The purpose of this study is to compare the efficacy and safety of ICP-332 to placebo in participants with moderate-to-severe plaque psoriasis.

Inclusion Criteria:

1. Subjects voluntarily participate in this study and have signed the Informed Consent Form (ICF).

2. Male or female subjects aged ≥ 18 years and ≤ 70 years

3. A history of plaque psoriasis for ≥6 months at baseline

4. Meet the following three criteria:

   1. Psoriasis Area and Severity Index (PASI) score ≥12
   2. Static Physician's Global Assessment (sPGA) score ≥3
   3. Psoriasis affected Body Surface Area (BSA) ≥10%

5. The subject requires systemic treatment and/or phototherapy.

Exclusion Criteria:

1. Diagnosed with non-plaque psoriasis.
2. Subject had laboratory values meeting any of the protocol-specified criteria at Screening.
3. Presence of clinically serious, progressive, or uncontrolled disease.
4. Previous history of alcoholism or drug abuse (except for those who have been completely abstinent for more than 6 months before randomization).
5. Pregnant or lactating women.
6. The investigator accepts ICP-332 for any reason that the subject is not suitable for this study.