ: IBAC) valued at $500 million" [https://trial.medpath.com/news/gnq-insilico-to-go-public-through-500m-spac-deal-advancing-ai-powered-drug-development-platforms] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Barnes & Thornburg Advises GNQ Insilico Inc. on $500M De-SPAC IPO Transaction With IB Acquisition Corp." [https://btlaw.com/en/insights/news/2026/barnes-thornburg-advises-gnq-insilico-inc-on-500m-despac-ipo-transaction-with-ib-acquisition-corp] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ shareholders holding a majority of shares have agreed to support the deal, which is expected to close in the third quarter of 2026.IBAC ..." [https://www.investing.com/news/company-news/ibac-to-acquire-ai-drug-development-firm-gnq-for-500-million-93CH-4563518] [WEB-INTEL 2026-08-25] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] [WEB-INTEL 2026-08-25] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] [WEB-INTEL 2026-08-25] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] [WEB-INTEL 2026-08-26] 5 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ Insilico Inc. announced a definitive business combination agreement with IB Acquisition Corp. (NASDAQ: IBAC) valued at $500 million" [https://trial.medpath.com/news/gnq-insilico-to-go-public-through-500m-spac-deal-advancing-ai-powered-drug-development-platforms] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Deal values GNQ at $500M and is expected to bring about $15M in cash, as the AI-driven drug developer targets a Nasdaq listing in Q3 2026." [https://www.stocktitan.net/news/IBAC/gnq-insilico-inc-to-go-public-through-business-combination-with-ib-osgj59rh5rru.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "which is expected to close in the third quarter of 2026." [https://www.investing.com/news/company-news/ibac-to-acquire-ai-drug-development-firm-gnq-for-500-million-93CH-4563518] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The deal, expected to close in the third quarter of 2026 subject to shareholder, court and regulatory approvals" [https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/805036/ib-acquisition-corp-announces-gnq-insilico-merger-deal/] [WEB-INTEL 2026-08-26] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/] [WEB-INTEL 2026-08-26] 1 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "GNQ received: (i) $1.85 million in cash consideration; investments totaling $15 million by November 2026." [https://cassels.com/rep_work/gnq-insilico-receives-2-65-million-investment-from-trenchant-capital/]
Source: company web presence · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
GNQ Insilico is merging with IB Acquisition (IBAC), a $115M SPAC currently marked Deal announced and trading at $10.92 against $11.04 in trust per share.
| Headline equity value | $500M |
| Effective valuation (all shares) | $563M+13% vs headline |
| Sponsor promote | 22% |
| PIPE | ≈ $10M · unsourcedtarget PIPE amount (best efforts, inclusive of bridge financing) — not a signed subscription |
| Minimum cash to close | $15M |
| Pro-forma shares | 56.3M |
| Post-close ticker | GNQ |
Structure per SEC accession(s) 0001493152-26-034626, 0001493152-26-010262, 0001493152-26-010261. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for GNQ Insilico, Inc., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $562.8M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $23.57 on the open market. Median of 1 listed company we judged a true comparable. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $562.8M, not the announced $500M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- DLHC, QUCY, SLGL, QNT, SLP, TEM, PSNL, CRL, SEQC, LNAI, MEDP have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| DLHC | DLH Holdings Corp | $82M | — | — | Direct comp: IT Services & Consulting (NEC); micro-cap ($82m); shares simulation, modeling, integration, trials, digital, clinical with the target's own description; forward EV/Sales 0.8x.more ▾less ▴ |
| QUCY | Quantum Cyber NV | $10M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($10m); shares quantum, computing, digital, platform, data, development with the target's own description; forward EV/Sales 83.8x.more ▾less ▴ |
| RXRX | Recursion Pharmaceuticals, Inc. | $1.7B | 23.6x | — | Operational comp: Bio Therapeutic Drugs; mid-cap ($2.2bn); shares techbio, silico, drug, biological, clinical, discovery with the target's own description; forward EV/Sales 24.6x.more ▾less ▴ |
| SLGL | SOL-GEL TECHNOLOGIES LTD. | $117M | — | — | Operational comp: Bio Therapeutic Drugs; micro-cap ($117m); shares twins, efficacy, drug, platform, clinical, proprietary with the target's own description; forward EV/Sales 876.7x.more ▾less ▴ |
| QNT | Quantinuum Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, computing, molecular, platform, platforms, data with the target's own description; forward EV/Sales 556.5x.more ▾less ▴ |
| SLP | Simulations Plus, Inc. | $285M | — | — | Operational comp: Medical Software & Technology Services (Health Care group); micro-cap ($285m); shares drug, modeling, simulation, discovery, clinical, analysis with the target's own description; forward EV/Sales 3.9x.more ▾less ▴ |
| TEM | Tempus AI, Inc. | $10.5B | — | — | Operational comp: Biotechnology & Medical Research (NEC); large-cap ($10.5bn); shares molecular, profiling, precision, discovery, artificial, clinical with the target's own description; forward EV/Sales 6.8x.more ▾less ▴ |
| PSNL | Personalis, Inc. | $816M | — | — | Operational comp: Biotechnology & Medical Research (NEC); small-cap ($816m); shares genomic, profiling, population, trials, discovery, advanced with the target's own description; forward EV/Sales 17.7x.more ▾less ▴ |
| CRL | Charles River Laboratories International, Inc. | $10.0B | — | — | Operational comp: Biotechnology & Medical Research (NEC); large-cap ($10.0bn); shares assessment, drug, discovery, clinical, development, three with the target's own description; forward EV/Sales 4.0x.more ▾less ▴ |
| SEQC | SeeQC Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, computing, digital, integration, development, with with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| LNAI | Lunai Bioworks Inc | $50M | — | — | Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($50m); shares drug, modeling, discovery, predictive, precision, advanced with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| MEDP | Medpace Holdings, Inc. | $15.9B | — | — | Operational comp: Biotechnology & Medical Research (NEC); large-cap ($15.9bn); shares drug, trials, clinical, analysis, development, data with the target's own description; forward EV/Sales 5.7x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is GNQ Insilico going public?
GNQ Insilico has a signed merger with the SPAC IB Acquisition (IBAC), announced Mar 16, 2026. The combined company expects to trade as GNQ. Deal status: Definitive (DA signed).
What is GNQ Insilico's SPAC deal valuation?
The announced headline equity value is $500M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $563M, 13% above the headline.
Was GNQ Insilico bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for GNQ Insilico, Inc., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $562.8M regardless.
Does GNQ Insilico have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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