“Overcome the limitations of immuno-oncology drugs and lead global drug development”...Nex-I knocks on KOSDAQ’s door

[Financial News] “We will advance our differentiated drug development capabilities and deliver sustained commercialization results, becoming a global leader in drug development for immuno-oncology treatment resistance.”
Nex-I CEO Yun Gyeong-wan held an IPO (initial public offering) briefing in Yeouido, Seoul, on the 29th and shared this ambition.
Founded in 2021, Nex-I develops anticancer drugs by identifying the causes of resistance to immuno-oncology treatment and directly targeting them. Immuno-oncology drugs have become a major treatment option, but limitations remain, with around 70% to 90% of patients failing to show an adequate response. Focusing on this unmet medical need, Nex-I is concentrating on developing next-generation cancer drugs to overcome the limitations of immuno-oncology drugs.
Nex-I touts its proprietary integrated drug development platform, Nexora (NEXORA), as a core competitive strength. The platform identifies the causes of resistance to immuno-oncology treatment, discovers new targets, and uses them to develop drug candidates. A key feature is that it identifies both “biomarkers,” which help determine which patients are likely to respond to treatment, and “PD markers,” which show whether a drug is working as intended, from the early stages of drug development, increasing the likelihood of clinical success.
Nex-I’s first key pipeline, NXI-101, is a monoclonal antibody therapy primarily indicated for non-small cell lung cancer. In 2024, the company also out-licensed it globally to Japan’s Ono Pharmaceutical. Its second key pipeline, NXI-201, is a next-generation treatment for refractory disease, primarily indicated for colorectal cancer. It has secured approval of its investigational new drug (IND) applications in South Korea and the United States, and plans to pursue global out-licensing through clinical development.
Nex-I plans to expand the capabilities it has built in discovering new targets and antibodies through research into refractory cancers into the development of various modalities, including bispecific antibodies and antibody-drug conjugates (ADCs). An ADC is a treatment that attacks cancer cells by linking an “antibody,” which recognizes a specific target on the surface of a cancer cell, to an anticancer “payload” using a “linker.” The company has secured three ADC pipelines and is focused on expanding collaboration with global specialists in linkers and payloads in Switzerland, South Korea, China, and the United States.
After its listing, Nex-I plans to focus on discovering new targets and diversifying its antibody development efforts based on Nexora, while continuously expanding its follow-on pipelines. It also plans to expand indications across various cancer types and pursue global out-licensing and joint development, while strengthening a business structure that reinvests in research and development (R&D) the returns generated through its business and operating processes.
Nex-I recorded revenue of 14.1 billion won and operating profit of 1.8 billion won in 2024, followed by revenue of 5.1 billion won and an operating loss of 16.5 billion won last year. In the first half of this year, revenue was 3 billion won and the operating loss was 2.1 billion won.
CEO Yun said, “We are focused on identifying key therapeutic targets to overcome the limitations of existing immuno-oncology treatments,” and emphasized, “Nex-I’s differentiated competitive strength lies in developing new drugs by applying modalities optimized for the characteristics of the targets we identify.” He added, “This listing will provide an opportunity for Nex-I to enter a new phase of growth, building on the technological expertise and R&D achievements it has accumulated.”
Nex-I will offer a total of 5 million shares in its listing, all of them newly issued, at an indicative price range of 10,500 to 13,000 won per share. The total offering is expected to raise 52.5 billion to 65 billion won. Bookbuilding ran from the 22nd through the 28th. The public subscription is scheduled for the 3rd and 4th of next month, with the listing targeted for the 12th of the same month. Korea Investment & Securities is the lead underwriter.

[email protected] Im Sang-hyeok Reporter