I think the big case study everybody gives is Schrödinger who took 20 years to IPO.
The problem is that the market is just not that big. Assume that every single pharma company buys your product - like Schrödinger - where does your revenue top out?
You can beat that as a small pharma company with one or two assets that make it to market. So the question is: if the computational platform is so good then why not just be pharma company?