[Edaily Reporter KIM SAE-MI ] Choi Ho-il, CEO of Peptron, Inc.(087010), suddenly made a bombshell statement with just about three months remaining before the deadline for the platform technology evaluation, drawing the attention of the biotech industry. Some critics argued that if the company had failed to address the long-standing discrepancy between the market’s core expectations and the company’s actual understanding, it effectively condoned investor misperceptions.

Choi Ho-il, CEO of Peptron, Inc., stated at the “Shinhan Bio Forum in Daejeon 2026,” held on the 9th at the Intercity Hotel in Yuseong-gu, Daejeon, “We are jointly developing an entirely different peptide formulation with Company L, and Tuzepatide is not included.” Terzepatide is the active ingredient in Eli Lilly’s diabetes and obesity treatments “Mounjaro” and “Zepbound.”

CEO Choi’s remarks have shaken up the “once-monthly Mounjaro” scenario, which the market had long regarded as a key premise for Peptron, Inc.’s enterprise value. Investors had expected that if a once-monthly formulation applying Peptron, Inc.’s long-acting platform “SmartDepo” to tirzepatide were developed, rapid commercialization and a major technology transfer would be possible, building on Mounjaro, which generated $22.965 billion (approximately 34.4797 trillion won) in revenue last year alone. However, CEO Choi has now drawn a clear line, stating that Turzepatide was not included in the joint research.

As news of this statement spread through the market, Peptron, Inc.’s stock price immediately plummeted to the daily lower limit in after-hours trading. Its market capitalization evaporated by 1.1122 trillion won in an instant, dropping from 3.7145 trillion won to 2.6022 trillion won. This reflects concerns that even if joint research continues on other next-generation obesity and diabetes candidates from Lilly, the development timeline and prospects for commercialization could be less favorable than those of Turzepatide, which has already been launched. In response, E-Daily asked CEO Choi for clarification on the specific meaning of his remarks but did not receive a meaningful response. Despite the market turmoil, Peptron, Inc. did not issue a separate official statement that day.

The following morning, on the 10th, some shareholders visited Peptron, Inc.’s headquarters in Yuseong-gu, Daejeon, and spoke with CEO Choi as he arrived for work. It was reported that CEO Choi was holding a takeout iced beverage when he encountered the shareholders. CEO Choi reportedly told the shareholders, “I misspoke yesterday,” adding, “That was not my intention at all.”

That day, Peptron, Inc. issued two announcements clarifying that the joint research with Lilly was proceeding normally, but this was insufficient to quell market anxiety. At 8:00 a.m., the company stated that joint research on multiple compounds—including next-generation obesity and diabetes candidates as well as central nervous system (CNS) compounds—was proceeding as planned, and that the research was not limited to a single specific commercial product. However, the market interpreted this to mean that tirzepatide had been excluded from the joint research, and the stock price hit the daily lower price limit at 10:18 a.m.

Around noon, the company revised its statement, explaining, “Joint research is underway on multiple compounds, including next-generation obesity and diabetes candidates and CNS compounds, as well as the product mentioned at the forum.” As the phrase “products mentioned at the forum” was interpreted to refer to Tuzepatide, the stock price temporarily rose above the daily price limit at 12:24 p.m. However, since the discrepancy between the initial announcement, the revised statement, and CEO Choi’s remarks remained unresolved, the stock price fell back to the daily price limit at 1:41 p.m.

Peptron, Inc.’s stock price had surged approximately 57.5-fold from a low of 6,831 won to a high of 392,500 won between 2023 and October 10. This rise in corporate value was largely driven by expectations for the development of a once-monthly formulation of turzepatide utilizing SmartDepo technology. In particular, after “PT404”—a once-monthly formulation based on turzepatide—disappeared from the pipeline in official investor relations (IR) materials following the platform technology evaluation agreement with Lilly, market speculation that the compound had been incorporated into the scope of the collaboration with Lilly became nearly certain.

A biotech industry insider familiar with the company’s internal affairs commented, “Since the project—which had been proceeding using Lilly’s active pharmaceutical ingredient (API)—disappeared from the pipeline in the official investor relations materials, the market likely assumed it was included in the joint research agreement, and the company itself understood it that way as well,” adding, “It was not logically unreasonable for the market to make such an assumption.”

Based on E-Daily’s comprehensive reporting, it appears that Turzepatide was previously included in the scope of the Material Transfer Agreement (MTA) with Lilly—to the extent that trials using SmartDepo technology were conducted—but has now been excluded from the joint research program. However, Peptron, Inc. expects that there remains a possibility Turzepatide could be reconsidered as a candidate compound during future negotiations for the main agreement, based on the fact that the initial evaluation compounds, the current joint research compounds, and the final license-out targets do not necessarily align.

The reason behind CEO Choi’s sudden remarks—made just about three months before the deadline for the platform technology evaluation—has not yet been disclosed. The platform technology evaluation agreement signed by Peptron, Inc. and Lilly on October 7, 2024, is set to expire on October 7 of this year. Some market observers have raised doubts, questioning whether this remark was merely a slip of the tongue or an early hint at the possibility of the contract’s termination or cancellation. One investor remarked, “Is this really just a simple slip of the tongue?” adding, “I’m worried this might be a spoiler regarding the contract’s outcome.” However, since the company maintains that the joint research is proceeding normally according to plan, no concrete evidence has been found to support the possibility of contract termination.

In the biotech industry, there is also the assessment that CEO Choi is not typically someone who speaks fluently in public settings. However, given that a CEO’s remarks directly influence stock prices and investment decisions, it is pointed out that his usual speaking style is unlikely to serve as a valid excuse to mitigate responsibility for this incident. A company representative also stated, “We don’t know why CEO Choi chose to express himself that way, but we are aware that such remarks by a CEO have a significant impact on the market and that it is difficult to avoid criticism resulting from them.”

◇ Profile of Choi Ho-il, CEO of Peptron, Inc.
△Born September 28, 1966
△B.S. in Biochemistry, Yonsei University
△ Master’s and Ph.D. in Biochemistry, Yonsei University Graduate School
△ September 1990 – May 1992: Researcher at the Korea Research Institute of Bioscience and Biotechnology
△May 1992–October 1997: Researcher, LGCHEM,LTD Biotech
△November 1997: Founded Peptron, Inc.
△November 1997–Present: CEO, Peptron, Inc.