[Edaily Reporter Im Jeong-yo] #AimedBio is drawing attention for achieving a cumulative total of 3 trillion won in technology transfer deals while still in the unlisted and preclinical stages. AimedBio was listed on the KOSDAQ market last December and, starting with a market capitalization in the 700 billion won range, quickly reached a valuation in the 2 trillion won range.

Notably, Aimed Bio has successfully transferred technology to Biohaven—a spin-off from Big Pharma company Pfizer—and to the unlisted Big Pharma company Boehringer Ingelheim. E-Daily’s pharmaceutical and biotech premium content platform, Pharm E-Daily, took an in-depth look at the secret behind Aimed Bio’s ability to secure technology transfer deals with major partners at the preclinical stage without human validation data.

The Nature of ‘ADC’ Technology Transfer Even in the Preclinical Stage

For companies like Aimed Bio that conduct R&D on antibody-drug conjugates (ADCs), it is not uncommon to see technology transfers taking place as early as the preclinical stage. An ADC refers to a substance in which a △drug is △conjugated to an △antibody—which acts as a guide to locate the target antigen—via a △linker. In 2019, Daiichi Sankyo’s Enhertu received approval from the U.S. Food and Drug Administration (FDA), sparking a boom in the ADC modality.

Looking at Korean companies engaged in ADC research and development, #Genom & Company transferred the technology for an antibody targeting a new ADC target to Switzerland-based D-BioPharm during the preclinical stage. #Kanap Therapeutics’ cMET and EGFR bispecific antibody ADC pipeline, KNP-701, also entered into a joint research agreement with GC#Green Cross during the preclinical stage. PinoBio’s technology transfer of its ADC platform to #Celltrion also took place during the preclinical stage.

A biotech industry insider stated, “It seems that technology transfer negotiations for small-molecule compounds usually begin only after Phase 2 clinical trials are completed. However, for ADCs, technology transfers tend to be finalized even during the preclinical stage,” adding, “Each modality has a specific clinical stage at which it becomes marketable. The notion that ‘a product must have human clinical data to be sold’ does not apply to everything.”

The three pipelines that Aimed Bio licensed out also all had their agreements signed during the preclinical stage. A common feature of all three was that they targeted novel targets.

Regarding this, Heo Nam-gu, CEO of Aimed Bio, said, “This may be my personal perspective, but while there were many big deals at the clinical stage three to four years ago when deals were abundant, market conditions have since changed.” He continued, “It’s said that about 50 ADC projects enter clinical trials each year, but competition is fierce among a limited number of targets. Products that have already shown good clinical results or are expected to do so have all secured major deals.”

He continued, “Because of this, most companies are actively seeking new platforms or targets,” adding, “There aren’t many such ADC products in the clinical stage, or their prices have already risen too high, so deals are shifting upstream. That’s why we’re seeing more deals without human clinical data.”

He continued, “It is true that securing good clinical results and licensing out the technology can lead to larger deals, but until last year, we were a privately held company, so there were limitations to conducting our own clinical trials.” He added, “Since technology licensing is so highly preferred in the domestic market, we built up a track record of early-stage licensing to secure business performance and obtain third-party validation.”

Following Biohaven’s ‘BHV1530,’ Boehringer Ingelheim’s ‘ODS025’ has also advanced to the Phase 1 clinical trial stage

. Even before its KOSDAQ listing, when Aimed Bio was still a privately held company, it had secured technology transfer agreements with △Biohaven (AMB302/BHV1530) △#SK Plasma (AMB303) △Boehringer Ingelheim (AMB304/ODS025). Although the exact amount of upfront payments received was not disclosed, the company revealed that the cumulative total amounted to 3 trillion won.

Although the figures are undisclosed, the scale of the upfront payments can be inferred to some extent by examining Aimed Bio’s annual revenue. As a new drug development company whose primary business is research and development (R&D) rather than product sales, more than 90% of its revenue comes from technology transfers. The remainder is estimated to come from joint research revenue.

Aimed Bio’s revenue from technology transfers last year was 43.5 billion won, accounting for 92% of its total revenue. This is believed to be the combined total of milestone payments received upon the initiation of the Phase 1 clinical trial for the AMB302 pipeline—which Aimed Bio licensed to Biohaven—and upfront payments received from SK Plasma and Boehringer Ingelheim following technology transfers in 2025. Since the agreement with SK Plasma is for joint research and development, the scale of milestone payments and upfront payments from overseas contracts is expected to be larger than this.

Aimed Bio appears to be recognizing these upfront payments in installments. Consequently, technology transfer revenue of 8.3 billion won was recorded in the first quarter of this year, accounting for 98.6% of total revenue.

As a result of its success in overseas technology transfers dating back to its pre-IPO days, Aimed Bio recorded an operating profit of 20.7 billion won last year, the year of its IPO. It is rare for a new drug development company to avoid operating losses, and achieving an operating profit this quickly is considered exceptional.

At the time of its IPO, Aimed Bio presented revenue of 276억 won and operating profit of 99억 won as its 2026 operating performance forecast in its securities registration statement. However, the company recently revised its operating performance forecast upward, citing greater clarity regarding the accounting standards for certain contracts. The adjusted revenue forecast for this year is 563억 won, and the operating profit forecast is 181억 won—each roughly double the original figures.

The reason for this upward revision is that it has become virtually certain that Boehringer Ingelheim will reimburse Aimed Bio for the preclinical research costs it initially paid for the ODS025 pipeline, which was licensed to Boehringer Ingelheim. These costs are estimated to be approximately 7 billion won.

It is also highly likely that the company will receive milestone payments. Aimed Bio has submitted an Investigational New Drug (IND) application for the ODS025 pipeline—which was licensed to Boehringer Ingelheim—to the U.S. Food and Drug Administration (FDA). If the FDA approves the Phase 1 IND application within the year, the company is expected to receive milestone payments.

CEO Heo stated, “Boehringer Ingelheim had previously worked on ADCs but discontinued the program,” adding, “If this IND is approved, ODS025 will become the only ADC clinical pipeline for Boehringer Ingelheim, a major pharmaceutical company.”

He further remarked, “Aimed Bio is the sponsor for this Phase 1 clinical trial, and since we will be leading the trial alongside Boehringer Ingelheim through Phase 1, it will be a valuable experience.” He continued, “Although Aimed Bio transferred the technology during the preclinical stage, this clinical trial will be a meaningful opportunity to provide answers to the questions of whether the ADC is safe and sufficiently effective.”

‘Next’ is AMB303, co-developed with SK Plasma… IND submission for Phase 1 expected this year

AimedBio anticipates that milestone payments from the technology transfer will be generated smoothly. In addition, the company is working toward a global technology transfer for AMB303, which it is co-developing with SK Plasma.

Aimed Bio’s R&D expenses for the first quarter of this year totaled 10.9 billion won; compared to the 20.9 billion won spent over the entire previous year, annual expenses are expected to increase several-fold. These costs are understood to be related to preparations for the Phase 1 clinical trials of ODS025 with Boehringer Ingelheim and AMB303 with SK Plasma, both scheduled to begin within the year.

AMB303, developed in collaboration with SK Plasma, is an ADC targeting ROR1. Aimed Bio had previously set a goal to conduct GLP toxicity studies on AMB303 this year and begin Phase 1 trials in the fourth quarter.

To this end, the company estimated that approximately $2.5 million (about 3.8 billion won) would be spent on toxicity testing alone. Costs for preparing the Investigational New Drug (IND) application for the Phase 1 trial were projected at $275,000 (about 400 million won). Total preclinical costs, including these items, were estimated at $10.8 million (about 14.5 billion won). It is assumed that AMB303 will be licensed out after completing Phase 1 clinical trials in 2029 and moving into Phase 2. However, the possibility of an early technology transfer remains open.

CEO Heo stated, “Our company has raised approximately 180 billion won in cumulative funding, and our net assets amount to 200 billion won. We also posted an operating profit last year,” adding, “We spent 26 billion won in total expenses last year, which, based on our current net assets, is enough funding to last for eight years.”

He added, “However, I don’t think that’s a good strategy. Until last year, we had no choice but to operate with capital efficiency in mind, but now we’re moving in a direction that prioritizes accelerating R&D, even if it means spending more.” He continued, “We expect to spend around 40 billion won this year. If a good partnership opportunity arises for AMB303 even before clinical trials, we won’t turn it down.”